Washington Code 60.11.070 – Judicial foreclosure
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The lienholder may proceed upon his or her lien; and if there is a separate obligation in writing to pay the same, secured by the lien, he or she may bring suit upon such separate promise. When he or she proceeds on the promise, if there is a specific agreement therein contained, for the payment of a certain sum or there is a separate obligation for the sum in addition to a decree of sale of lien property, judgment shall be rendered for the amount due upon the promise or other instrument, the payment of which is thereby secured; the decree shall direct the sale of the lien property and if the proceeds of the sale are insufficient under the execution, the sheriff is authorized to levy upon and sell other property of the lien debtor, not exempt from execution, for the sum remaining unsatisfied. In a judicial foreclosure, the court shall allow reasonable attorneys’ fees and disbursements for establishing a lien.
[2000 c 250 § 9A-830; 1986 c 242 § 7.]
NOTES:
Effective date—2000 c 250: See RCW 62A.9A-701.
Terms Used In Washington Code 60.11.070
- 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.
- Lien debtor: means the person who is obligated or owes payment or other performance. See Washington Code 60.11.010
- Lienholder: means a person who, by statute, has acquired a lien on the property of the lien debtor, or such person's successor in interest. See Washington Code 60.11.010
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.