(1) Any financial institution, as defined in ORS 317.010, or agent or representative of a financial institution, that, in the process of foreclosing any security interest or other lien on taxable personal property, including property classified as real property machinery and equipment, or after the lien is foreclosed, causes the property to be removed, or is knowledgeable that the property will be removed by another after the foreclosure sale, from the county in which the property is assessed or seized, shall notify the tax collector of that county prior to the removal. The notice shall be mailed to the tax collector, return receipt requested, and shall contain a description of the property that is the subject of the foreclosure, together with the name and address of the owner or owners of the property.
(2) Failure to give the notice required under subsection (1) of this section shall not affect the foreclosure, but the tax collector shall have recourse against the financial institution on behalf of the taxing units for any damages sustained on account of failure to mail the notice. [1987 c.312 §2; 2001 c.41 §2]Section: Previous 311.425 311.430 311.455 311.460 311.465 311.467 311.470 311.473 311.475 311.480 311.484 311.485 311.489 311.500 311.505 Next
Last modified: August 7, 2008