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AN ACT Relating to creating unified judicial and nonjudicial foreclosure procedures for real property mortgages, deeds of trust, and real estate contracts; amending RCW 6.13.080, 6.17.070, 6.21.030, 6.21.040, 6.21.110, 6.21.120, 6.23.010, and 6.23.020; adding new sections to chapter 61.24 RCW; adding new chapters to Title 61 RCW; creating new sections; repealing RCW 61.12.040, 61.12.050, 61.12.060, 61.12.061, 61.12.070, 61.12.080, 61.12.090, 61.12.093, 61.12.094, 61.12.095, 61.12.100, 61.12.110, 61.12.120, 61.12.130, 61.12.140, 61.12.150, 61.24.010, 61.24.020, 61.24.030, 61.24.040, 61.24.045, 61.24.050, 61.24.060, 61.24.070, 61.24.080, 61.24.090, 61.24.100, 61.24.110, 61.24.120, 61.24.130, 61.30.010, 61.30.020, 61.30.030, 61.30.040, 61.30.050, 61.30.060, 61.30.070, 61.30.080, 61.30.090, 61.30.100, 61.30.110, 61.30.120, 61.30.130, 61.30.140, 61.30.150, 61.30.160, 61.30.900, 61.30.905, 61.30.910, and 61.30.911; and providing an effective date.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

PART I. GENERAL PROVISIONS

NEW SECTION. Sec. 101. TITLE. Chapter . . ., Laws of 1995 (this act) may be known and cited as the Washington Unified Real Property Security Interest Foreclosure Act.

NEW SECTION. Sec. 102. PURPOSES. The purposes of chapter . . ., Laws of 1995 (this act) are as follows:

(1) To provide a uniform and consistent procedure for the judicial and nonjudicial foreclosure of all consensual security interests in real estate created by a security agreement;

(2) To make the law regarding deficiency judgments and redemption rights in judicial foreclosures of consensual real estate security interests consistent with those that apply to the nonjudicial foreclosure of such interests; and

(3) To provide a specific procedure applicable to the sale of real estate under a judgment and decree of foreclosure of a consensual security interest in the real estate.

NEW SECTION. Sec. 103. CONSTRUCTION. (1) The sections of chapter . . ., Laws of 1995 (this act) must:

(a) Be considered part of a general act that is intended as unified coverage of the subject matter, and to this end no part of chapter . . ., Laws of 1995 (this act) may be deemed impliedly repealed by later legislation if the construction can be reasonably avoided;

(b) Not be held invalid because of the invalidity of other sections or provisions of the act as long as the section or provision in question can be given effect without regard to the invalid section or provision, and to this end the sections and provisions of chapter . . ., Laws of 1995 (this act) are declared to be severable; and

(c) Not be applied to repeal, modify, or amend statutory or case law of this state applicable to consensual security interests in real estate, other than those acts and those sections specifically amended or repealed hereby, unless the result would be clearly required in order to give effect to the purpose of chapter . . ., Laws of 1995 (this act).

(2) Unless the context in which they are used otherwise requires, words used in the singular include the plural, and in the plural include the singular, and words of the masculine and feminine genders include the other gender and the neuter gender, and the neuter gender may refer to any gender.

NEW SECTION. Sec. 104. DEFINITIONS. Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter and chapters 61.-- and 61.-- RCW (sections 201 through 319 of this act).

(1) "Business day" means any day included in a business week that is not a legal holiday.

(2) "Business week" means Monday through Friday inclusive.

(3) "Costs and fees" in judicial proceedings means both prejudgment and postjudgment costs and attorney's fees and expenses incurred in enforcing the obligation and the security agreement, whether imposed by law or permitted by the security agreement. In a nonjudicial foreclosure proceeding, "costs and fees" includes the expenses actually incurred by the trustee in enforcing the obligation and security agreement, whether imposed by law or permitted by the security agreement, including reasonable trustee's and attorney's fees and costs of recording and mailing the notices and other documents required by chapter 61.-- RCW (sections 301 through 319 of this act).

(4) "Debtor" means a person who under a security agreement has granted a security interest in real estate to secure the payment of a debt or the performance of an obligation, or both, or the successor to such a grantor. For the purpose of this chapter and chapters 61.-- and 61.-- RCW (sections 201 through 319 of this act), the grantor designated in a deed of trust, and the vendee or purchaser designated in a real estate contract, is a "debtor."

(a) If at the time an action for foreclosure is commenced the debtor and the owner of real estate that is subject to the security interest are not the same person, "debtor" means the owner of the real estate in a provision of this chapter and chapters 61.-- and 61.-- RCW (sections 201 through 319 of this act) dealing with the real estate that is subject to the security interest, and the obligor in a provision dealing with a payment or performance of an obligation. Under this subsection (4)(a), "debtor" also includes both the owner and the obligor if the context requires.

(b) A debtor is a "judgment debtor" if necessary to give effect to the levy, sale, and execution provisions of Title 6 RCW.

(5) "Default" means the failure of a debtor to timely make any payment or to timely perform any obligation when required under a security agreement or under a separate writing or document secured by the security agreement.

(6) "Family farm" means real property used in a farming operation by a family farmer.

(7) "Family farmer" means a debtor who, at the time a security agreement is executed and at the time judicial or nonjudicial foreclosure proceedings thereon are initiated, satisfies the conditions in (a) or (b) of this subsection, whichever applies.

(a) An individual "family farmer" means an individual, an individual and the individual's spouse, or a marital community engaged in a farming operation and whose aggregate community and separate income from the farming operation is more than fifty percent of the aggregate community and separate gross income of the individual, individuals, or marital community.

(b) An entity "family farmer" means a corporation, limited liability company, limited partnership, or partnership engaged in a farming operation and in which:

(i) More than fifty percent of the outstanding stock or equity interest is held by one or more of the following individuals: The debtor; the debtor's spouse; or the ancestors and descendants, stepchildren, brothers, sisters, nephews, and nieces of the debtor or the debtor's spouse;

(ii) One or more of such individuals is responsible for, actually manages, and is receiving more than fifty percent of his or her gross income from the farming operation; and

(iii) The corporate stock or equity interests are not publicly traded.

(8) "Family residence" means the dwelling house constituting the debtor's principal residence at the time that a security agreement is executed and at the time that judicial or nonjudicial foreclosure proceedings thereon are initiated, or that the debtor, at the time the security agreement is executed, intends to occupy as a principal residence and does occupy at the time of foreclosure, together with appurtenant structures and so much of the land on which the residence and structures are situated, and by which the residence and structures are surrounded, as is reasonably necessary for the residential purposes. "Family residence" includes the following types of dwellings occupied by a debtor as the debtor's principal residence:

(a) A condominium or cooperative unit;

(b) A building occupied by the debtor both as a principal residence and for a business conducted by the debtor; and

(9) "Farming operation" means agriculture or farming activities such as the following: Tillage of the soil; dairy farming; ranching; production or raising of crops, poultry, fish, shellfish, or livestock; and production of poultry or livestock products in an unmanufactured state.

(10) "Real estate" and "real property" mean land and an estate or interest in, over, or under land that by custom, usage, or law passes with a conveyance of land even though the estate or interest is not specifically described or mentioned in the contract of sale or instrument of conveyance. "Real estate" and "real property" include a lease of land and rental from the land unless the lease or rental would be considered personal property under other law of this state.

