Oregon Statutes 131A.085 – Order for sale, lease, rental or operation of seized property
(1) Pending final disposition of property seized for forfeiture, and subject to the need to retain the property for any criminal proceeding, a forfeiting agency may apply to the court for an order allowing the seized property to be sold, leased, rented or operated in the manner and on terms that may be specified in the court’s order. Any sale, lease, rental or operation of seized property under this section must be conducted in a commercially reasonable manner, and may not result in a material reduction of the property’s value. An order may be entered under this section only:
Terms Used In Oregon Statutes 131A.085
- Forfeiting agency: means a public body that is seeking forfeiture of property under this chapter. See Oregon Statutes 131A.005
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: means any interest in anything of value, including the whole of any lot or tract of land and tangible and intangible personal property, including currency, instruments or securities or any other kind of privilege, interest, claim or right whether due or to become due. See Oregon Statutes 131A.005
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(a) After notice and opportunity to be heard is provided to all persons known to have an interest in the property, or who claim to have an interest in the property; and
(b) With the consent of all persons holding security interests of record in the property.
(2) Unless otherwise ordered by the court, the proceeds of the sale, lease, rental or operation of seized property under this section shall be held by the forfeiting agency in a forfeiture trust account established under ORS § 131A.090, and the rights of holders of security interests of record in the property attach to the proceeds of the sale, lease, rental or operation in the order of the priority of their claims. [2009 c.78 § 14]