Oregon Statutes - Chapter 88 - Foreclosure of Mortgages and Other Liens - Section 88.720 - Acquisition, administration and disposal by state of property subject to lien held by state.

Whenever in the discretion of the Department of Veterans’ Affairs such a procedure would appear beneficial to the state, and on advice of the state agency charged with collection of a tax, duty, debt or any sum owing the state for which a lien securing such debt, tax or duty is being foreclosed by the state agency or by third parties, the department may bid in or redeem real or personal property ordered sold under foreclosure where such property is subject to any lien held by the state at a price limited to the sum of the amount of the state lien and all other prior liens plus costs but in no event to exceed the appraised value; acquire title to real property for and in behalf of the state as a result of such foreclosure; accept deeds from debtors, taxpayers or other persons owing a debt, tax or duty to the state in lieu of foreclosure; make repairs, improvements or alterations; insure against loss or damage; pay taxes, liens and charges of every kind superior to the lien of the state; and sell, transfer, lease or assign such property for and in behalf of the state, or otherwise administer such property in such manner as the department deems for the best interest of the state in the same manner the department manages and conveys property pursuant to ORS 407.135; the department shall undertake to sell property after acquiring marketable title thereto, and while holding such property may not engage in any enterprise competitive with private enterprise other than the renting or leasing of such property or interests therein. The control of such property while title remains vested in the state shall be exercised by the department. [1959 c.499 §2; 1963 c.578 §3; 1967 c.211 §6; 2005 c.625 §68]

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Last modified: August 7, 2008