Foreclosure of Mortgages and Other Liens

ORS 88.110
Duration of real property mortgage lien

  • when suit for foreclosure barred


Except as provided in ORS 88.120 (When foreclosure not barred by ORS 88.110), no mortgage upon real property shall be a lien upon such property after the expiration of 10 years from the later of the date of maturity of the mortgage debt, the expiration of the term of the mortgage debt or the date to which the payment thereof has been extended by agreement of record; and after such 10 years the mortgage shall be conclusively presumed paid and discharged, and no suit shall be maintainable for its foreclosure. If neither the date of maturity nor the term of the debt is disclosed by the recorded mortgage or recorded memorandum thereof, then the date of the execution of the recorded mortgage or recorded memorandum thereof shall be deemed the date of maturity and expiration of the term of the mortgage debt for purposes of this section. If the mortgage and a memorandum or memoranda thereof are of record and no date of maturity or statement of the term of the mortgage is contained in the mortgage or memoranda, then the date of execution of the earliest document of record shall be used to determine the date of maturity and the expiration of the term of the debt. [Amended by 1997 c.143 §1]

Notes of Decisions

Defendant, who acquired his interest in property prior to expiration of 10-year statutory period, was not entitled to benefit of this section. Security State Bank v. Luebke, 303 Or 418, 737 P2d 586 (1987)

Law Review Citations

67 OLR 318 (1988)

Chapter 88

Notes of Decisions

Foreclosure is governed by statutes which do not require court to partition property before sale. John Hancock Mutual Life Ins. Co. v. Arnold, 85 Or App 140, 735 P2d 1270 (1987), Sup Ct review denied

Where mortgagor's grantee redeems property, redeemed property is subject to all junior liens on property existing prior to foreclosure. Franklin v. Spencer, 309 Or 476, 789 P2d 643 (1990)

Atty. Gen. Opinions

Impairment of mortgagee's remedy of foreclosure where local planning authorities, under local partition ordinance, deny permission to foreclose mortgage, (1978) Vol 38, p 2148


Source

Last accessed
Jun. 26, 2021