(11) "Real estate contract" means any written agreement for the sale of real property which provides that legal title to the real property is retained by the seller as security for payment of the purchase money. "Real estate contract" does not include earnest money agreements and options to purchase.

(12) "Record" and "recorded" include the appropriate registration proceedings in the case of registered land.

(13) "Secured creditor" means a lender, seller, or other person who under a security agreement has been granted a security interest in real estate to secure the payment of a debt or the performance of an obligation, or both, or the successor to such a grantee. If the security interest arises under a deed of trust or a real estate contract, the beneficiary designated in the deed of trust, or the vendor or seller designated in the real estate contract, is the "secured creditor" for the purposes of this chapter and chapters 61.-- and 61.-- RCW (sections 201 through 319 of this act). A secured creditor is a "judgment creditor" if necessary to give effect to the levy, sale, and execution provisions of Title 6 RCW.

(14) "Security agreement" means a mortgage or other writing treated as a mortgage under Washington law, a deed of trust, or a real estate contract, whether executed by the debtor prior to or subsequent to the effective date of this act.

(15) "Security interest" means an interest in real property given by a debtor to secure the payment of a debt or the performance of an obligation, or both. A security interest is created by, and at the time of, the debtor's execution of a security agreement.

(16) "Seller's security interest" means a security interest taken or retained by the seller of real property at the time of sale to secure the payment of all or a portion of the purchase price thereof.

NEW SECTION. Sec. 105. EXCLUSIVE FORECLOSURE REMEDY‑-FORFEITURE RIGHT IS EQUIVALENT TO ACCELERATION RIGHT‑-OTHER REMEDIES PRESERVED. (1) The rights and interests of a purchaser under a real estate contract are not subject to forfeiture. Real estate contracts and other real property security agreements may be foreclosed only under this chapter and chapters 61.-- and 61.-- RCW (sections 201 through 319 of this act).

(2) For the purposes of this chapter and chapters 61.-- and 61.-- RCW (sections 201 through 319 of this act), a provision in a real estate contract that the secured creditor has a right to forfeit the debtor's rights and interests upon the debtor's default is the equivalent of a right to accelerate the debt upon default and entitles the secured creditor to bid the unpaid balance of the purchase price at a judicial or nonjudicial foreclosure sale.

(3) If a security agreement is not foreclosed under this chapter and chapters 61.-- and 61.-- RCW (sections 201 through 319 of this act), the debt or other obligation secured by the agreement may be enforced by any other means provided by law.

NEW SECTION. Sec. 106. WHEN FORECLOSURE PERMITTED THROUGH OTHER ACTIONS COMMENCED. A secured creditor is not precluded from judicially or nonjudicially foreclosing a security interest in real estate because the secured creditor previously commenced an action in the courts of this state for any of the following reasons:

(1) To obtain the appointment of a receiver or to enforce a right to collect the rents, issues, and profits from the real estate, or both;

(2) To foreclose or enforce any other lien or security rights granted to secure the same obligation, either separately or in conjunction with the foreclosure of another obligation, if the security interest being foreclosed was not granted to secure an obligation incurred primarily for personal, family, or household purposes; or

(3) To enforce an arbitration provision contained in any security agreement.

NEW SECTION. Sec. 107. DISPOSITION OF EXCESS PROCEEDS FROM SALE. (1) If, following a sale of real estate under a judgment and decree of foreclosure as provided in chapter 61.-- RCW (sections 201 through 210 of this act), any excess proceeds remain after payment of all sums due to the secured creditor as required by the applicable provisions of chapter 61.-- RCW (sections 201 through 210 of this act), the excess on deposit with the clerk shall be distributed pursuant to this section.

(2) If the sale of the real estate was a nonjudicial sale under chapter 61.-- RCW (sections 301 through 319 of this act), the trustee shall deposit any excess remaining after payment of all sums due to the secured creditor as required by the applicable provisions of chapter 61.-- RCW (sections 301 through 319 of this act), less the clerk's filing fee, together with a copy of the recorded notice of sale, with the clerk of the superior court of the county in which the sale took place, and the clerk shall index such funds under the name of the debtor as set out in the recorded notice, and the excess shall be distributed pursuant to this section.

(3) Interests in or liens or claims of liens against the property eliminated by a judicial or nonjudicial sale under this chapter and chapters 61.-- and 61.-- RCW (sections 201 through 319 of this act), shall attach to the excess proceeds in the same order of priority that they had in the real estate sold. The clerk may not disburse such excess except in accordance with the directions contained in a disbursement order of the superior court.

(4) The debtor, or any other person claiming an interest in the excess, may apply to the court for the entry of an order directing the manner in which the excess shall be disbursed by the clerk. If more than one person claims a right, title, or interest in and to the excess, notice of the time and place of the hearing on the applications shall be given to all such claimants at least fifteen days prior to the hearing date.

NEW SECTION. Sec. 108. MANNER AND EFFECT OF CURING DEFAULTS. (1) Any person seeking to terminate a judicial or nonjudicial foreclosure by curing defaults within the periods provided in chapters 61.-- and 61.-- RCW (sections 201 through 319 of this act) may cause such termination by curing all defaults existing at the time of cure, as follows:

(a) By paying all accumulated interest plus the amount required to reduce the unpaid balance of the obligation secured to the amount that would not then be due had no default occurred;

(b) By paying all taxes, insurance, and other amounts required to be paid by the debtor pursuant to the terms of the security agreement and the note or other obligation secured, that are delinquent or that were paid by the secured creditor to protect its interest;

(c) By paying all costs and fees actually incurred by the plaintiff or trustee in enforcing the terms of the note or other obligation and in filing or recording the documents required to give notice of the discontinuance and termination of the judicial or nonjudicial proceedings; and

(d) In the case of a default that is other than the failure to make required payments, by either correcting such defaults or paying to the plaintiff or trustee the costs and expenses incurred in correcting such defaults.

(2) The lien of any person who has a subordinate lien of record on the real property and who has cured the default or defaults pursuant to this section shall thereafter include all payments made to cure any defaults, including interest thereon at the legal maximum rate permitted in RCW 19.52.020 at the time of the payment of the amount required to cure the default, payments made for trustee's fees, and the plaintiff's or trustee's costs and fees.

PART II. UNIFIED JUDICIAL FORECLOSURE PROVISIONS

NEW SECTION. Sec. 201. WHEN JUDICIAL FORECLOSURE PERMITTED‑-VENUE. Upon the occurrence of a default, the secured creditor may proceed to judicially foreclose the security interest and the equity of redemption in the superior court of the county where the land, or some part of it, lies.

NEW SECTION. Sec. 202. CONCURRENT ACTIONS NOT PERMITTED IN STATE COURTS. Except when permitted in section 106 of this act, a secured creditor may not proceed to foreclose a security interest in a court of this state while prosecuting another action in a court of this state for the same debt or for an obligation that is secured by the security interest, or while seeking to obtain execution of a judgment in a court of this state in the other action. A secured creditor may not prosecute another action in a court of this state for the same debt or obligation while foreclosing the security interest or prosecuting a judgment of foreclosure in a court of this state.

NEW SECTION. Sec. 203. REDEMPTION RIGHTS AFTER SALE, IN GENERAL. Except as otherwise provided in section 204 of this act, a debtor and third parties having an interest in the real property constituting the security have the rights of redemption, and possession incident thereto, provided in chapter 6.23 RCW.

