(1) Except as provided in this section, a purchaser’s interest in a land sale contract, as defined by ORS 18.960, or a leasehold interest in land with an unexpired term of more than two years must be levied on and sold in the same manner as provided for real property under ORS 18.860 to 18.993.
(2) The legal description required by ORS 18.875 (1)(e) in instructions to a sheriff directing the sale of a purchaser’s interest in a land sale contract, as defined by ORS 18.960, or the sale of a leasehold interest in land with an unexpired term of more than two years must be of the property sold under the land sale contract, or of the real property subject to the lease.
(3) There is no right of redemption if a purchaser’s interest in a land sale contract, as defined by ORS 18.960, is sold at an execution sale pursuant to a judgment enforcing the seller’s rights under the contract and if the judgment directing the sale of the purchaser’s interest indicates that the purchaser’s interest is sold without redemption rights. [2005 c.542 §50]
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