Security State Bank v. Luebke

This is an action to foreclose a mortgage on real property. Security State Bank (Bank) petitions for review of the Court of Appeals’ determination that its action was barred by the 10-year statute of limitations. ORS 88.110. Security State Bank v. Luebke, 80 Or App 669, 723 P2d 369 (1986). We reverse.

The facts are accurately set out in the Court of Appeals opinion as follows:

“On July 15, 1970, defendant Luebke executed and delivered to plaintiff a promissory note in the amount of $46,560.81, secured by a mortgage on the real property that is the subject of this action. The maturity date of…