(at the request of Senate Interim Committee on Judiciary for Oregon State Bar Debtor-Creditor Section)
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Bill Title:
Relating to money awards in judicial foreclosures; and declaring an emergency.
Catchline/Summary:
Requires sheriff to deliver proceeds of execution sale to court administrator. Requires sheriff to deliver proceeds of execution sale to court administrator.
Permits judgment creditor in foreclosure suit to bid for foreclosed property at foreclosure sale by paying, among other fees and costs, amount that exceeds full amount of money award if judgment includes money award, or amount declared in judgment for judgment that does not include money award. Specifies that judgment creditor's bid for foreclosed property may not exceed full amount owing on money award in judgment that includes money award or amount declared in judgment for judgment that does not include money award.
Provides that judgment to foreclose residential trust deed may not include money award for amount of debt against grantor, successor in interest or another person obligated on note, bond or other obligation in specified circumstances.
Requires judgment in suit to foreclose lien to include declaration of amount of debt lien secures and, if plaintiff requests in complaint, money award against lien debtor.
Declares emergency, effective on passage.
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SB 368
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