Or. Admin. Code § 150-305-0052

Current through Register Vol. 63, No. 10, October 1, 2024

Section 150-305-0052 - Release of Lien

(1) The department may issue a release of a lien against real property if the department determines there is no value in the lien or the full value of the lien is realized. This release applies to the property described in the release only, the lien remains against all of the taxpayer's other property.

(2) A release may be requested by any party in interest to a transfer of real property that is subject to a lien of the department. The request must be in writing and state the reason for the release, the circumstances of the transfer and a description of the terms of the transaction. The request must be accompanied by a preliminary title report and a complete legal description of the property to be released. An escrow statement may be included to show the distribution of funds. Other supporting documentation may be required by the department.

RD 11-1985, f. 12-26-85, cert. ef. 12-31-85; Renumbered from 150-305.140(3)(d), REV 48-2016, f. 8-13-16, cert. ef. 9/1/2016

Stat. Auth.: ORS 305.100

Stats. Implemented: ORS 305.140