Oregon Code § 87.312·Enacted ·Last updated March 01, 2026
Statute Text
Effect
of notice of foreclosure sale to secured parties; failure to give notice.
(1) A person who claims a lien or
has a security interest in a chattel to be sold at a foreclosure sale and who
is notified under ORS 87.306 (2) may discharge the foreclosing lien claimants
lien and preserve the security interest or lien claim of the person by paying
the foreclosing lien claimant the amount of the lien claim and the expenses
actually incurred in foreclosing it. If the person does not so discharge the
lien before the day of the foreclosure sale, the security interest or lien
claim of the person is extinguished.
(2) If the
chattel to be sold at a foreclosure sale is a chattel for which a certificate
of title is required by the laws of this state and if the lien claimant does
not notify a person whom the certificate of title indicates has a security
interest or lien in the chattel as required by ORS 87.306 (2), the chattel
remains subject to that security interest or lien and the buyer of the chattel
at a foreclosure sale held under ORS 9.370, 87.142 to 87.490, 87.705, 87.710,
Plain English Explanation
This Oregon statute addresses Effect
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Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 87.312
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses Effect
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