Oregon Statutes 88.040 – Foreclosure suit during and after action for debt
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During the pendency of an action for the recovery of a debt secured by any lien mentioned in ORS § 88.010, a suit cannot be maintained for the foreclosure of the lien, nor thereafter, unless judgment is given in such action that the plaintiff recover the debt or some part thereof, and an execution thereon against the property of the defendant is returned unsatisfied in whole or in part.
Terms Used In Oregon Statutes 88.040
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Plaintiff: The person who files the complaint in a civil lawsuit.