115.065 Claims
on secured debts due.
(1) A claim on a debt due for which the creditor holds security may be
presented as a claim on an unsecured debt due. A creditor who presents a claim
under this subsection does not waive the creditor’s security interest and may
recover a deficiency as provided in subsection (5) of this section.
(2) If the claim
is presented, the claim shall describe the security generally. If the security
is an encumbrance that is recorded, it is sufficient to describe the
encumbrance by reference to the book and page or document number, date and
place of recording or filing.
(3) If the claim
is presented and allowed, allowance shall be in the amount of the debt
remaining unpaid on the date of allowance.
(4) If the
creditor surrenders the security, payment shall be on the basis of the amount
allowed.
(5) If the
creditor does not surrender the security, payment shall be on the basis of:
(a) If the
creditor exhausts the security before receiving payment, unless precluded by
other law, the amount allowed, less the amount realized on exhausting the
security; or
(b) If the
creditor does not exhaust the security before receiving payment or does not
have the right to exhaust the security, the amount allowed, less the value of
the security determined by agreement or as the court may order.
(6) The personal
representative may convey the secured property to the creditor in consideration
of the satisfaction or partial satisfaction of the claim. [1969 c.591 §146;
1989 c.229 §5; 2017 c.169 §28]
Notes of Decisions
Cited in
2
cases, 1982–1994 · leading case:
Meissner v. Murphy, 647 P.2d 972 (Or. Ct. App. 1982).
Meissner v. Murphy, 647 P.2d 972 (Or. Ct. App. 1982).
· cites it 2× “ORS 115.065(1). In the present |ase, plaintiff first attempted to collect the amount due on e land sale contract by filing an action for specific |erformance but retaining the security of her lien and oviding for foreclosure if the contract balance were not id within 60 days…”
Heiller v. Nelson, 872 P.2d 26 (Or. Ct. App. 1994).
· cites it 10× “ORS 115.065. The plain language of ORS 115.”
— Or. Rev. Stat. § 115.065(1) — 2 cases
Meissner v. Murphy, 647 P.2d 972 (Or. Ct. App. 1982).
“ORS 115.065(1). In the present |ase, plaintiff first attempted to collect the amount due on e land sale contract by filing an action for specific |erformance but retaining the security of her lien and oviding for foreclosure if the contract balance were not id within 60 days…”
Heiller v. Nelson, 872 P.2d 26 (Or. Ct. App. 1994).
“ORS 115.065. The plain language of ORS 115.”
— Or. Rev. Stat. § 115.065(5) — 1 case
Heiller v. Nelson, 872 P.2d 26 (Or. Ct. App. 1994).
“ORS 115.065. The plain language of ORS 115.”
— Or. Rev. Stat. § 115.065(6) — 1 case
Meissner v. Murphy, 647 P.2d 972 (Or. Ct. App. 1982).
“ORS 115.065(1). In the present |ase, plaintiff first attempted to collect the amount due on e land sale contract by filing an action for specific |erformance but retaining the security of her lien and oviding for foreclosure if the contract balance were not id within 60 days…”
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