1. (1) Except as provided in this section, a sheriff shall accept as payment from a purchaser of real property at an execution sale a cashier’s check or cash. Except as provided in this section, a sheriff shall accept any combination of cashier’s checks or cash that is adequate to pay the purchase price.
2. (2) A sheriff shall accept a cashier’s check as payment from a purchaser at an execution sale only if the cashier’s check is made payable to the sheriff and is drawn on a financial institution that is authorized to do business under the laws of Oregon or the United States.
3. (3) If any part of the purchase price at an execution sale is paid with a cashier’s check, the sheriff shall give the purchaser a receipt for the funds in lieu of a certificate of sale under ORS 18.942. The receipt must state that the purchaser is the successful bidder and must describe the property sold.
4. (4) If any part of the purchase price at an execution sale is paid with a cashier’s check, the sheriff shall deposit the check in a financial institution not later than the end of the first business day after the day on which the sale is conducted. The check must be deposited in a separate account.

5. (5) If the sheriff receives verification from a financial institution within 15 days after the date of the execution sale that all cashier’s checks delivered to the sheriff for a purchase have received final settlement, the sale is effective as of the date and hour of the sale, and the purchaser has priority over any interest acquired in the real property after that time. The sheriff shall thereafter:

   1. (a) Mail to the purchaser by first class mail a certificate of sale as provided under ORS 18.942 for all real property purchased; and
   2. (b) Deliver the net proceeds of the sale to the court administrator or other official as provided by law.
6. (6) Subject to subsection (8) of this section, if the sheriff does not receive verification from a financial institution within 15 days after the date of the sale that all cashier’s checks delivered to the sheriff for a purchase have received final settlement, the sale is void and the sheriff shall return to the purchaser any cash tendered by the purchaser and any amounts received for cashier’s checks for which final settlement was received, less any bank charges incurred for cashier’s checks and any other amount allowed by law.
7. (7) If any part of the purchase price at an execution sale is paid with a cashier’s check, and the return date for the writ that is the basis for the sale is less than 18 days after the date of the sale, the return date is automatically extended to 18 days after the date of the sale.
8. (8) The judgment creditor may extend by a period of not more than 60 days the time for the sheriff to receive verification of a cashier’s check provided for in subsections (5) and (6) of this section. If the judgment creditor extends the time for the sheriff to receive verification of a cashier’s check, the return date for the writ is automatically extended three business days after the date specified by the judgment creditor.
9. (9) A judgment creditor may elect to pursue remedies under ORS chapter 73 by reason of the failure of a financial institution to honor a cashier’s check tendered under this section, as though the judgment creditor had been the person to whom the check was payable.

10. (10) As used in this section:

    1. (a) “Cashier’s check” has the meaning given that term in ORS 73.0104.
    2. (b) “Financial institution” has the meaning given that term in ORS 706.008.

[2005 c.542 §29]