Oregon Statutes 545.504 – Redemption of land upon or prior to foreclosure sale
At any time prior to sale, or at the time of sale, as provided by ORS § 545.502, the former owner, incurred charge payer, or holder of legal or equitable title or lien upon or to any tract of land included in the foreclosure and judgment may withdraw the tract of land from the foreclosure and sale by paying the amount of the lien foreclosed, together with the amount of state and county taxes that the irrigation district may have paid, and a proportionate amount of the costs incurred in the foreclosure proceeding. If the payment is to be made prior to the judgment, the payment shall be tendered to the clerk of the court, together with written appearance in the suit. If the payment is to be made after the judgment is entered, the payment shall be tendered to the sheriff ordered to hold the sale. If payment is made before judgment, the tract shall be dismissed from the foreclosure proceeding. If payment is made after judgment, the district shall issue satisfaction of lien to the former owner, incurred charge payer, or holder of legal or equitable title or lien upon the tract, and file the satisfaction of lien for record. [Amended by 1991 c.459 § 423k; 1995 c.42 § 120; 2001 c.476 § 7; 2003 c.576 § 499]
Terms Used In Oregon Statutes 545.504
- District: means an irrigation district organized or operating under this chapter. See Oregon Statutes 545.002
- 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.