Oregon Statutes 100.465 – Circumstances in which deed in lieu of foreclosure extinguishes lien
Unless the declarations or bylaws otherwise provide, a deed in lieu of foreclosure accepted by the holder of a first mortgage or the beneficiary of a first deed of trust in respect to a condominium unit shall have the effect of extinguishing a lien of the association securing unpaid assessments through the date of recording of the deed in lieu of foreclosure in the following circumstances:
Terms Used In Oregon Statutes 100.465
- association: means the association provided for under ORS § 100. See Oregon Statutes 100.005
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- condominium unit: means a part of the property which:
(a) Is described in ORS § 100. See Oregon Statutes 100.005
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Recorded: means to cause to be recorded by the county officer in the real property records for each county in which the condominium is located. See Oregon Statutes 100.005
- Service of process: The service of writs or summonses to the appropriate party.
(1) Written notice has been given to the association, addressed to the individual authorized to accept service of process sent by first class mail, return receipt requested, notifying the association of the mortgagee or beneficiary’s intent to accept a deed in lieu of foreclosure and stating that the lien of the association may be extinguished in the circumstances specified in this section; and
(2) The deed in lieu of foreclosure is recorded not later than 30 days after the date the notice is mailed to the association. [1989 c.595 § 36; 2003 c.569 § 36a]
100.465 and 100.470 were added to and made a part of ORS § 100.005 to 100.910 by legislative action but were not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.