Current as of January 01, 2018 | Updated by FindLaw Staff
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ORS 87.272 to 87.316 do not apply to a lien on a chattel created by ORS 87.216 when that chattel is subject to a prior duly perfected security interest as provided in ORS 87.146 (1)(d). When a lien created by ORS 87.216 is junior and subordinate to a prior duly perfected security interest, that lien shall be foreclosed by suit under ORS chapter 88. In such a suit to foreclose, the holder of the prior security interest shall be made a party defendant to the foreclosure proceeding. The person holding the prior security interest may extinguish the lien created by ORS 87.216 by either a foreclosure proceeding under ORS chapter 88 or a nonjudicial foreclosure proceeding under ORS 79.0601 to 79.0628.
Cite this article: FindLaw.com - Oregon Revised Statutes Mortgages and Liens § 87.322 - last updated January 01, 2018 | https://codes.findlaw.com/or/title-9-mortgages-and-liens/or-rev-st-sect-87-322/
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