August 2, 2013
First, the Oregon Court of Appeals recently confirmed that persons who accept a mortgage or trust deed as security for a construction debt may forfeit their right to a lien claim. Claimants must now carefully consider whether and when to accept security in an improvement for performance concerning the construction of the improvement.
Second, the Oregon legislature repealed its “stay of foreclosure” law that allowed property owners to stay a construction lien foreclosure action by filing a complaint with the Construction Contractors Board. The repeal, however, is only temporary and resumes effect in 2017.
Thomas A. Larkin, Esquire (Contributing Author)
Stewart Sokol & Gray LLC (www.lawssg.com)
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