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.
Bulletin: OR000002
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Bulletin: OR000002
Dear Associates:
The Oregon Court of Appeals has upheld the 1985 change in the statutory redemption period from one year to 180 days. Director of Veterans' Affairs v. Peterson , 766 P.2d 386 (1988).
When the legislature reduced the redemption period in 1985, it specifically stated that the new law applied "to property sold upon execution on or after the effective date of this Act". ORS 23. 560(1).
A mortgagor whose mortgagor whose mortgage predated the new legislation challenged this amendment on the theory that it violated Article I, Section 10, of the United States Constitution, which provides that "no state shall... make any...Law impairing the Obligation of Contracts." The trial court agreed with the mortgagor and invalidated the legislation as it applied to pre-1985 mortgages.
The court of appeals reversed the trial court and upheld the legislation. It ruled that the reduction of the redemption period was a reasonable exercise of the state's power to accomplish a legitimate goal.
References
- Bulletins Replaced:
- None
- Related Bulletins:
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- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None