NEW SECTION. Sec. 204. WHEN PROSPECTIVE REDEMPTION RIGHTS MAY BE TERMINATED‑-EFFECT OF CURE OF DEFAULTS. (1) Subject to subsection (2) of this section and to compliance with section 205 of this act, the purchaser at a sheriff's sale takes title in and to, and possession of, the real property free from all redemption rights, and rights of possession incident thereto, of the debtor and third parties provided in chapter 6.23 RCW in the following cases:

(a) In all cases of the foreclosure of a seller's security interest; and

(b) In all other cases unless the debtor is a family farmer as defined in section 104 of this act.

(2) To terminate the rights of redemption, the secured creditor must waive any possible right to a deficiency judgment and grant to the debtor and each additional defendant who would otherwise be entitled to rights of redemption a period of one hundred twenty days to cure all defaults. The one hundred twenty day period for cure of defaults commences, as to each defendant, on the day following the date of service on that defendant of the summons and complaint in the action. Should the one hundred twentieth day following the service of the summons and complaint on a defendant fall on a Saturday, Sunday, or legal holiday, the period of time within which that defendant may cure all defaults extends to the next business day.

(3) Payment of all amounts due and the performance of any other obligation required to cure all defaults alleged in the complaint and occurring thereafter, and payment of the secured creditor's costs and fees, within the one hundred twenty day period cancels the acceleration of the debt, reinstates the obligation, and terminates the foreclosure action. Such termination is without prejudice to the rights of the secured creditor to accelerate the debt, to commence a later action for the entry of a judgment and decree of foreclosure, and either to waive or to enforce a deficiency judgment, if otherwise permitted by this chapter and chapters 61.-- and 61.-- RCW (sections 101 through 319 of this act), for defaults occurring after those that were cured in order to effect such termination.

NEW SECTION. Sec. 205. HOW REDEMPTION RIGHTS MAY BE TERMINATED. (1) The waiver of deficiency judgment and grant of the right to cure that are required to enable a secured creditor to terminate rights of redemption, as provided in section 204 of this act, are established by the secured creditor alleging in its complaint substantially as follows:

(a) The right to a deficiency judgment is waived;

(b) The debtor and any other defendant otherwise entitled to rights of redemption may cancel an acceleration, reinstate the obligation, and terminate the foreclosure by curing all current and subsequent defaults existing at the time of cure and paying the secured creditor's costs and fees within a one hundred twenty day period commencing with the day following the date on which the debtor or other defendant was served with a summons and complaint in the action;

(c) If the one hundred twentieth day after the date of service of the summons and complaint on a party falls on a Saturday, Sunday, or legal holiday, the period of time within which such party may cure the defaults is extended to the next business day;

(d) At any time on or before the last day of the one hundred twenty day period, a defendant may, upon written application, obtain a statement from the secured creditor, or the secured creditor's attorney, of the amount required to be paid and the other actions that are required to be taken by the debtor to cure such defaults;

(e) The real property will be sold without rights of redemption if neither the debtor nor any other defendant otherwise entitled to redemption rights cures all defaults and pays the secured creditor's costs and fees within the one hundred twenty day period following the date upon which the debtor or other defendant was served with the summons and complaint in the action; and

(f) Should the debtor or any other defendant have any question about legal rights or about the nature and consequences of the proceedings, or question any of the amounts claimed to be due or other actions alleged to be required in order to cure the defaults claimed, the debtor or other defendant is entitled to be represented by an attorney of choice in the proceedings.

(2) The court shall enter a final judgment and decree of foreclosure that terminates the rights of redemption, and the rights of possession incident thereto, and directs the sale of the real property that is subject to the security interest foreclosed without such rights upon finding the following:

(a) The rights of redemption may be terminated pursuant to section 204 of this act;

(b) The plaintiff has complied with subsection (1) of this section;

(c) The one hundred twenty day period within which the debtor and each additional defendant is entitled to cure defaults has expired as to all such parties; and

(d) The defaults have not been cured within such period.

(3) The findings required by subsection (2) of this section may be based upon uncontroverted affidavits filed in the proceedings.

NEW SECTION. Sec. 206. UPSET PRICE FOR SALE OF FAMILY FARM OR FAMILY RESIDENCE IF DEFICIENCY JUDGMENT NOT WAIVED. If the secured creditor does not waive a deficiency judgment as provided in this chapter, upon application made prior to the entry of a judgment and decree of foreclosure of a security interest in a family farm or family residence, the court in ordering the foreclosure sale may, in its discretion, take judicial notice of economic conditions and, after a proper hearing, establish the value of the real property and fix a minimum or upset price that the secured creditor must credit upon the judgment as a condition to confirmation of the sale. The amount of the credit must not exceed the amount of the judgment plus interest and the secured creditor's costs and fees. If the amount of credit is equal to the amount of judgment plus interest and the secured creditor's costs and fees, then the court shall direct in the judgment and decree of foreclosure that the remedy of the secured creditor is confined to the sale of the real property subject to the security agreement.

NEW SECTION. Sec. 207. JUDGMENT AND DECREE OF FORECLOSURE‑-WHEN DEFICIENCY JUDGMENT PERMITTED. (1) In the judgment and decree of foreclosure, the court shall describe the real property subject to the security interest foreclosed and shall order the sheriff to sell it, or so much of it as may be necessary, to satisfy the judgment, including the secured creditor's costs and fees.

(2) Except as provided in subsection (3) of this section, if there is an express provision for the payment of a sum of money contained in the security agreement or in a separate instrument or document secured by the security agreement, the court shall also direct in the judgment and decree of foreclosure that the balance of the judgment and costs and fees that may remain unsatisfied after the sale of the real property may be satisfied from other property of the debtor.

(3) If there is no express provision in the security agreement providing for the payment of a specific sum nor in a separate instrument or document, or if the secured creditor has expressly waived a right to a deficiency judgment in the complaint in accordance with sections 204 and 205 of this act, the court shall direct in the judgment and decree of foreclosure that the remedy of the secured creditor is confined to the sale of the real property subject to the security agreement.

NEW SECTION. Sec. 208. LIEN OF JUDGMENT FOR DEFICIENCY‑-ENFORCEMENT. If section 207 of this act permits enforcement of a judgment for the balance remaining unsatisfied after application of the proceeds received from the sheriff's sale of the real property, the judgment for such deficiency is similar in all respects to other judgments for the recovery of money and is a lien upon the property of a judgment debtor from the same time, for the same period, and under the same conditions as other money judgments. Such deficiency judgment may be enforced solely in accordance with the levy, execution, and sale procedures in Title 6 RCW.

NEW SECTION. Sec. 209. PROCEDURES FOR SALE OF PROPERTY UNDER JUDGMENT AND DECREE OF FORECLOSURE--NOTICES TO BE GIVEN BY SECURED CREDITOR. (1) The secured creditor shall initiate a sale of the real property subject to the security interest foreclosed by delivering to the sheriff a certified copy of the judgment and decree of foreclosure directing sale of the real property.

(2) The sheriff shall endorse the time of receipt on the certified copy and proceed to sell the property described in the judgment and decree of foreclosure in accordance with the procedure for sales in chapter 6.21 RCW, after giving the notices required by RCW 6.21.030(2).

