(1) Except as provided in this section, a sheriff shall accept as payment from a purchaser of real property at an execution sale a cashier’s check or cash. Except as provided in this section, a sheriff shall accept any combination of cashier’s checks or cash that is adequate to pay the purchase price.

Terms Used In Oregon Statutes 18.938

  • Court administrator: means a trial court administrator in a circuit court that has a trial court administrator and the clerk of the court in all other courts. See Oregon Statutes 18.005
  • Execution: means enforcement of the money award portion of a judgment or enforcement of a judgment requiring delivery of the possession or sale of specific real or personal property, by means of writs of execution, writs of garnishment and other statutory or common law writs or remedies that may be available under the law. See Oregon Statutes 18.005
  • Judgment: means the concluding decision of a court on one or more requests for relief in one or more actions, as reflected in a judgment document. See Oregon Statutes 18.005
  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.

(2) A sheriff shall accept a cashier’s check as payment from a purchaser at an execution sale only if the cashier’s check is made payable to the sheriff and is drawn on a financial institution that is authorized to do business under the laws of Oregon or the United States.

(3) If any part of the purchase price at an execution sale is paid with a cashier’s check, the sheriff shall give the purchaser a receipt for the funds in lieu of a certificate of sale under ORS § 18.942. The receipt must state that the purchaser is the successful bidder and must describe the property sold.

(4) If any part of the purchase price at an execution sale is paid with a cashier’s check, the sheriff shall deposit the check in a financial institution not later than the end of the first business day after the day on which the sale is conducted. The check must be deposited in a separate account.

(5) If the sheriff receives verification from a financial institution within 15 days after the date of the execution sale that all cashier’s checks delivered to the sheriff for a purchase have received final settlement, the sale is effective as of the date and hour of the sale, and the purchaser has priority over any interest acquired in the real property after that time. The sheriff shall thereafter:

(a) Mail to the purchaser by first class mail a certificate of sale as provided under ORS § 18.942 for all real property purchased; and

(b) Deliver the net proceeds of the sale to the court administrator or other official as provided by law.

(6) Subject to subsection (8) of this section, if the sheriff does not receive verification from a financial institution within 15 days after the date of the sale that all cashier’s checks delivered to the sheriff for a purchase have received final settlement, the sale is void and the sheriff shall return to the purchaser any cash tendered by the purchaser and any amounts received for cashier’s checks for which final settlement was received, less any bank charges incurred for cashier’s checks and any other amount allowed by law.

(7) If any part of the purchase price at an execution sale is paid with a cashier’s check, and the return date for the writ that is the basis for the sale is less than 18 days after the date of the sale, the return date is automatically extended to 18 days after the date of the sale.

(8) The judgment creditor may extend by a period of not more than 60 days the time for the sheriff to receive verification of a cashier’s check provided for in subsections (5) and (6) of this section. If the judgment creditor extends the time for the sheriff to receive verification of a cashier’s check, the return date for the writ is automatically extended three business days after the date specified by the judgment creditor.

(9) A judgment creditor may elect to pursue remedies under ORS Chapter 73 by reason of the failure of a financial institution to honor a cashier’s check tendered under this section, as though the judgment creditor had been the person to whom the check was payable.

(10) As used in this section:

(a) ‘Cashier’s check’ has the meaning given that term in ORS § 73.0104.

(b) ‘Financial institution’ has the meaning given that term in ORS § 706.008. [2005 c.542 § 29]

 

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