Or. Admin. Code § 629-032-0040

Current through Register Vol. 63, No. 12, December 1, 2024

Section 629-032-0040 - Request to Bid by Purchaser

(1) If a purchaser in default wishes to bid on the resale of the defaulted contract and future contracts, the purchaser shall so notify the forester in writing within 30 days of receiving the notice of default. The forester shall, within 30 days of the receipt of the notice, notify the purchaser of the estimated damages and expenses incurred by the State as a result of the default, using the method set out in OAR 629-032-0060.

(2) The forester shall notify the purchaser of the estimated amount of damages and expenses by certified mail. The notice of estimated damages and expenses shall inform the purchaser of the right to request a contested case hearing pursuant to OAR 629-032-0050 and the time within which such request must be made.

(3) If purchaser makes payment of the estimated damages and expenses prior to the resale of the defaulted contract, the forester shall grant permission to the purchaser to bid on the resale and future sales.

(4) The forester shall not give permission to bid on the resale of the defaulted sale or future sales if other defaults by the purchaser are outstanding.

(5) If the purchaser is in the process of settling the defaulted contract with the forester under the provisions of OAR 629-032-0060, the purchaser may bid on contracts other than the defaulted contract if the purchaser posts a bond in the amount sufficient to cover the estimated damages and expenses determined by the forester, or places in an escrow account cash or marketable securities acceptable to the forester that are readily convertible into cash in an amount sufficient to cover the estimated damages and expenses of the defaulted contract, or a combination of such bond, cash and securities in the required amount. The terms of the escrow agreement shall be satisfactory to the forester. The forester shall grant permission to bid on other contracts under this provision only if no other defaults by purchaser are outstanding.

Or. Admin. Code § 629-032-0040

FB 4-1987, f. & ef. 9-8-87

Stat. Auth.: ORS 526 & ORS 530

Stats. Implemented: ORS 526.041, ORS 526.046 & ORS 530.059