(1) From and after recording of the notice of lien pursuant to ORS § 526.745, the Forest Resource Trust has a lien for the moneys payable to the trust by the forestland owner under the terms of the contract.

Terms Used In Oregon Statutes 526.740

  • Contract: A legal written agreement that becomes binding when signed.
  • Forestland: means any woodland, brushland, timberland, grazing land or clearing that, during any time of the year, contains enough forest growth, slashing or vegetation to constitute, in the judgment of the forester, a fire hazard, regardless of how the land is zoned or taxed. See Oregon Statutes 526.005
  • Lien: A claim against real or personal property in satisfaction of a debt.

(2) The lien created by subsection (1) of this section constitutes a general lien upon all forest products grown or growing on the forestland described in the contract, whether standing on the forestland, severed and remaining on the forestland, severed and transported to another area for sale or processing, or made into forest products on the forestland. If the forest product is severed and delivered to a purchaser or mill, the lien continues against the forest product and the lien also attaches to accounts receivable evidencing indebtedness of the purchaser or mill. The lien attaches to the accounts receivable on the date on which the forestland owner sells the forest products and relates to the date on which notice of lien was filed under ORS § 526.745. [1995 c.207 § 3; 2001 c.51 § 3]

 

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