Chapter 251 Oregon Laws 2003
AN ACT
HB 2060
Relating to trust deeds; creating new provisions; and amending ORS 86.745.
Be It Enacted by the People of the State of
Oregon:
SECTION 1. Sections 2 and 3 of this 2003 Act are added to and made a part of ORS 86.705 to 86.795.
SECTION
2. (1) Not later than 15 days
before the date of a sale of property set forth in the notice of sale under ORS
86.745, the grantor, an occupant, a holder of a junior lien or any other person
interested in bidding at the sale may send a written request to the trustee
requesting that the trustee provide a written statement of information as
described in section 3 of this 2003 Act.
(2)
The written request under subsection (1) of this section shall be sent to the
trustee at the address given in the notice of sale by:
(a)
Certified mail, return receipt requested; or
(b)
Personal delivery.
(3)
The written request under subsection (1) of this section shall include a
mailing address, a facsimile number or an electronic mail address to which the
trustee shall send the written statement of information.
(4)
The trustee is not required to respond to a written request that does not
include an address, facsimile number or electronic mail address described in
subsection (3) of this section.
(5) Upon receiving a written request under subsection (1) of this section, the trustee shall send the written statement of information to the address, facsimile number or electronic mail address provided in the written request at least seven days prior to the date of the sale. If the person requesting the written statement of information provided a mailing address, the trustee shall send the written statement of information by certified mail, return receipt requested and by first class mail.
SECTION
3. (1) The written statement of
information provided by a trustee under section 2 of this 2003 Act shall
include:
(a)
A statement of the exact amount required, as of a specified date, to cure the
default or satisfy the obligation, including the costs of foreclosure, trustee
fees, attorney fees and per diem interest; and
(b)
A description of any other performance necessary to cure the default or satisfy
the obligation.
(2)
If the amount required to cure the default or satisfy the obligation is not
calculable to an exact amount, the trustee may estimate the maximum amount
required to cure the default or satisfy the obligation.
(3)
If the trustee does not provide the written statement of information within the
time specified in section 2 of this 2003 Act, the trustee may postpone the sale
of the property to provide the person requesting the written statement of
information at least seven days between receipt of the statement and the date
of the sale.
(4)
A person requesting a written statement of information under section 2 of this
2003 Act has the rights of an omitted person under ORS 86.742 if:
(a)
The person requesting the statement proves that the person sent a written
request under section 2 of this 2003 Act at least 15 days before the date of
sale; and
(b)
The trustee cannot prove that the trustee sent the written statement of
information at least seven days before the date of the sale.
(5) The provisions of this section and section 2 of this 2003 Act do not affect the duty of beneficiaries to provide information to grantors.
SECTION 4. ORS 86.745 is amended to read:
86.745. The notice of sale shall set forth:
(1) The names of the grantor, trustee and beneficiary in the trust deed, and the mailing address of the trustee.
(2) A description of the property covered by the trust deed.
(3) The book and page of the mortgage records where the trust deed is recorded.
(4) The default for which the foreclosure is made.
(5) The sum owing on the obligation secured by the trust deed.
(6) The election to sell the property to satisfy the obligation.
(7) The date, time and place of the sale, which shall be held at a designated time after 9 a.m. and before 4 p.m. based on the standard of time established by ORS 187.110 and at a designated place in the county or one of the counties where the property is situated.
(8) The right under ORS 86.753 to have the proceeding dismissed and the trust deed reinstated by payment of the entire amount then due, together with costs, trustee’s and attorney’s fees, and by curing any other default complained of in the notice of default, at any time prior to five days before the date last set for the sale.
Approved by the Governor June 5, 2003
Filed in the office of Secretary of State June 10, 2003
Effective date January 1, 2004
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