Usa Oregon

USA Statutes : oregon
Title : TITLE 09 MORTGAGES AND LIENS
Chapter : Chapter 88 Foreclosure of Mortgages and Other Liens
Except as otherwise provided by law, a lien upon real or
personal property, other than that of a judgment, whether created by
mortgage or otherwise, shall be foreclosed, and the property adjudged to
be sold to satisfy the debt secured thereby by a suit. Except as provided
in ORS 88.070, in addition to the judgment of foreclosure and sale, if a
promissory note or other personal obligation for the payment of the debt
has been given by the lien debtor or any other person as principal or
otherwise, the court also shall enter a judgment for the amount of the
debt against the person or persons. The provisions of this chapter as to
liens upon personal property are not intended to exclude a person having
such lien from any other remedy or right in regard to such property.
Any cause of suit involving real property provided
for in ORS 88.010 may be joined with any cause of suit provided for in
ORS 105.605 in the same complaint or cross-complaint, if both causes of
suit involve the same real property or some part thereof and are
separately stated. Any person may be joined as a party who is a proper
party to either cause of suit. The court, in event of such joinder, may
render a judgment that will, among other things, determine the paramount
Any person having a lien subsequent to the plaintiff
upon the same property or any part thereof, or who has given a promissory
note or other personal obligation for the payment of the debt, or any
part thereof, secured by the mortgage or other lien which is the subject
of the suit, shall be made a defendant in the suit, and any person having
a prior lien may be made defendant at the option of the plaintiff, or by
the order of the court when deemed necessary. The failure of any junior
lien or interest holder who is omitted as a party defendant in the suit
to redeem within five years of the date of a sheriff’s sale under ORS
88.080 shall bar such junior lien or interest holder from any other
action or proceeding against the property by the person on account of
such person’s lien or interest. [Amended by 1985 c.817 §10] During
the pendency of an action for the recovery of a debt secured by any lien
mentioned in ORS 88.010, a suit cannot be maintained for the foreclosure
of the lien, nor thereafter, unless judgment is given in such action that
the plaintiff recover the debt or some part thereof, and an execution
thereon against the property of the defendant is returned unsatisfied in
whole or in part.
When it is adjudged that any of the defendants have a lien upon the
property, the court shall make a like judgment in relation thereto, and
the debt secured thereby, as if such defendant were a plaintiff in the
suit. When a judgment is given foreclosing two or more liens upon the
same property or any portion thereof in favor of different persons not
united in interest, the judgment shall specify the order, according to
their priority, in which the debts secured by such liens shall be
satisfied out of the proceeds of the sale of the property. [Amended by
2003 c.576 §347] The judgment may be enforced by
execution as an ordinary judgment for the recovery of money, except as in
this section otherwise provided:

(1) When a judgment of foreclosure and sale is given, an execution
may issue thereon against the property adjudged to be sold. If the
judgment is in favor of the plaintiff only, the execution may issue as in
ordinary cases, but if it is in favor of different persons, not united in
interest, it shall issue upon the joint request of such persons or upon
the order of the court or judge thereof on the motion of any of them.

(2) When the judgment is also against the defendants or any one of
them in person, and the proceeds of the sale of the property upon which
the lien is foreclosed are not sufficient to satisfy the judgment as to
the sum remaining unsatisfied, the judgment may be enforced by execution
as in ordinary cases. When in such case the judgment is in favor of
different persons not united in interest, it shall be deemed a separate
judgment as to such persons, and may be enforced accordingly. [Amended by
2003 c.576 §348] When a
judgment is given for the foreclosure of any mortgage given to secure
payment of the balance of the purchase price of real property, the
judgment shall provide for the sale of the real property covered by such
mortgage for the satisfaction of the judgment given therein, but the
mortgagee shall not be entitled to a deficiency judgment on account of
the mortgage or note or obligation secured by the same. [Amended by 2003
c.576 §349]
A mortgage entered into after September 13, 1975, is a purchase money
mortgage if the mortgage is given to a vendor to secure the unpaid
balance of the purchase price of real property or if the mortgage is
given to a lender or any other person to secure up to $50,000 of the
unpaid balance of the purchase price of real property used by the
purchaser as the primary or secondary single family residence of the
purchaser. [1975 c.618 §6] A judgment of
foreclosure shall order the mortgaged property sold. Property sold on
execution issued upon a judgment may be redeemed in like manner and with
like effect as property sold at an execution sale pursuant to ORS 18.860
to 18.993, and not otherwise. A sheriff’s deed for property sold on
execution issued upon a judgment shall have the same force and effect as
a sheriff’s deed issued for property sold at an execution sale pursuant
to ORS 18.860 to 18.993. [Amended by 1979 c.284 §91; 2003 c.576 §350;
2005 c.22 §56; 2005 c.542 §§68a,68b; 2005 c.568 §39] When a suit is
commenced to foreclose a lien securing a debt payable in installments,
either of interest or principal, and any of such installments is not then
due, the court shall enter a judgment for the foreclosure of the lien,
and may also include in the judgment a requirement that the property be
sold for the satisfaction of the whole debt, or so much thereof as may be
necessary to satisfy the installment then due, with costs of suit. In the
latter case, the judgment of foreclosure as to the remainder of the
property may be enforced by an order of sale, in whole or in part,
whenever default occurs in the payment of the installments not then due.
[Amended by 2003 c.576 §351]If, before a judgment is given, the
amount then due with the costs of suit is brought into court and paid to
the clerk, the suit shall be dismissed. If the same is done after
judgment and before sale, the effect of the judgment as to the amount
then due and paid shall be terminated, and the execution, if any has
issued, shall be recalled by the clerk. When an installment not due is
adjudged to be paid, the court shall determine and specify in the
judgment what sum shall be received in satisfaction thereof, which sum
may be equal to such installment, or otherwise, according to the present
value thereof. [Amended by 2003 c.576 §352]Except as provided in ORS 88.120, no mortgage upon
real property shall be a lien upon such property after the expiration of
10 years from the later of the date of maturity of the mortgage debt, the
expiration of the term of the mortgage debt or the date to which the
payment thereof has been extended by agreement of record; and after such
10 years the mortgage shall be conclusively presumed paid and discharged,
and no suit shall be maintainable for its foreclosure. If neither the
date of maturity nor the term of the debt is disclosed by the recorded
mortgage or recorded memorandum thereof, then the date of the execution
of the recorded mortgage or recorded memorandum thereof shall be deemed
the date of maturity and expiration of the term of the mortgage debt for
purposes of this section. If the mortgage and a memorandum or memoranda
thereof are of record and no date of maturity or statement of the term of
the mortgage is contained in the mortgage or memoranda, then the date of
execution of the earliest document of record shall be used to determine
the date of maturity and the expiration of the term of the debt. [Amended
by 1997 c.143 §1] (1) Foreclosure
of a mortgage on real property is not barred by ORS 88.110 when the
mortgage is held of record by the State of Oregon or when all the
following facts exist at the time the foreclosure suit is commenced:

