(1) Notwithstanding ORS § 223.565 and 223.650, when a local government sells real property under ORS § 223.510 to 223.590 or pursuant to a judgment of foreclosure entered in an action authorized by ORS § 223.610 for neglect or refusal by the owner to pay installments under ORS § 223.265, the property may be redeemed as provided in this section by the owner, a legal representative or a successor in interest or by any other person having a lien on the property.

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Terms Used In Oregon Statutes 223.593

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(2) Redemption of such real property may be made by paying to the treasurer of the local government, at any time within one year after the date of sale, the following amounts:

(a) The purchase price at the foreclosure sale and 10 percent thereof as penalty;

(b) The amount of any taxes, assessments or liens upon the property that are paid after the sale by the purchaser at the sale; and

(c) Interest on the amounts paid under paragraphs (a) and (b) of this subsection at a rate of 10 percent per annum from the respective times of the payments of the purchase price, taxes, assessments or liens to the date of redemption.

(3) A redemption of property under this section shall be made for cash. [Formerly 223.670; 2003 c.576 § 398; 2003 c.802 § 44]

 

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