2019 Oregon Revised Statutes
Volume : 08 - Revenue and Taxation
Chapter 305 - Administration of Revenue and Tax Laws; Appeals
Section 305.140 - Power to release real property from certain tax liens.
(1) Any person having an interest in or lien upon any real property may request the Department of Revenue in writing to release such real property from a cloud on the title of or lien on such property existing, created or continued under any one or more of the following:
(a) A warrant provided for in ORS 314.430, 321.570, 323.610 or 475B.715; or
(b) The provisions of ORS 311.673, 311.679, 311.689, 311.711 or 311.771.
(2) If, upon a request under subsection (1) of this section, the department finds that a sale of such real property would not result in satisfaction in whole or in part of the taxes due, it shall execute a release of such cloud or lien upon such property, and such release shall be conclusive evidence of the removal and extinguishment of such cloud or lien in respect of such real property.
(3) In addition to the release of cloud or lien provided for in subsection (1) of this section, the department may execute releases on part or all of any real property in the following cases, which releases shall be conclusive evidence of the removal and extinguishment of such cloud or lien:
(a) If the department finds that liability for the amount assessed, together with all interest thereon and penalties and costs in respect thereof, has been satisfied;
(b) If the department finds that the fair market value of that part of the property remaining subject to the cloud or lien is at least double the amount of the liability remaining unsatisfied in respect of such tax and the amount of all prior liens upon the property;
(c) If there is supplied to the department either an irrevocable letter of credit issued by an insured institution as defined in ORS 706.008 or a bond, in such form and with such surety as the department considers sufficient, conditioned upon the payment of the amount of the warrant, together with all interest in respect thereof, within 60 days after the issuance of the release; or
(d) If there is paid to the department in partial satisfaction of the amount of the warrant provided for in ORS 314.430, 321.570, 323.610 or 475B.715 or the amount of any lien under ORS 311.673, 311.679, 311.689, 311.711 or 311.771, an amount not less than the value, as determined by the department, of the lien of the State of Oregon upon the part of the property so to be released. In determining such value the department shall give consideration to the fair market value of the part of the property so to be released and to such liens thereon as have priority to the lien of the State of Oregon. [1961 c.573 §3 (enacted in lieu of 314.435, 315.635 and 321.085); 1981 c.706 §7; 1985 c.816 §38; 1987 c.158 §44; 1989 c.948 §8; 1991 c.331 §53; 1997 c.631 §448; 2015 c.699 §15]