(a) Any portion of the mortgage debt, or any interest thereon, has
been voluntarily paid within the 10 years immediately preceding
commencement of the suit.

(b) The original mortgagor still owns the mortgaged property.

(c) No lien or right of a third person has attached to the property
after the expiration of the 10-year period referred to in ORS 88.110.

(2) A mortgage that is not enforceable by the transferor at the
time of transfer to the State of Oregon does not become enforceable
thereafter under this section. [Amended by 1997 c.298 §1]As used in ORS 88.710 to 88.740, “lien”
means any charge upon property for the payment or discharge of a debt,
tax or duty due the State of Oregon or any agency of the state, including
judgment liens, recorded warrants or any notice or claim of amount due
given by the state, or an agency thereof, pursuant to law and carried
forward on the County Clerk Lien Record or the register of the circuit
court of the county wherein property is located to which a lien of the
state attaches. [1959 c.499 §1; 1963 c.578 §2; 1991 c.111 §8; 2003 c.576
§190; 2005 c.625 §67]Whenever in the discretion of the
Department of Veterans’ Affairs such a procedure would appear beneficial
to the state, and on advice of the state agency charged with collection
of a tax, duty, debt or any sum owing the state for which a lien securing
such debt, tax or duty is being foreclosed by the state agency or by
third parties, the department may bid in or redeem real or personal
property ordered sold under foreclosure where such property is subject to
any lien held by the state at a price limited to the sum of the amount of
the state lien and all other prior liens plus costs but in no event to
exceed the appraised value; acquire title to real property for and in
behalf of the state as a result of such foreclosure; accept deeds from
debtors, taxpayers or other persons owing a debt, tax or duty to the
state in lieu of foreclosure; make repairs, improvements or alterations;
insure against loss or damage; pay taxes, liens and charges of every kind
superior to the lien of the state; and sell, transfer, lease or assign
such property for and in behalf of the state, or otherwise administer
such property in such manner as the department deems for the best
interest of the state in the same manner the department manages and
conveys property pursuant to ORS 407.135; the department shall undertake
to sell property after acquiring marketable title thereto, and while
holding such property may not engage in any enterprise competitive with
private enterprise other than the renting or leasing of such property or
interests therein. The control of such property while title remains
vested in the state shall be exercised by the department. [1959 c.499 §2;
1963 c.578 §3; 1967 c.211 §6; 2005 c.625 §68](1) The Department of Veterans’ Affairs is authorized,
in whatever manner the department considers advisable and to the extent
necessary to carry out the provisions of ORS 88.710 to 88.740, to use the
surplus moneys in the Oregon War Veterans’ Bond Sinking Account, other
than the moneys therein which are derived from tax levies and sales of
refunding bonds, that are earnings in excess of the amount required to
amortize the bonded indebtedness incurred under the authority of section
1, Article XI-A of the Oregon Constitution, and ORS 407.115, 407.125,
407.165, 407.205, 407.275, 407.415, 407.495, 407.515, 407.555 and 407.565.

(2) The property acquired under ORS 88.710 to 88.740 shall
represent an investment of the Oregon War Veterans’ Bond Sinking Account
and all moneys received by the department from the sale, lease or other
disposition of any property shall be deposited in the Oregon War
Veterans’ Bond Sinking Account.

(3) The department may pay to the State Treasurer, to be deposited
in the General Fund available for general governmental expenses:

(a) An amount equal to the balance owing on any existing real
estate contract arising out of the sale of property by the department
which was an investment of the General Fund pursuant to ORS 88.710 to
88.740, and upon such payment the interest represented by the real estate
contract shall represent an investment of the Oregon War Veterans’ Bond
Sinking Account.

(b) An amount equal to the General Fund moneys expended for the
acquisition of presently unsold properties pursuant to ORS 88.710 to
88.740, and upon such payment the properties shall represent an
investment of the Oregon War Veterans’ Bond Sinking Account. [1967 c.211
§8 (enacted in lieu of 88.730); 1987 c.652 §16; 2005 c.625 §69]_______________CHAPTER 89 [Reserved for expansion]


USA Statutes : oregon