Notice of foreclosure sale to secured parties
- • effect of notice
- • effect of failure to give notice
(1) A lien claimant who forecloses a lien created by ORS 87.152 (Possessory lien for labor or material expended on chattel) to 87.162 (Landlord's lien) by sale shall give notice of the foreclosure sale by first class, registered or certified mail. The following apply:
(a) Notice shall be given to all persons with a security interest in the chattel to be sold who have filed a financing statement perfecting that security interest in the office of the Secretary of State or in the office of the appropriate county officer of the county in which the sale is held.
(b) Notwithstanding paragraph (a) of this subsection if the chattel to be sold at the foreclosure sale is a chattel, other than part of the motor vehicle inventory of a dealer issued a vehicle dealer certificate under ORS 822.020 (Issuance of certificate), for which a certificate of title is required by the laws of this state, notice need only be given to persons who the certificate of title indicates have a security interest or lien in the chattel.
(c) Notice under this subsection shall be given at least 30 days prior to the foreclosure sale. However, if the lien is claimed under ORS 87.152 (Possessory lien for labor or material expended on chattel), the lien claimant shall give the notice required by this subsection:
(A) Not later than the 20th day after the date on which the storage charges begin;
(B) If no storage charges are imposed, not later than the 30th day after the date on which the services provided are completed;
(C) At least 15 days prior to the foreclosure sale if the lien is for the cost of removing, towing or storage of a vehicle that is appraised at a value of $1,000 or less but more than $500 by a person who holds a certificate issued under ORS 819.480 (Vehicle appraiser certificate); and
(D) At least 15 days prior to the foreclosure sale if the lien is for the cost of removing, towing or storage of a vehicle that is appraised at a value of $500 or less by a person who holds a certificate issued under ORS 819.480 (Vehicle appraiser certificate).
(2) A person notified under subsection (1) of this section may discharge the lien and preserve the person’s security interest in the chattel by paying the lien claimant the amount of the lien claim and reasonable expenses actually incurred in foreclosing the lien claim. If the person does not so discharge the lien before the day of the foreclosure sale, the person’s security interest in the chattel is extinguished on the day the foreclosure sale is completed.
(3) 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 as required by this section, the chattel remains subject to that security interest or lien and the buyer of the chattel at a foreclosure sale held under ORS 87.142 (Definitions for ORS 87.142 to 87.490 and 87.910) to 87.490 (Priority of attorney's lien upon actions and judgments) or 87.700 (Definitions for ORS 87.228 and 87.700 to 87.736) to 87.736 (Form of notices filed under ORS 87.710 and certificates filed under ORS 87.735) takes the chattel subject to the security interest or lien.
(4) If a lien claimant does not notify a person, other than a person indicated on a certificate of title as a secured party or lienholder, who claims a security interest or lien on the chattel sold at a foreclosure sale as required by subsection (1) of this section, the lien claimant is liable to that person for a sum equal to the fair market value of the chattel sold at the foreclosure sale or the amount due that person under the security agreement or lien at the time of the foreclosure sale, whichever amount is less. The secured party or other lien claimant may recover that sum by an action at law. [1975 c.648 §14; 1981 c.861 §3; 1983 c.338 §883; 1993 c.326 §11; 1995 c.758 §20; 2005 c.86 §1; 2005 c.738 §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.