1. (1) A grantor shall have the same rights possessed by the holder of a junior lien or interest who was omitted as a party defendant in a judicial foreclosure proceeding if:

   1. (a) The notice required by ORS 86.756 is not sent to the grantor;
   2. (b) The grantor does not actually receive a copy of the notice at least 25 days before the date on which the trustee conducts the sale; and
   3. (c) The grantor informs the trustee, the purchaser, the beneficiary or any loan servicer in writing not later than 60 days after the purchaser takes possession of the property upon which a trust deed was foreclosed that the grantor did not receive the notice and did not have actual notice of the sale.
2. (2) The purchaser at the trustee’s sale, or the purchaser’s heirs, assigns or transferees, shall have the same rights possessed by a purchaser at a sheriff’s sale following a judicial foreclosure.

[Formerly 86.739]