A new bill has been proposed in the Oregon Legislature that would require self-storage facility owners to dispose of tenant goods that go to lien sale “in a manner reasonably intended to realize proceeds close to market value of property” if no bids are offered at the time of sale. Sponsored by Rep. Brent Barton, D-Clackamas, House Bill 2911 deletes a current statutory provision that allows facility operators to dispose of a unit’s contents if no bids are received during lien sale. In addition, operators will be required to hold the balance of proceeds after satisfaction of the lien for the tenant, and if the tenant does not claim the funds within two years, to report and deliver the balance to the Department of State Lands.
The standard for the reasonable realization of proceeds is not defined in the bill. The measure is opposed by the Self Storage Association, which will engage with its sponsors to understand their intent and suggest alternatives.
To read the proposed bill, visit http://landru.leg.state.or.us/09reg/measpdf/hb2900.dir/hb2911.intro.pdf.
Proposed Oregon Bill Complicates Lien Sales for Self-Storage Operators
Article-Proposed Oregon Bill Complicates Lien Sales for Self-Storage Operators
A new bill has been proposed in the Oregon Legislature that would require self-storage facility owners to dispose of tenant goods that go to lien sale in a manner reasonably intended to realize proceeds close to market value of property if no bids are offered at the time of sale.