A person that acquired an interest in a property in good faith and for a valuable consideration before the date a lien described in ORS § 470.680 or 470.685 attached to the property under ORS § 470.170 may avoid foreclosure of the lien by paying any delinquencies and collection costs associated with the underlying loan repayment charge and assuming normal payments in compliance with the energy efficiency and sustainable technology loan agreement repayment provisions. [2009 c.753 § 38]

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Terms Used In Oregon Statutes 470.690

  • Energy efficiency and sustainable technology loan: means a loan for a small scale local energy project that is repayable by means of:

    (a) A charge included with the participant's utility customer account billing; or

    (b) An alternative repayment method identified by the department and the borrower and specified in the loan agreement. See Oregon Statutes 470.050

  • 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.
  • Loan: includes the purchase or other acquisition of evidence of indebtedness and money used for the purchase or other acquisition of evidence of indebtedness. See Oregon Statutes 470.050
  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100

 

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