Oregon Statutes 131A.250 – Foreclosure of security interests, liens and vendors interests
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(1) If a responsive pleading or affidavit is filed under ORS § 131A.235 or 131A.240, the court shall foreclose all security interests, liens and vendor’s interests in the property, including contracts for the transfer or conveyance of the property, for which the court determines that there is a legal or equitable basis for foreclosure.
Terms Used In Oregon Statutes 131A.250
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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.
- Motor vehicle with a hidden compartment: means a motor vehicle as defined in ORS § 801. See Oregon Statutes 131A.005
- Property: means any interest in anything of value, including the whole of any lot or tract of land and tangible and intangible personal property, including currency, instruments or securities or any other kind of privilege, interest, claim or right whether due or to become due. See Oregon Statutes 131A.005
(2) Except for deficiencies resulting from disabling a hidden compartment in a motor vehicle with a hidden compartment, foreclosure of a security interest, lien or vendor’s interest under this section does not prevent a claimant from obtaining any deficiency to which the claimant would otherwise be entitled under the law. [2009 c.78 § 31; 2009 c.874 § 12]
(Standards of Proof and Defenses)