Mortgages

ORS 86.794
Disposition of proceeds of sale


The trustee shall apply the proceeds of the trustee’s sale as follows:

(1)

To the expenses of the sale, including the compensation of the trustee, and a reasonable charge by the attorney.

(2)

To the obligation secured by the trust deed.

(3)

To all persons having recorded liens subsequent to the interest of the trustee in the trust deed as their interests may appear in the order of their priority.

(4)

The surplus, if any, to the grantor of the trust deed or to the successor in interest of the grantor entitled to such surplus. [Formerly 86.765]

(formerly 86.765)

Notes of Decisions

Creditor-beneficiary and trustee of trust deed are not authorized unilaterally to declare trustee sale void and commence foreclosure process again because beneficiary bid more than its secured debt; plaintiff, as lienholder, was entitled to excess sale proceeds and trial court erred in granting summary judgment for beneficiary. Bank of Myrtle Point v. Security Bank of Coos County, 67 Or App 512, 678 P2d 772 (1984), Sup Ct review denied

§§ 86.705 to 86.795

Notes of Decisions

For purposes of Oregon Trust Deed Act, beneficiary of trust deed is person named or otherwise designated in trust deed as person to whom secured obligation is owed. Niday v. GMAC Mortgage, LLC, 251 Or App 278, 284 P3d 1157 (2012), aff'd on other grounds, 353 Or 648, 302 P3d 444 (2013)

Statutes regulating trust deeds do not regulate transfers of promissory notes. Sovereign v. Deutsche Bank, 856 F. Supp. 2d 1203 (D. Or. 2012)

Statutes regulating trust deeds are not preempted by federal Home Owner's Loan Act. Higley v. Flagstar Bank, FSB, 910 F. Supp. 2d 1249 (D. Or. 2012)

For purposes of Oregon Trust Deed Act, "beneficiary" is lender to whom obligation that trust deed secures is owed or lender's successor in interest; an entity that is not a lender may not be trust deed's "beneficiary" unless it is lender's successor in interest. Niday v. GMAC Mortgage, LLC, 353 Or 648, 302 P3d 444 (2013); Brandrup v. ReconTrust Co., 353 Or 668, 303 P3d 301 (2013)

For purposes of Oregon Trust Deed Act, only pertinent interests in trust deed are beneficial interest of beneficiary and legal interest of trustee. Brandrup v. ReconTrust Co., 353 Or 668, 303 P3d 301 (2013)

Law Review Citations

23 WLR 37, 55 (1987); 67 OLR 306 (1988); 69 OLR 851 (1990)


Source

Last accessed
Jun. 26, 2021