(3) At least thirty days before the date of the sheriff's sale, the secured creditor shall give the notices in accordance with RCW 6.21.030(1).

NEW SECTION. Sec. 210. FORECLOSURE FOR UNPAID INSTALLMENTS WITHOUT ACCELERATION. (1) Proceedings on the security agreement must be stayed, subject to being enforced upon a later default, if a complaint is filed for the foreclosure of a security agreement upon which interest or an installment of the principal is due and another installment is not due and has not been accelerated, and if the debtor pays into the court the principal and interest required to reduce the unpaid balance of the obligation secured to the amount that would be due had all installments been timely made, plus the secured creditor's costs and fees, and cures all other defaults before the entry of final judgment. In the final judgment, the court shall direct at what time and upon what default a later execution issues.

(2) After final judgment is entered for an installment due, the court shall ascertain whether the real property can be sold in parcels. If the real property can be sold in parcels without injury to the interests of a party, the court shall direct that only so much of the real property be sold as is sufficient to pay the amount due on the security agreement with costs and fees. The judgment remains and may be enforced by execution upon a later default, unless the amount due on the later default is paid before the sheriff's sale under the execution.

(3) If the real property subject to the security interest cannot be sold in parcels, the court shall order the whole to be sold, and the proceeds of the sale must be applied first to the payment of the principal and interest due, and costs and fees, and then to the unmatured balance of the debt or obligation secured by the real property subject to the security interest, or both. If the balance does not bear interest, a deduction must be made from the balance by discounting the then current rate of prejudgment interest. If the proceeds of the sale are more than sufficient to pay the amount secured by the security agreement and costs and fees, the excess must be placed on deposit with the county clerk as provided in section 107 of this act.

PART III. UNIFIED NONJUDICIAL FORECLOSURES

FORMER CHAPTER 61.24 RCW

NEW SECTION. Sec. 301. WHEN NONJUDICIAL FORECLOSURE PERMITTED. Subject to section 304 of this act, upon the occurrence of a default, a secured creditor may proceed to nonjudicially foreclose a security interest in real property and the equity of redemption, and the real property subject thereto may be sold by a trustee pursuant to the procedures of this chapter.

NEW SECTION. Sec. 302. TRUSTEE'S POWER TO FORECLOSE AND SELL. The trustee designated in a deed conveying real property to a trustee in trust to secure the performance of an obligation of the debtor or another, or a trustee otherwise appointed by a secured creditor for the purpose of nonjudicially foreclosing a security interest in real property, has the powers of foreclosure and sale provided in this chapter. Such powers exist by virtue of the debtor‑creditor relationship and need not be expressly provided in the security agreement.

NEW SECTION. Sec. 303. WHO MAY BE TRUSTEE‑-RESIGNATION OF TRUSTEE‑-SUCCESSOR TRUSTEES. (1) The trustee designated in a deed of trust or a trustee who is otherwise appointed by a secured creditor to nonjudicially foreclose a security interest under this chapter shall be:

(a) Any domestic corporation incorporated under Title 23B, 30, 31, 32, or 33 RCW;

(b) Any title insurance company authorized to insure title to real property under the laws of this state, or its agents;

(c) Any attorney who is an active member of the Washington state bar association at the time designated or appointed as trustee;

(d) Any professional corporation incorporated under chapter 18.100 RCW, all of whose shareholders are licensed attorneys;

(e) Any agency or instrumentality of the United States government; or

(f) Any national bank, savings bank, or savings and loan association chartered under the laws of the United States.

(2) No person, corporation, or association listed in subsection (1) of this section may be both a trustee and secured creditor under the same security agreement, except that any agency of the United States government may be both a trustee and beneficiary under the same security agreement.

(3) A trustee designated in a deed of trust or otherwise appointed by a secured creditor to nonjudicially foreclose a security interest pursuant to this chapter, or a successor of either, shall resign at the request of the secured creditor and may resign voluntarily. Upon the resignation, incapacity, disability, or death of the trustee, the secured creditor shall nominate in writing a successor trustee. Upon recording in the mortgage records of the county or counties in which the real property is located of either an appointment of a successor trustee or a notice of trustee's sale that satisfies section 308(2) of this act, the successor trustee shall be vested with all powers of the original trustee.

NEW SECTION. Sec. 304. REQUISITES FOR NONJUDICIAL FORECLOSURE. Each of the following is a requisite to the nonjudicial foreclosure of a security interest in real property and the sale of real property subject thereto under this chapter:

(1) The real property subject to the security interest that is to be foreclosed is not a family farm; except that the fact that such real property is a family farm does not preclude nonjudicial foreclosure of a seller's security interest;

(2) A default has occurred in the obligation secured or a covenant of the debtor which, pursuant to the terms and provisions of the security agreement or the obligation secured, entitles a secured creditor to accelerate the debt;

(3) No action commenced by the secured creditor or the secured creditor's successor is pending in the courts of this state to seek satisfaction of an obligation secured by the security interest foreclosed by reason of the debtor's default on the obligation secured other than those permitted in section 106 of this act;

(4) The security agreement has been recorded in each county in which the real property or some part thereof is located;

(5) At least thirty days before a notice of trustee's sale is recorded, transmitted by mail, and posted or served, the secured creditor or the trustee shall cause a written notice of default in the form provided in section 306 of this act, to be:

(a) Mailed to the debtor or the debtor's successor in interest at the last known address of such debtor or successor; and

(b) Posted in a conspicuous place on the real property or personally served on the debtor or the debtor's successor in interest;

(6) The nonjudicial foreclosure sale shall not take place less than one hundred twenty days from the date of default in any of the obligations secured if the security interest foreclosed is a seller's security interest, and not less than one hundred ninety days from the date of default in any of the obligations secured in all other cases;

(7) At least ninety days prior to the nonjudicial foreclosure sale a notice of trustee's sale shall be recorded, and the notice of trustee's sale and a notice of foreclosure shall be given to the persons, and in the form and manner, required in section 307 of this act;

(8) At any time on or before the second Friday preceding the date set by the trustee for the sale in the recorded notice of trustee's sale, or, in the event the trustee continues the sale pursuant to section 312 of this act, at any time on or before the second Friday preceding the day to which the sale is continued, the debtor or the debtor's successor in interest, any secured creditor under a subordinate security agreement, or any person having a subordinate lien or encumbrance of record on the real property to be sold, or any part thereof, shall be entitled to terminate the sale proceedings by curing all defaults as provided in section 108 of this act;

(9) The notice of trustee's sale, excluding the acknowledgement, shall be published in a legal newspaper in each county in which the property or any part thereof is situated, once during the fourth business week preceding the business week during which the sale date is set, and once during the business week immediately preceding the business week during which the sale date is set;

(10) The nonjudicial foreclosure sale shall be held on a Friday that is not a legal holiday during the hours set by statute for the conduct of sales of real property on execution; and

(11) The place of the nonjudicial foreclosure sale shall be any designated public place within the county where the real property is located or in any county in which a portion of the real property is located.

NEW SECTION. Sec. 305. HOW MAILED NOTICE TRANSMITTED. (1) Mailed notice when required by this chapter shall be transmitted by both first class and either certified or registered mail, return receipt requested. As an alternative to mailing, the required notice may be personally served upon the person entitled to receive it.

(2) For the purposes of this chapter, mailed notice is given on the date that it is deposited in the United States mail. Proof of mailing of any notice required by this chapter may be established by an affidavit in the possession of the trustee.

