Security State Bank v. Luebke

Defendant Rathbone appeals from a trial court judgment foreclosing his interest in real property. He contends that the Statute of Limitations, ORS 88.110, barred plaintiff s foreclosure action. We reverse and remand.1

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 the note and the mortgage was July 15, 1971. The note and mortgage were recorded on May 7, 1971. When the note was not paid on time, the parties renegotiated its…