Oregon Statutes 87.322 – Effect of prior security interest on foreclosure of nonpossessory lien for labor or material expended on chattel
ORS § 87.272 to 87.316 do not apply to a lien on a chattel created by ORS § 87.216 when that chattel is subject to a prior duly perfected security interest as provided in ORS § 87.146 (1)(d). When a lien created by ORS § 87.216 is junior and subordinate to a prior duly perfected security interest, that lien shall be foreclosed by suit under ORS Chapter 88. In such a suit to foreclose, the holder of the prior security interest shall be made a party defendant to the foreclosure proceeding. The person holding the prior security interest may extinguish the lien created by ORS § 87.216 by either a foreclosure proceeding under ORS Chapter 88 or a nonjudicial foreclosure proceeding under ORS § 79.0601 to 79.0628. [1975 c.648 § 35a; 2001 c.445 § 162]
Terms Used In Oregon Statutes 87.322
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- 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.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
[Amended by 1973 c.472 § 5; repealed by 1975 c.648 § 72]