NEW SECTION. Sec. 306. FORM‑-"NOTICE OF DEFAULT." The notice of default that is required to be mailed and posted or served under section 304(5) of this act shall contain the following information:

(1) A description of the real property that is then subject to the security agreement;

(2) The book and the page of the book of records wherein the security agreement is recorded;

(3) A statement that the secured creditor has declared the debtor or any successor in interest to be in default, and a concise statement of the default alleged;

(4) An itemized account of the amount in arrears if the default alleged is failure to make payments;

(5) An itemized account of all other specific charges, costs, and fees that the debtor is or may be obliged to pay to reinstate the security agreement before the recording of the notice of trustee's sale;

(6) The total of subsections (4) and (5) of this section, designated clearly and conspicuously as the amount necessary to reinstate the note or other obligation and the security agreement before the recording of the notice of trustee's sale;

(7) A statement that failure to cure the alleged default within thirty days of the date of mailing or personal service of the notice may lead to the initiation of nonjudicial foreclosure proceedings by the recordation, transmittal, and publication of a notice of trustee's sale by a trustee who is either designated in the deed of trust or otherwise appointed by the secured creditor to nonjudicially foreclose the security interest and that the real property described in subsection (1) of this section may be sold by such trustee at public auction at a date no less than one hundred twenty days after the mailing, posting, or service of the notice of default, whichever occurs first;

(8) A statement that the effect of the recording, transmittal, and publication of a notice of trustee's sale will be to: (a) Increase the costs and fees; and (b) publicize the default and advertise the debtor's property for sale;

(9) A statement that the effect of the sale of the debtor's property by the trustee will be to deprive the debtor or any successor in interest of all interest in the real property described in subsection (1) of this section; and

(10) A statement that the debtor or any successor in interest has recourse to the courts pursuant to section 319 of this act to contest the alleged default or defaults on any proper ground.

NEW SECTION. Sec. 307. HOW NONJUDICIAL FORECLOSURE IS INITIATED. A trustee shall initiate nonjudicial foreclosure proceedings as follows:

(1) By recording the notice of trustee's sale in the office of the auditor in each county in which the security agreement is recorded;

(2) By mailing to the debtor or the debtor's successor in interest at the last known address, the notice of trustee's sale together with the notice of foreclosure in the forms provided in sections 308 and 309 of this act;

(3) By mailing the notice of trustee's sale to the following persons, or their legal representatives, at their addresses stated in a recorded instrument evidencing their interest, lien, or claim of lien, or an amendment thereto, or in a recorded request for notice of the sale, or at their addresses otherwise known to the trustee:

(a) The secured creditor under any security agreement that was recorded subsequent to the recording of the security agreement being foreclosed and before the recording of the notice of sale;

(b) The vendee of any real estate contract, the lessee in any lease, or the holder of any conveyance of any interest or estate, in any portion or all of the real property described in such notice, if that contract, lease, or conveyance, or a memorandum or other notice thereof, was recorded after the recording of the security agreement being foreclosed and before the recording of the notice of sale;

(c) The last holder of record of any other lien or claim of lien against, or interest in, the real property that is subject to a subordination to the security agreement being foreclosed that was recorded before the recording of the notice of sale;

(d) The last holder of record of the lien of any judgment subordinate to the security agreement being foreclosed;

(e) The plaintiff or the plaintiff's attorney of record in any court action to foreclose a lien or other encumbrance on all or any part of the real property that is subordinate to the security interest foreclosed, provided the court action is pending and a lis pendens in connection therewith is recorded in the office of the auditor of any county in which all or part of the real property is located on the date the notice is recorded; and

(f) Any person who has recorded a request for notice in accordance with section 310 of this act, at the address in such person's most recently recorded request for notice; and

(4) By posting a copy of the notice of trustee's sale described in section 308 of this act in a conspicuous place on the property, or in lieu of posting, by causing a copy of the notice to be served upon any occupant of the property.

NEW SECTION. Sec. 308. FORM‑-NOTICE OF TRUSTEE'S SALE. (1) The notice of trustee's sale that is required to be mailed, recorded, posted or personally served, and published pursuant to section 307 of this act shall be substantially in the following form:

NOTICE OF TRUSTEE'S SALE

NOTICE IS HEREBY GIVEN that the undersigned, who is the Trustee designated in a Security Agreement or otherwise appointed by the Secured Creditor to initiate nonjudicial foreclosure and sale procedures pursuant to the laws of the State of Washington, will on the . . . . . . day of . . . . . ., 19. ., at the hour of . . . . . . o'clock . . . . . . M. at . . . . . . [street address and location if inside a building] in the City of . . . . . ., State of Washington, sell at public auction to the highest and best bidder, payable at the time of sale, the following described real property, situated in the County(ies) of . . . . . . State of Washington, to‑wit: . . . . . . . which is subject to that certain Security Agreement dated . . . . . . 19. ., recorded . . . . . ., 19. ., under Auditor's File No. . . . . . ., records of . . . . . . County, Washington, executed by . . . . . ., as Debtor, and . . . . . ., as Secured Creditor, to secure an obligation in favor of the Secured Creditor, the security interest in which was assigned by the Secured Creditor under an Assignment recorded under Auditor's File No. . . . . . . [Include recording information for all counties if the Security Agreement is recorded in more than one county.]

II.

No separate action commenced by the Secured Creditor under the Security Agreement or by the Secured Creditor's successor is now pending to seek satisfaction of the obligation in any Court of this State by reason of the Debtor's default on the obligation secured by the Security Agreement other than such separate actions as are expressly permitted by statute.

III.

The default(s) for which this foreclosure is made is/are as follows:

[If default is for other than payment of money, set forth the particulars]

Failure to pay when due the following amounts which are now in arrears:

..........................................

IV.

The sum owing on the obligation secured by the Security Agreement is: Principal $. . . . . ., together with interest as provided in the note or other obligation secured from the . . . . . . day of . . . . ., 19. ., and such other costs and fees as are due under the note or other obligation secured, and as are provided by statute.

The above‑described real property will be sold to satisfy the expense of sale and the obligation secured by the Security Agreement as provided by statute. The sale will be made without warranty, express or implied, regarding title, possession, or encumbrances on the . . . . . . day of . . . . . ., 19. . . The default(s) referred to in paragraph III must be cured on or before . . . . . . day of . . . . ., 19. . (the second Friday preceding the sale date), to cause a termination of the sale. The sale will be terminated if at any time on or before the . . . . . . day of . . . . . ., 19. . (the second Friday preceding the sale date), the default(s) as set forth in paragraph III is/are cured and the Trustee's costs and fees are paid. The sale may be terminated any time after the . . . . . . day of . . . . . . , 19. . (the second Friday preceding the sale date), and before the sale by the Debtor or the Debtor's successor in interest or the holder of any recorded junior lien or encumbrance paying the entire principal and interest secured by the Security Agreement, plus costs and fees and advances, if any, made pursuant to the terms of the obligation and/or Security Agreement, and curing all other defaults.

VI.

