(1) Except as provided in subsection (2) of this section, if a suit to foreclose a lien created by ORS § 87.503 is not commenced in an appropriate court within the 180-day period immediately following the date on which the lien is perfected under ORS § 87.507, the lien shall cease to exist.

contract signature

Ask a real estate law question, get an answer ASAP!
Thousands of highly rated, verified real estate lawyers.
Specialties include: All Real Estate Law, Landlord and Tenant Law, Foreclosure, Homeowners' Association, Trespassing, Property Law, General Legal and more.
Click here to chat with a lawyer about your rights.

Terms Used In Oregon Statutes 87.537

  • 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.

(2) Any period of time during which a lien created by ORS § 87.503 may not be foreclosed under ORS § 87.527 shall not be part of the period of time during which the lien exists under subsection (1) of this section. The existence of a lien created by ORS § 87.503 shall not be extended in any case for longer than 180 days after a circumstance preventing foreclosure under ORS § 87.527 ceases. A lien created by ORS § 87.503 shall not continue in existence for a period of more than 10 years after the date on which the lien was perfected under ORS § 87.507. [1995 c.749 § 9; 1997 c.744 § 9]

 

See note under 87.501.

 

  Previous section
Next section  
 Lien for Long Term Care Contents