Liens and security interests of financial institutions
(1) Seizure of property for forfeiture and other proceedings under this chapter does not prevent, abate or delay the initiation or prosecution of a suit or action by a financial institution for the possession of seized property in which the financial institution claims a lien or security interest, or initiation or prosecution of a suit or action by a financial institution for the foreclosure of a lien or security interest claimed by the financial institution. A financial institution may proceed with any suit or action involving property in which the institution claims a lien or security interest even though a seizure has occurred and a forfeiture action has been commenced or will be commenced. The financial institution’s suit or action may be consolidated with the forfeiture action for the purpose of trial. If seized property is sold before the conclusion of the forfeiture action, the sheriff, trustee or other person who is conducting the sale and who has actual notice of the forfeiture action shall distribute the sale proceeds as follows:
(a) To the payment of the expenses of the sale.
(b) If the property is a motor vehicle with a hidden compartment, after making the payment required by paragraph (a) of this subsection, to reimburse the seizing agency for the cost of disabling the hidden compartment.
(c) After payment of the expenses of the sale and making any reimbursement under paragraphs (a) and (b) of this subsection, to the payment of the obligations owed to the foreclosing financial institution that are secured by the property, and to the payment of the obligations owed to any other person that has a lien or security interest in the property that has been foreclosed in the suit or action. Payment under this paragraph shall be made in the order determined by the court.
(d) If there is any remaining amount after the payments required under paragraphs (a) to (c) of this subsection, to the seizing or forfeiting agency, or to the court in which the forfeiture action is pending.
(2) A sheriff, trustee or other person who distributes sale proceeds as provided in subsection (1) of this section is not liable to any person who has or asserts an interest in the property. [2009 c.78 §12; 2009 c.874 §9]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.