Opinion ID: 1191499
Heading Depth: 1
Heading Rank: 1

Heading: Payment on the mortgage debt.

Text: The parties agree that Luebke made payments during the ten years immediately preceding this suit. As noted above, however, the note was renegotiated in 1971. In his response to the petition for review, Rathbone argues for the first time that the renegotiated note represented an entirely new obligation, rather than an extension of the original mortgage debt, and that Luebke's payments on the renegotiated note were not payments on the mortgage debt within the meaning of ORS 88.120(1). The trial court, however, found that [t]he promissory note of July 15, 1971 was a replacement of the earlier note, not a payment of the note, and continued to be secured by the mortgage. We agree. Luebke's payments on the mortgage debt, therefore, satisfied the first condition set out in ORS 88.120.