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COOLEY v. FREDINBURG

88-0971-J-1; CA A68733.

836 P.2d 162 (1992)

114 Or. App. 532

Marion C. COOLEY, Plaintiff, v. Robert Roger FREDINBURG, Appellant, Marion C. Cooley, as assignee of U.S. National Bank of Oregon, a national banking association; First Interstate Bank of Oregon, N.A.; L. Ken Casteel; John C. Preston and Patricia J. Preston, husband and wife; Timotheas John Horn and Normalee D. Horn, husband and wife; Tischhauser, Cooper & Co., a partnership; and Frieda A. Kuttig, Defendants, and Federal Deposit Insurance Corporation, in its corporate capacity, as successor to Bear Creek Valley Bank; and Hogue Investment Corporation, Respondents.

Court of Appeals of Oregon, In Banc.

Resubmitted May 6, 1992.

Decided August 12, 1992.

Attorney(s) appearing for the Case

Douglas J. Richmond, Medford, argued the cause and filed the briefs, for appellant.

David V. Gilstrap, Ashland, argued the cause, for respondent Hogue Inv. Corp. With him on the brief were Ainsworth, Davis, Gilstrap, Harris, Balocca & Fitch, P.C., Ashland.

Frank C. Higham, San Jose, Cal., waived appearance, for respondent F.D.I.C.

Resubmitted In Banc May 6, 1992.

BUTTLER, Judge.

Fredinburg (defendant) appeals an order that determined that Federal Deposit Insurance Corporation (FDIC) had the right to redeem his real property after he had redeemed it from the purchaser at a sheriff's sale. We reverse.

FDIC was joined in a mortgage foreclosure commenced by plaintiff against defendant, the debtor, and numerous other mortgage or deed of trust lien claimants. A stipulated

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