558.053 Judgment against principal on bond; action against surety; satisfaction

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

558.053 Judgment against principal on bond; action against surety; satisfaction.

(1)If a judgment rendered against the principal on a bond described under ORS 558.052 is not settled within 60 days after it has become final, a judgment creditor, for the judgment creditor’s own use and benefit and at the judgment creditor’s sole expense, may bring an action against any surety on the bond. An action brought under this section must be brought in the name of the state. An action under this section may include any action or proceeding to foreclose any lien established upon the real property of a surety under ORS 558.052.

(2)For purposes of this section, a judgment is satisfied when any of the following occurs:

(a)Payments in the amounts established by the payment schedule under ORS 558.050 have been credited upon any judgment or judgments rendered in excess of those amounts.

(b)Judgments rendered for less than the amounts established under ORS 558.050 have been satisfied.

(c)The judgment creditor and the judgment debtor have mutually agreed upon a compromise settlement of the judgment.

(d)The judgment against the judgment debtor has been discharged in bankruptcy. [2003 c.175 §16]