- May 10, 1989
- All Oregon Agents
- Deficiency Judgments
The Oregon Supreme Court has confirmed that the beneficiary of a commercial trust deed may seek a deficiency judgment after judicial foreclosure even though the trust deed secured the unpaid balance of the purchase price of the property. FDIC v. Burdell , 766 P.2d 1032 (1988).
ORS 86.770 (3) permits a deficiency judgment after judicial foreclosure of a commercial trust deed. ORS 88.070 prohibits deficiency judgments on purchase money mortgages of $50,000 or less. (The trust deed in question secured a $47,500 purchase of an apartment building.)
The Oregon Supreme Court concluded that a deficiency judgment was allowed.
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