Section 311.641 - Bona fide purchaser of business personal property; release of lien(1) For purposes of this section, a bona fide purchaser is a person that purchases business personal property: (c) In an arm's-length transaction; and(d) Without notice of delinquent property taxes on the property, as described in subsection (2) of this section.(2) A person purchases property without notice of delinquent property taxes on the property if, as of the date of the purchase transaction, the person: (a) Does not have actual notice of the taxes, from the disclosure notice required under ORS 311.639 or otherwise;(b) Has completed reasonable diligence with respect to:(A) The information included on the disclosure notice required under ORS 311.639, or can attest that the seller failed to provide the disclosure notice; and(B) Any other relevant facts that the person knew or should have known about the transaction;(c) Has searched and found no warrant for delinquent property taxes on the property recorded in the County Clerk Lien Record of the county in which the property is located at the time of the purchase transaction or of any other county in which the person, at the time of the purchase transaction, knew or should have known the property was previously located; and(d) Has searched the Secretary of State's Uniform Commercial Code system within three business days before the date of the purchase transaction and found no unsatisfied warrant for delinquent property taxes on the property, as evidenced by a screen printout of the search results.(3) For purposes of ORS 311.635, a bona fide purchaser is not liable for property taxes that were delinquent on the date of the purchase transaction in which the bona fide purchaser acquired the business personal property or for interest or fees related to the delinquent property taxes.(4)(a) Upon receipt of sufficient information to determine that a purchaser of business personal property on which delinquent property taxes are outstanding is a bona fide purchaser, a tax collector shall release the lien for the taxes with respect to the property that was the subject of the purchase transaction.(b) The release of the lien does not affect: (A) The personal liability of the owner, or person in possession or control of the property, at the time the property was assessed, arising under ORS 311.455.(B) The lien on property, other than the property that was the subject of the purchase transaction, arising under ORS 311.405(3).