A written notice of default was transmitted by the Secured Creditor or Trustee to the Debtor or the Debtor's successor in interest at the following address:

.......................................................

by both first class and certified mail on the . . . . . . day of . . . . . . , 19. ., proof of which is in the possession of the Trustee; and the Debtor or the Debtor's successor in interest was personally served on the . . . . . . day of . . . . . ., 19. ., with said written notice of default or the written notice of default was posted in a conspicuous place on the real property described in paragraph I above, and the Trustee has possession of proof of such service or posting.

VII.

The Trustee whose name and address are set forth below will provide in writing to anyone requesting it, a statement of all costs and fees due at any time prior to the sale.

VIII.

The effect of the sale will be to deprive the Debtor and all those who hold by, through, or under the Debtor of all their interest in the above‑described property.

IX.

Anyone having any objection to the sale on any grounds whatsoever will be afforded an opportunity to be heard as to those objections if they bring a lawsuit to restrain the sale pursuant to section 319 of this act. Failure to bring such a lawsuit may result in a waiver of any proper grounds for invalidating the Trustee's sale.

...................................

............................ Trustee

............................ Address

............................

............................ Phone.

[Individual or corporate acknowledgment]

(2) If a recorded notice of trustee's sale is signed by both the trustee and the secured creditor, it shall be conclusive proof that the trustee so signing has been appointed by the secured creditor to initiate nonjudicial foreclosure and sale proceedings pursuant to the security agreement and this chapter, and shall, in those instances where another person has previously been designated as trustee in, or pursuant to a security agreement, terminate the powers of such person to initiate nonjudicial foreclosure and sale proceedings.

NEW SECTION. Sec. 309. FORM‑-NOTICE OF FORECLOSURE. The notice of foreclosure that is required to be mailed under section 307 of this act shall be substantially in the following form:

NOTICE OF FORECLOSURE

THE ATTACHED NOTICE OF TRUSTEE'S SALE is a consequence of your default(s) in your obligation(s) to . . . . . ., the Secured Creditor under your Security Agreement and owner of the obligation secured thereby. Unless the default(s) is/are cured, your property will be sold at auction on the . . . . . . . day of . . . . . ., 19. . .

To cure the default(s), you must bring the payments current, cure any other defaults, and pay accrued late charges and other costs and fees, advances, and attorney's fees as set forth below on or before the . . . . . . day of . . . . . ., 19. . (the second Friday preceding the sale date). To date, these arrears and costs are as follows:

Estimated amount

Currently due that will be due

to reinstate to reinstate on

on . . . . . . . . . . . .

(the 2nd Friday

preceding the

sale date)

Delinquent payments

from . . . . . .,

19. ., in the

amount of

$. . . . . ./mo.: $. . . . . $. . . . .

Late charges in

the total

amount of: $. . . . . $. . . . .

Estimated

Amounts

Attorney's fees: $........ $........

Trustee's fees: $........ $........

Trustee's expenses:

(Itemization)

Title report $........ $........

Recording fees $........ $........

Service/Posting $........ $........

of Notices

Postage/Copying $........ $........

expense

Publication $........ $........

Telephone charges $........ $........

Inspection fees $........ $........

............. $........ $........

TOTALS $........ $........

As to the defaults which do not involve payment of money to the Secured Creditor of your Security Agreement, you must cure each such default. Listed below are the defaults which do not involve payment of money to the Secured Creditor under your Security Agreement. Opposite each such listed default is a brief description of the action necessary to cure the default and a description of the documentation necessary to show that the default has been cured.

Default Description of Action Required to Cure

and Documentation Necessary to Show Cure

. . . . . . ...................................

You may reinstate your Security Agreement and the obligation(s) secured thereby at any time up to and including the . . . . . . day of . . . . . ., 19. . (the second Friday preceding the sale date), by paying the amount set forth or estimated above and by curing any other defaults described above. Of course, as time passes other payments may become due, and any further payments coming due and any additional late charges must be added to your reinstating payment. Any new defaults not involving payment of money that occur after the date of this notice must also be cured in order to effect reinstatement. In addition, because some of the charges can only be estimated at this time, and because the amount necessary to reinstate may include presently unknown expenditures required to preserve the property or to comply with state or local law, it will be necessary for you to contact the Trustee before the time you tender reinstatement so that you may be advised of the exact amount you will be required to pay. Tender of payment or performance must be made to: . . . . . ., whose address is . . . . ., telephone ( ) . . . . . . AFTER THE . . . . . . DAY OF . . . . . ., 19. . . YOU MAY NOT REINSTATE YOUR Security Agreement BY PAYING THE BACK PAYMENTS AND COSTS AND FEES AND CURING THE OTHER DEFAULTS AS OUTLINED ABOVE. In such a case, you will only be able to stop the sale by paying, before the sale, the total principal balance ($. . . . . .) plus accrued interest, costs and fees, and any advances made pursuant to the terms of the documents and by curing the other defaults as outlined above.

You may contest this default by bringing a suit in the Superior Court of the county in which the sale is to be held. In such action, you may raise any legitimate defenses you have to this default. A copy of your Security Agreement and documents evidencing the obligation secured thereby are enclosed. You may wish to consult a lawyer. Legal action on your part may prevent or restrain the sale, but only if you persuade the court of the merits of your defense.

If you do not reinstate the secured obligation and your Security Agreement in the manner set forth above, or if you do not succeed in restraining the sale by court action, your property will be sold to satisfy the obligations secured by your Security Agreement. The effect of such sale will be to deprive you and all those who hold by, through or under you of all interest in the property.

DATED . . . . . ., 19. .

.....................

Trustee

NEW SECTION. Sec. 310. REQUEST TO RECEIVE COPIES OF NOTICE OF TRUSTEE'S SALE. Any person desiring a copy of any notice of trustee's sale described in section 308 of this act other than a person entitled to receive such a notice under section 307(3) (a) through (e) of this act must, after the recording of the security agreement and before the recording of the notice of trustee's sale, cause to be filed for record, in the office of the auditor of any county in which the security agreement is recorded, a duly acknowledged request for a copy of any notice of trustee's sale.

The request shall be signed and acknowledged by the person to be notified or such person's agent, attorney, or representative; shall set forth the name, mailing address, and telephone number, if any, of the person or persons to be notified; and shall identify the security agreement by stating the names of the parties thereto, the date the security agreement was recorded, the legal description of the property encumbered by the security agreement, and the auditor's file number under which the security agreement is recorded.

A request for notice under this section shall not affect title to, or be deemed notice to any person that any person has any right, title, interest in, lien, or charge upon, the property described in the request for notice.

Such notice shall be in substantially the following form:

REQUEST FOR NOTICE

Request is hereby made that a copy of any notice of sale described in section 308 of this act under that certain Security Agreement dated . . . . . ., 19. ., recorded on . . . . . ., 19. ., under Auditor's File No. . . . . . . . . ., records of . . . . . . County, Washington, to secure an obligation of . . . . . ., Debtor, to . . . . . ., as Creditor, and affecting the following described real property:

(Legal Description)

be sent by both first class and either registered or certified mail, return receipt requested, to, or personally served on, . . . . . . at the address stated below.

Dated this . . . . . . day of . . . . . ., 19. .

........................ Signature

.......................... Address

.................................

