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P. 1
SB 519 2011 Regular Session (2)

SB 519 2011 Regular Session (2)

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Published by: Querp on May 28, 2011
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05/28/2011

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SB519-A7(LC1757)5/25/11(TSB/ps)
PROPOSED AMENDMENTS TO A-ENGROSSED SENATE BILL 519
On page 1 of the printed A-engrossed bill, line 2, after “ORS” delete therest of the line and line 3 and insert “86.705, 86.735, 86.755, 86.780, 130.005and 456.280; and declaring an emergency.”.In line 9, after the first comma insert “including an agent or nominee forthe owner or holder of the obligation secured by the trust deed,”.On page 2, after line 1, insert:
“SECTION 2.
ORS 86.735 is amended to read:“86.735. [
The
]
A
trustee may foreclose a trust deed by advertisement andsale in the manner provided in ORS 86.740 to 86.755 if:“(1) The trust deed[
 , any assignments of the trust deed by the trustee or thebeneficiary
] and any appointment of a successor trustee
or assignment of the trust deed that is necessary to establish in the mortgage recordthe identity of the trustee or beneficiary that performs an act requiredor permitted under ORS 86.705 to 86.795
are recorded in the mortgage re-cords in the counties in which the property described in the deed is situated;[
and
]“(2) [
There is a default by
] The grantor or other person
, or the grantor’sor person’s successor in interest,
[
owing
]
defaults on
an obligation[
 , the performance of which is secured by
]
for which
the trust deed[
 , or by their successors in interest
]
secures performance and
with respect to [
any
]
which a
provision in the deed [
which
] authorizes sale in the event of default[
of such provision
]; [
and
]
 
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“(3) The trustee or beneficiary has filed for [
record
]
recording
in thecounty clerk’s office in each county where the trust property, or some partof [
it
]
the trust property
, is situated[
 ,
] a notice of default containing theinformation required by ORS 86.745 and containing the trustee’s orbeneficiary’s election to sell the property to satisfy the obligation; and“(4) [
 No
]
An
action has
not
been instituted to recover the debt or anypart of [
it then remaining
]
the debt that remains
secured by the trust deed,or, if [
 such
]
an
action has been instituted, the action has been dismissed,exceptthat:“(a) Subject to ORS 86.010 and the procedural requirements of ORCP 79and 80, an action may be instituted to appoint a receiver or to obtain atemporary restraining order during foreclosure of a trust deed by advertise-ment and sale, except that a receiver [
 shall
]
may
not be appointed with re-spect to a single-family residence [
which is occupied as the principal residenceof 
]
that
the grantor, the grantor’s spouse or the grantor’s minor or depend-ent child
occupies as a principal residence
.“(b) An action may be commenced for the judicial or nonjudicial foreclo-sure of the same trust deed as to any other property covered [
thereby
]
by thetrust deed
, or any other trust deeds, mortgages, security agreements orother consensual or nonconsensual security interests or liens securing re-payment of the debt.”.Delete lines 2 through 45 and delete pages 3 through 5.On page 6, delete lines 1 through 12.In line 13, delete “5” and insert “3”.Delete lines 23 through 30 and insert:“(b) If the trustee sells property upon which a single residential unit thatis subject to an affordable housing covenant is situated, the eligible covenantholder may purchase the property from the trustee at the trustee’s sale forcash or cash equivalent in an amount that is the lesser of:“(A) The sum of the amounts payable under ORS 86.765 (1) and (2); orSB 519-A75/25/11Proposed Amendments to A-Eng. SB 519Page 2
 
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“(B) The highest bid received for the property other than a bid from theeligible covenant holder.“(c)(A) Except as provided in subparagraph (B) of this paragraph, if aneligible covenant holder purchases the property in accordance with para-graph (b) of this subsection, the sale forecloses and terminates all other in-terests in the property as provided in ORS 86.770 (1).“(B) If an interest in the property exists that is prior to the eligiblecovenant holder’s interest, other than the interest set forth in the trust deedthat was the subject of the foreclosure proceeding under ORS 86.735, not-withstanding the provisions of ORS 86.770 (1) the sale does not foreclose andterminate the prior interest and the eligible covenant holder’s title to theproperty is subject to the prior interest.”.On page 9, after line 15, insert:
“SECTION 4.
ORS 86.780 is amended to read:“86.780.
(1)(a)
[
When the
]
If a
trustee’s deed is recorded in the deed re-cords of the county or counties where the property described in the deed issituated, the recitals contained in the deed and in the affidavits requiredunder ORS 86.750 (3) and (4) [
 shall be
]
are
prima facie evidence in any courtof the truth of the matters set forth [
therein
]
in the recitals
, but the recitals[
 shall be
]
are
conclusive in favor of a purchaser for value in good faith [
re-lying
]
that relies
upon [
them
]
the recitals
.
(b) A trustee’s deed recorded as provided in paragraph (a) of thissubsection is prima facie evidence in any court that all assignmentsof the trust deed that are required to be recorded under ORS 86.735 arerecorded, but the recording is conclusive in favor of a purchaser forvalue in good faith that relies upon the recording of the trustee’s deed.“(2) A trustee’s sale that forecloses a trust deed in which a nomineeis designated and that is completed before the effective date of this2011 Act is not void or voidable by reason of a failure to record anassignment of the trust deed in conjunction with or in relation to
SB 519-A75/25/11Proposed Amendments to A-Eng. SB 519Page 3

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