Oregon Statutes 94.723 – Common expenses; liability of first mortgagee
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If a first mortgagee acquires a lot in a planned community by foreclosure or deed in lieu of foreclosure, the mortgagee and subsequent purchaser shall not be liable for any of the common expenses chargeable to the lot which became due before the mortgagee or purchaser acquired title to the lot. The unpaid expenses shall become a common expense of all lot owners including the mortgagee or purchaser. [1981 c.782 § 46; 1999 c.677 § 27]
Terms Used In Oregon Statutes 94.723
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
[Repealed by 1971 c.478 § 1]