72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
Enrolled
House Bill 2060
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
Presession filed (at the request of Joint Interim Committee on
Judiciary for Oregon State Bar Debtor/Creditor Section)
CHAPTER ................
AN ACT
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
Enrolled House Bill 2060 (HB 2060-A) Page 1
(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.
----------
Enrolled House Bill 2060 (HB 2060-A) Page 2
Passed by House April 10, 2003
...........................................................
Chief Clerk of House
...........................................................
Speaker of House
Passed by Senate May 8, 2003
...........................................................
President of Senate
Enrolled House Bill 2060 (HB 2060-A) Page 3
Received by Governor:
......M.,............., 2003
Approved:
......M.,............., 2003
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2003
...........................................................
Secretary of State
Enrolled House Bill 2060 (HB 2060-A) Page 4