Oregon Statutes 558.053 – Judgment against principal on bond; action against surety; satisfaction
(1) If a judgment rendered against the principal on a bond described under ORS § 558.052 is not settled within 60 days after it has become final, a judgment creditor, for the judgment creditor’s own use and benefit and at the judgment creditor’s sole expense, may bring an action against any surety on the bond. An action brought under this section must be brought in the name of the state. An action under this section may include any action or proceeding to foreclose any lien established upon the real property of a surety under ORS § 558.052.
Terms Used In Oregon Statutes 558.053
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
(2) For purposes of this section, a judgment is satisfied when any of the following occurs:
(a) Payments in the amounts established by the payment schedule under ORS § 558.050 have been credited upon any judgment or judgments rendered in excess of those amounts.
(b) Judgments rendered for less than the amounts established under ORS § 558.050 have been satisfied.
(c) The judgment creditor and the judgment debtor have mutually agreed upon a compromise settlement of the judgment.
(d) The judgment against the judgment debtor has been discharged in bankruptcy. [2003 c.175 § 16]