Portland Mortgage Co. v. Creditors Protective Association
Supreme Court of Oregon
262 P.2d 918 (1953)
Katherine and Byron Randol owed property subject to a mortgage held by the Portland Mortgage Company (Portland) (plaintiff). Creditors Protective Association (Creditors) (defendant) obtained a judgment against the Randols in the form of a lien on the property. The lien was subordinate to Portland’s mortgage. Portland foreclosed on the property and purchased the property at the foreclosure sale. Portland did not make Creditors a party to the foreclosure. Portland filed suit, seeking an order requiring Creditors to exercise its right to redemption within a reasonable amount of time. The trial court granted the request and gave Creditors 60 days to redeem the property. Creditors provided notice to Portland and others of its intent to redeem the property at a specific time within the 60 days. Right before that time came, Portland gave the county clerk a check for the amount of Creditors’s judgment against the Randols, satisfying the judgment. As a result of that satisfaction, the sheriff denied Creditors’s subsequent attempt to redeem the property. Creditors filed a motion requesting an order requiring the sheriff to accept its application to redeem the property. The trial court denied the motion. Creditors appealed, claiming that it was entitled to its right to redemption by statute.
Rule of Law
Holding and Reasoning (Brand, J.)
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