Bulletin: OR000009

Date:
January 26, 1990
To:
All Oregon Agents
RE:
Judgment Liens Against Contract Vendors

Dear Associates:

The Oregon Court of Appeals has reaffirmed that a judgment against a contract vendor is a lien against the vendor's interest in the land. Upon execution the judgment creditor is entitled to receive all payments due on the contract. Bedortha v. Sunridge Land, 97 Or. App. 90, 775 P.2d 872 (1989).

In this case the vendor had assigned the contracts to a third party before the judgment was entered. However, the assignment was not recorded until later. The court of appeals held that the judgment creditor had priority over the unrecorded assignment. ORS 18.370.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
3.52 Contracts For Sale
Exceptions Manual:
OR Contracts for Sale
Forms:
None