75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
HA to A-Eng. HB 3004
LC 1939/HB 3004-A13
HOUSE AMENDMENTS TO
A-ENGROSSED HOUSE BILL 3004
By COMMITTEE ON RULES
June 2
On page 1 of the printed A-engrossed bill, line 2, after ' ORS'
insert '86.755,'.
After line 4, insert:
' { + SECTION 1. + } ORS 86.755 is amended to read:
' 86.755. (1) The { + trustee shall hold the trustee's + }
sale
{ - shall be held - } on the date and at the time and place
designated in the notice of sale. The trustee may sell the
property in one parcel or in separate parcels and shall sell the
parcel or parcels at auction to the highest bidder for cash. Any
person, including the beneficiary under the trust deed, but
excluding the trustee, may bid at the trustee's sale. The
attorney for the trustee, or
{ - any agent designated by - } { + an agent that + } the
trustee or the attorney { + designates + }, may conduct the sale
and act in the sale as the { + trustee's + } auctioneer { - of
the trustee - } .
' (2) The trustee or the attorney for the trustee, or { - any
agent designated by - } { + an agent that + } the trustee or
the attorney conducting the sale { + designates + }, may
postpone the sale for one or more periods totaling not more than
180 days from the original sale date, giving notice of each
adjournment by public proclamation made at the time and place set
for sale. { - The proclamation may be made by - } The trustee,
the attorney { - , or any agent designated by - } { + or an
agent that + } the trustee or the attorney { + designates may
make the proclamation + }.
' (3) The purchaser shall pay at the time of sale the price
bid, and, within 10 days following payment, the trustee shall
execute and deliver the trustee's deed to the purchaser.
' (4) The trustee's deed shall convey to the purchaser the
interest in the property { - which - } { + that + } the
grantor had, or had the power to convey, at the time { - of the
execution by the grantor of - } { + the grantor executed + } the
trust deed, together with any interest the grantor or the
grantor's successors in interest acquire after the execution of
the trust deed.
' (5) The purchaser at the trustee's sale shall be entitled to
possession of the property on the 10th day following the sale,
and any persons remaining in possession after that day under any
interest, except one prior to the trust deed or created
voluntarily by the grantor or a successor of the grantor, shall
be deemed to be tenants at sufferance. All persons not holding
under an interest prior to the trust deed may be removed from
possession by following the procedures set out in ORS 105.105 to
105.168 or other applicable judicial procedure, provided that a
person holding under an interest created voluntarily by the
grantor or a successor of the grantor must first receive 30 days'
written notice of the intent to remove that person served no
earlier than 30 days before the date first set for the sale.
Notices under this subsection shall be served by first class
mail. 'First class mail ' for purposes of this section does not
include certified or registered mail, or any other form of mail
which may delay or hinder actual delivery of mail to the
addressee.
' (6) { + (a) + } Notwithstanding subsection (2) of this
section, except when a beneficiary has participated in obtaining
a stay, foreclosure proceedings that are stayed by order of the
court, by proceedings in bankruptcy or for any other lawful
reason shall, after release from the stay, continue as if
uninterrupted, if within 30 days after release the trustee
{ - gives - } { + sends + } amended notice of sale by
registered or certified mail to the last-known address of
{ - those - } { + the + } persons listed in ORS 86.740 and
86.750 (1) { + . + } { - and to - }
' { + (b) In addition to the notice required under paragraph
(a) of this subsection, the trustee shall send amended notice of
sale:
' (A) By registered or certified mail to:
' (i) + } The address provided by each person who was present
at the time and place set for the sale { - which - } { +
that + } was stayed { - . - } { + ; and
' (ii) The address provided by each member of the Oregon State
Bar who by registered or certified mail requests the amended
notice of sale and includes with the request the notice of
default or an identification number for the trustee's sale that
would assist the trustee in identifying the property subject to
the trustee's sale and a self-addressed, stamped envelope
measuring at least 8.5 by 11 inches in size; or
' (B) By posting a true copy or a link to a true copy of the
amended notice of sale on the trustee's Internet website.
' (7) + } The amended notice of sale { - shall - } { +
must + }:
' (a) Be given at least 20 days prior to the amended date of
sale;
' (b) Set an amended date of sale { - which - } { +
that + } may be the same as the original sale date, or date to
which the sale was postponed, provided the requirements of
{ + this subsection and + } ORS 86.740 { - , - } { + and + }
86.750 { - and this subsection - } are satisfied;
' (c) Specify the time and place for sale;
' (d) Conform to the requirements of ORS 86.745; and
' (e) State that the original sale proceedings were stayed and
the date the stay terminated.
' { - (7) - } { + (8) + } If the publication of the notice
of sale was not completed { - prior to - } { + before + } the
date the foreclosure proceedings were stayed by order of the
court, by proceedings in bankruptcy or for any other lawful
reason, after release from the stay, in addition to complying
with the provisions of { - subsection (6) - } { + subsections
(6) and (7) + } of this section, the trustee shall complete the
publication by publishing an amended notice of sale
{ - which - } { + that + } states that the notice has been
amended following release from the stay { - , and which - }
{ + and that + } contains the amended date of sale. The amended
notice { - shall - } { + must + } be published in a newspaper
of general circulation in each of the counties in which the
property is situated once a week for four successive weeks,
except that the required number of publications { - shall - }
{ + must + } be reduced by the number of publications that were
completed { - prior to - } { + before + } the effective date
of the stay. The last publication
{ - shall - } { + must + } be made more than 20 days
{ - prior to - } { + before + } the date the trustee conducts
the sale.'.
In line 5, delete '1' and insert '2'.
On page 2, delete lines 8 through 12 and insert:
' (2) Except in accordance with subsection (4) of this section,
after a trustee's sale under ORS 86.705 to 86.795 or after a
judicial foreclosure of a residential trust deed, an action for a
deficiency may not be brought or a judgment entered against the
grantor, the grantor's successor in interest or another person
obligated on:
' (a) The note, bond or other obligation secured by the
residential trust deed for the property that was subject to the
trustee's sale or the foreclosure;
' (b) Any other note, bond or other obligation secured by a
residential trust deed for or mortgage on the property that was
subject to the trustee's sale or the foreclosure when the debt,
of which the note, bond or other obligation is evidence, is owed
to the beneficiary in the residential trust deed that was subject
to the trustee's sale or the foreclosure; or
' (c) A note, bond or other obligation that is evidence of a
debt that the grantor or the grantor's successor in interest
incurred to finance the unpaid portion of the purchase price of
the property that was subject to the trustee's sale or the
foreclosure.'.
Delete lines 27 through 33.
Delete lines 36 through 38.
In line 39, delete '2' and insert '3'.
On page 3, delete lines 4 through 6 and insert:
' { + SECTION 4. + } { + (1) The amendments to ORS 86.755 by
section 1 this 2009 Act apply to sales that occur on or after the
effective date of this 2009 Act.
' (2) The amendments to ORS 86.770 and 88.070 by sections 2 and
3 of this 2009 Act apply to a trust deed or mortgage or a note,
bond or other obligation secured by a trust deed or mortgage that
was executed before, on or after the effective date of this 2009
Act. + } ' .
In line 7, delete '4' and insert '5'.
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