Bill Text: OR HB2571 | 2011 | Regular Session | Introduced

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Bill Title: Relating to redemption of real property; prescribing an effective date.

Spectrum: Unknown

Status: (Failed) 2011-06-30 - In committee upon adjournment. [HB2571 Detail]

Download: Oregon-2011-HB2571-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 2823

                         House Bill 2571

Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of House Interim Committee on
  Revenue)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Adds assigns and successors in interest to persons authorized
to redeem real property in foreclosure.
  Takes effect on 91st day following adjournment sine die.

                        A BILL FOR AN ACT
Relating to redemption of real property; amending ORS 312.120;
  and prescribing an effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 312.120 is amended to read:
  312.120. (1) Except as provided in ORS 312.122, all real
properties sold to the county under ORS 312.100, shall be held by
the county for the period of two years from and after the date of
the judgment of foreclosure, unless sooner redeemed.
  (2) During the two-year period any person having an interest in
the property at the date of the judgment of foreclosure, or any
heir   { - or - }  { + , + } devisee { + , assign or successor in
interest + } of such person, or any person holding a lien of
record on the property, or any municipal corporation having a
lien on the property, may redeem the property by payment of the
full amount applicable to the property under the judgment, with
interest thereon as provided by law, plus a penalty of five
percent of the total amount applicable to the property under the
judgment and a fee as specified under subsection (5) of this
section. The penalty of five percent and fee shall be in lieu of
all costs chargeable against the property in connection with the
foreclosure proceeding. The fee shall be used to defray the
costs, among other costs, incurred by the county to provide the
notices of redemption period expiration to lienholders and others
required under ORS 312.125.
  (3) Property so redeemed shall be subject to assessment for
taxation during the period of redemption, as though it had
continued in private ownership.
  (4) Any person holding a mortgage or other lien of record
covering a part only of a particular parcel of real property
included in the judgment of foreclosure may redeem such part by
payment of the proportionate amount applicable thereto under the
judgment.
  (5) The fee specified by this subsection is as follows:

  (a) If the property is redeemed before the date the notice by
certified mail required by ORS 312.125 is given, $50.
  (b) If the property is redeemed on or after the date the notice
by certified mail required by ORS 312.125 is given, the greater
of $50 or the actual cost to the county for a title search and
other expenses related to obtaining a title search.
  SECTION 2.  { + This 2011 Act takes effect on the 91st day
after the date on which the 2011 session of the Seventy-sixth
Legislative Assembly adjourns sine die. + }
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