............................ Phone

(Acknowledgment)

NEW SECTION. Sec. 311. RIGHT TO COMMENCE SUIT TO DETERMINING REASONABLENESS OF FEES‑-EFFECT OF CURE OF DEFAULTS‑-RECORDING NOTICE OF TERMINATION OF TRUSTEE'S SALE. (1) Any person entitled to cure the defaults shall have the right, before or after reinstatement, to commence suit in any court, excluding a small claims court, for disputes within the jurisdictional limits of that court, to determine the reasonableness of any fees demanded or paid as a condition to reinstatement. The court may make such determination as it deems appropriate, which may include an award to the prevailing party of its costs and reasonable attorney's fees, and render judgment accordingly. An action to determine fees shall not forestall any sale or affect its validity.

(2) Upon the cure of defaults as provided in section 108 of this act, the proceedings shall be terminated, the security agreement shall be reinstated, and the obligation shall remain as though no acceleration had taken place. The trustee shall properly execute, acknowledge, and cause to be recorded a notice of termination of trustee's sale under such security agreement. A notice of termination of trustee's sale when so executed and acknowledged is entitled to be recorded and shall be sufficient if it sets forth a record of the security agreement and the auditor's file number under which the security agreement is recorded, a reference to the notice of trustee's sale and the auditor's file number under which the notice of trustee's sale is recorded, and a notice that the sale is terminated.

NEW SECTION. Sec. 312. TRUSTEE'S POWER TO CONTINUE OR TERMINATE SALE‑-RECORDING OF NOTICE OF TERMINATION OF TRUSTEE'S SALE. (1) The trustee may for any cause the trustee deems advantageous, continue the sale for a period or periods not exceeding a total of one hundred twenty days by public proclamation at the time and place fixed for the sale in the notice of trustee's sale or, alternatively, by giving notice of the time and place of the postponed sale in the manner and to the persons specified in section 307 (2) and (3) of this act and publishing a copy of such notice once in the newspaper or newspapers described in section 304(9) of this act more than seven days before the date fixed for sale in the notice of sale. No other notice of the postponed sale need be given.

(2) The trustee may also terminate the sale proceedings at any time prior to the sale for any reason that the trustee deems to be advantageous and thereafter reinitiate nonjudicial foreclosure proceedings. The trustee shall mail a notice of termination of trustee's sale to each person to whom a notice of trustee's sale was mailed and record a copy thereof in the office of the county auditor of each county where the real property constituting the security is located. A notice of termination of trustee's sale when so executed and acknowledged is entitled to be recorded and shall be sufficient if it sets forth a notice that such sale is terminated, the auditor's file number under which the security agreement is recorded, and the auditor's file number under which the notice of trustee's sale is recorded.

NEW SECTION. Sec. 313. SALE AT AUCTION TO HIGHEST BIDDER‑-SALE IN PARCELS. On the date and at the time of the sale, the trustee or its authorized agent shall sell the real property at public auction to the highest bidder. The trustee may sell the property in gross or in parcels as the trustee deems most advantageous, provided that if the property is sold in parcels, each parcel shall be sold to the highest bidder therefor.

NEW SECTION. Sec. 314. WHO MAY BID AT TRUSTEE'S SALE‑-HOW BID AMOUNT TO BE PAID. The secured creditor and any person other than the trustee may be a bidder at the sale. If the highest bidder is other than the secured creditor, the amount bid shall be paid by the successful bidder, in full, in cash or by certified funds, forthwith unless the time for the payment of such bid is extended by the trustee. If the highest bidder is the secured creditor, the amount bid shall be paid by applying the total amount owed by the debtor to the secured creditor against the amount bid; if the amount bid by the secured creditor was in excess of the total amount owed by the debtor, such excess shall be paid in cash or by certified funds as required in this section.

NEW SECTION. Sec. 315. TRUSTEE'S DEED‑-WHAT IS CONVEYED‑-EFFECT OF FAILURE TO GIVE REQUIRED NOTICE. Upon receipt of full payment of the purchase price the trustee shall execute to the purchaser its deed, which shall convey the interest in the property that the debtor had or had the power to convey at the time of execution of the deed of trust or thereafter acquired. The deed shall recite the facts showing that the sale was conducted in compliance with all of the requirements of this chapter and of the security agreement, which recital shall be prima facie evidence of such compliance and conclusive evidence thereof in favor of bona fide purchasers and encumbrancers for value, but such recitals shall not affect the lien or interest of any person entitled to be mailed a notice of trustee's sale pursuant to section 307 of this act if the trustee fails to give the required notice to such person. In such case, the lien or interest of the omitted person shall not be affected by the sale and the omitted person shall be treated as if such person was the holder of the same lien or interest and was omitted as a party defendant in a judicial foreclosure proceeding.

NEW SECTION. Sec. 316. HOW PROCEEDS OF SALE TO BE APPLIED. The trustee shall apply the proceeds of the sale as follows:

(1) To the trustee's costs and fees relating to sale, including a reasonable charge by the trustee and by the trustee's attorney, but the total of the trustee's and attorney's fees shall not exceed the amount that would, by the superior court of the county in which the trustee's sale occurred, have been deemed reasonable attorney's fees, had the security agreement been judicially foreclosed in a noncontested action in that court;

(2) To the obligation secured by the deed of trust; and

(3) Should the proceeds from such sale exceed the amounts provided in subsections (1) and (2) of this section, such excess, less required filing fees, shall be deposited with the clerk of the superior court as required by section 107 of this act, and the trustee shall be discharged from all further responsibility for such excess.

NEW SECTION. Sec. 317. RIGHT TO POSSESSION OF PURCHASER OF SALE. The purchaser at the trustee's sale shall be entitled to possession of the property on the twentieth day following the sale, as against the debtor under the security agreement or anyone claiming through the debtor, and shall have a right to the summary proceedings to obtain possession of real property provided in chapter 59.12 RCW.

NEW SECTION. Sec. 318. EFFECT OF FORECLOSURE‑-NO DEFICIENCY JUDGMENT‑-WHEN FORECLOSURE PERMITTED ON OTHER COLLATERAL‑-NO REDEMPTION RIGHT. (1) Except as provided in subsection (2) of this section, foreclosure as provided in this chapter satisfies the obligation secured by the security interest foreclosed regardless of the sale price or fair value, and no deficiency decree or other judgment shall thereafter be obtained on such obligation alone or with other obligations.

(2) If the security interest foreclosed pursuant to subsection (1) of this section secured an obligation that was not incurred primarily for personal, family, or household purposes, such foreclosure does not preclude any judicial or nonjudicial foreclosure of any other security interests or liens covering other real or personal property created by the debtor to secure the same obligation.

(3) After sale as provided in this chapter, no person has any right by statute or otherwise to redeem from the security agreement or from the sale.

NEW SECTION. Sec. 319. RESTRAINT OF SALE BY COURT‑-DISSOLUTION OF STAY‑-STAY IN BANKRUPTCY. (1) Nothing contained in this chapter shall prejudice the right of the debtor, the debtor's successor in interest, or any person who has an interest in or a lien or claim of lien against the property, or some part thereof, to restrain, on any proper ground, a trustee's sale. The court shall require as a condition of granting the restraining order or injunction that the applicant pay to the clerk of the court the sums that would be due on the obligation secured by the security agreement if the security agreement was not being foreclosed:

(a) In the case of default in making the periodic payment of principal, interest, and reserves, such sums shall be the periodic payment of principal, interest, and reserves paid to the clerk of the court every thirty days.

(b) In the case of default in making payment of an obligation then fully payable by its terms, such sums shall be the amount of interest accruing monthly on said obligation at the nondefault rate, paid to the clerk of the court every thirty days.

