Oregon Statutes 18.989 – Equitable interests in property
(1) Except as provided in subsection (3) of this section, an equitable interest in property may be sold pursuant to a writ of execution only if:
Terms Used In Oregon Statutes 18.989
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Execution: means enforcement of the money award portion of a judgment or enforcement of a judgment requiring delivery of the possession or sale of specific real or personal property, by means of writs of execution, writs of garnishment and other statutory or common law writs or remedies that may be available under the law. See Oregon Statutes 18.005
- Judgment: means the concluding decision of a court on one or more requests for relief in one or more actions, as reflected in a judgment document. See Oregon Statutes 18.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
(a) An order or judgment specifically authorizes the sale of the equitable interest; and
(b) The writ of execution specifically directs the sale of the equitable interest.
(2) If a writ of execution specifically directs the sale of the equitable interest in property, the judgment creditor must submit a copy of the order or judgment authorizing the sale with the instructions to the sheriff required by ORS § 18.875.
(3) If a writ of execution specifically directs the sale of the equitable interest in real property, the equitable interest shall be levied on and sold in the same manner as provided for real property under ORS § 18.860 to 18.993.
(4) A purchaser’s interest in a land sale contract, as defined by ORS § 18.960, or a leasehold interest in land with an unexpired term of more than two years, may be sold pursuant to a writ of execution even though the sale is not specifically authorized by an order or judgment and the writ does not specifically direct the sale of the interest. [2005 c.542 § 52]
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