Oregon Statutes - Chapter 722 - Savings Associations - Section 722.314 - Real property acquired by foreclosure; valuation.

(1) A savings association may purchase at any sale, public or private, any real property upon which it has a mortgage, judgment, lien or other claim. It may lease, sell, convey, exchange or mortgage such property, without regard to the requirements of ORS 722.322 (7), or the association may hold such property as an investment under ORS 722.312.

(2) An association shall not enter or, except as provided by subsection (3) of this section, carry on its books real property acquired pursuant to subsection (1) of this section at a value in excess of the amount expended by the association in the acquisition of the property. The amount expended may include the principal balance on the loan and taxes, insurance, attorney fees and court costs, to the date of acquisition of the property, less the withdrawal value of any savings account pledged as security for the loan.

(3) If an association makes permanent improvements on property acquired by the association pursuant to this section, it may add the cost of such improvements to the value of the property. [1975 c.582 §96]

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Last modified: August 7, 2008