(1) If a judgment rendered against the principal on a bond described under ORS 682.111 is not settled within 60 days after it has become final, a judgment creditor, for the judgment creditor’s own use and benefit and at the judgment creditor’s sole expense, may bring an action against any surety on the bond. An action brought under this section must be brought in the name of the state. An action under this section may include any action or proceeding to foreclose any lien established upon the real property of a surety under ORS 682.111.
(2) For purposes of this section, a judgment is satisfied when any of the following occurs:
(a) Payments in the amounts established by the payment schedule under ORS 682.105 have been credited upon any judgment or judgments rendered in excess of those amounts.
(b) Judgments rendered for less than the amounts established under ORS 682.105 have been satisfied.
(c) The judgment creditor and the judgment debtor have mutually agreed upon a compromise settlement of the judgment.
(d) The judgment against the judgment debtor has been discharged in bankruptcy. [2003 c.175 §21]Section: Previous 682.095 682.100 682.105 682.107 682.109 682.110 682.111 682.113 682.115 682.117 682.120 682.125 682.130 682.135 682.140 Next
Last modified: August 7, 2008