In the case of default in performance of any nonmonetary obligation secured by the security agreement, the court shall impose such conditions as it deems just.

In addition, the court may condition granting the restraining order or injunction upon the giving of security by the applicant, in such form and amount as the court deems proper, for the payment of such costs and damages, including attorney's fees, as may be later found by the court to have been incurred or suffered by any party by reason of the restraining order or injunction. The court may consider, upon proper showing, the debtor's equity in the property in determining the amount of said security.

(2) No court may grant a restraining order or injunction to a trustee's sale unless the person seeking the restraint gives five days' notice to the trustee and the secured creditor of the time when, where, and the judge before whom the application for the restraining order or injunction is to be made. No judge may act on such application unless it is accompanied by proof, evidenced by a return of a sheriff, the sheriff's deputy, or any person eighteen years of age or over who is competent to be a witness, that notice has been served on the trustee.

(3) If the restraining order or injunction is dissolved after the date of the trustee's sale set forth in the notice of trustee's sale in section 308 of this act and after the period for continuing sale as allowed by section 312 of this act, the court granting such restraining order or injunction, or before whom the order or injunction is returnable, may set a new sale date, which shall be not less than forty‑five days from the date of the order dissolving the restraining order. At least thirty days before the new sale date, the trustee shall:

(a) Prepare a new notice of trustee's sale and comply with section 307 (1), (2), and (3) of this act; and

(b) Cause a copy of the new notice of trustee's sale as provided in section 308 of this act to be published once during each of the three business weeks preceding the business week during which the sale occurs in a legal newspaper in each county in which the property or any part thereof is situated.

(4) If a trustee's sale has been stayed as a result of the filing of a petition in federal bankruptcy court and after the period for continuing sale as allowed by section 312 of this act, an order is entered in federal bankruptcy court granting relief from the stay or closing or dismissing the case, or discharging the debtor with the effect of removing the stay, the trustee may set a new sale date, which shall not be less than forty‑five days after the date of the bankruptcy court's order. The trustee shall:

(a) Prepare a new notice of trustee's sale and comply with section 307 (1), (2) and (3) of this act at least thirty days before the new sale date; and

(b) Cause a copy of the new notice of trustee's sale as provided in section 308 of this act to be published in a legal newspaper in each county in which the property or any part thereof is situated, once during the fourth business week preceding the business week during which the sale date is set, and once during the business week immediately preceding the business week during which the sale date is set.

PART IV. AMENDMENTS AND REPEALERS

Sec. 401. RCW 6.13.080 and 1993 c 200 s 4 are each amended to read as follows:

HOMESTEAD EXEMPTION, WHEN NOT AVAILABLE. The homestead exemption is not available against an execution or forced sale in satisfaction of judgments obtained:

(1) On debts secured by mechanic's, laborer's, construction, maritime, automobile repair, materialmen's or vendor's liens arising out of and against the particular property claimed as a homestead;

(2) On debts secured:

(a) By security agreements describing as collateral the property that is claimed as a homestead; or

(b) By mortgages ((or)), deeds of trust, or real estate contracts on the premises that have been executed and acknowledged by the husband and wife or by any unmarried claimant;

(3) On one spouse's or the community's debts existing at the time of that spouse's bankruptcy filing where (a) bankruptcy is filed by both spouses within a six-month period, other than in a joint case or a case in which their assets are jointly administered, and (b) the other spouse exempts property from property of the estate under the bankruptcy exemption provisions of 11 U.S.C. Sec. 522(d);

(4) On debts arising from a lawful court order or decree or administrative order establishing a child support obligation or obligation to pay spousal maintenance; or

(5) On debts secured by a condominium's or homeowner association's lien. In order for an association to be exempt under this provision, the association must have provided a homeowner with notice that nonpayment of the association's assessment may result in foreclosure of the association lien and that the homestead protection under this chapter shall not apply. An association has complied with this notice requirement by mailing the notice, by first class mail, to the address of the owner's lot or unit. The notice required in this subsection shall be given within thirty days from the date the association learns of a new owner, but in all cases the notice must be given prior to the initiation of a foreclosure. The phrase "learns of a new owner" in this subsection means actual knowledge of the identity of a homeowner acquiring title after June 9, 1988, and does not require that an association affirmatively ascertain the identity of a homeowner. Failure to give the notice specified in this subsection affects an association's lien only for debts accrued up to the time an association complies with the notice provisions under this subsection.

Sec. 402. RCW 6.17.070 and 1987 c 442 s 407 are each amended to read as follows:

EXECUTION IN PARTICULAR CASES. (1) When any judgment of a court of this state requires the payment of money or the delivery of real or personal property, it may be enforced by execution.

(2) When a judgment of a court of record requires the performance of any other act, a certified copy of the judgment may be served on the party against whom it is given or the person or officer who is required by the judgment or by law to obey the same, and a writ may be issued commanding the person or officer to obey or enforce the judgment. Refusal to do so may be punished by the court as for contempt.

(3) A judgment and decree of foreclosure of a security interest in real property may be enforced only as provided in section 209 of this act.

Sec. 403. RCW 6.21.030 and 1987 c 442 s 603 are each amended to read as follows:

NOTICE OF SALE‑-REAL PROPERTY‑-FORM FOR PUBLICATION. Before the sale of real property under execution, order of sale, or decree, notice of the sale shall be given as follows:

(1) The judgment creditor shall:

(a) Not less than thirty days prior to the date of sale, cause a copy of the notice of sale in the form provided in RCW 6.21.040 to be: (i) Served on the judgment debtor or debtors and each of them in the same manner as a summons in a civil action((,)); or (ii) transmitted both by regular mail and by certified mail, return receipt requested, to the judgment debtor or debtors, and to each of them separately if there is more than one judgment debtor, at each judgment debtor's last known address; ((~~and~~))

(b) Not less than thirty days prior to the date of sale, mail a copy of the notice of sale to the attorney of record for the judgment debtor, if any; ((~~and~~))

(c) When real property is sold under a judgment and decree of foreclosure, cause a copy of the notice of sale also to be served on or mailed to all parties who have entered a written notice of appearance in the action and who have not had an order of default entered against them, in the manner required in (a) of this subsection, and mailed to such parties' attorneys, if any, in the manner required in (b) of this subsection; and

(d) File an affidavit with the court that the judgment creditor has complied with the notice requirements of this section.

(2) The sheriff shall:

(a) For a period of not less than four weeks prior to the date of sale, post a notice in the form provided in RCW 6.21.040, particularly describing the property, in two public places in the county in which the property is located, one of which shall be at the courthouse door, where the property is to be sold, and in case of improved real estate, one of which shall be at the front door of the principal building constituting such improvement; and

(b) Publish a notice of the sale once a week, consecutively, for the same period, in any daily or weekly legal newspaper of general circulation published in the county in which the real property to be sold is situated, but if there is more than one legal newspaper published in the county, then the plaintiff or moving party in the action, suit, or proceeding has the exclusive right to designate in which of the qualified newspapers the notice shall be published, and if there is no qualified legal newspaper published in the county, then the notice shall be published in a qualified legal newspaper published in a contiguous county, as designated by the plaintiff or moving party. The published notice shall be in substantially the following form:

IN THE SUPERIOR COURT OF THE STATE OF WASHINGTON FOR . . . . COUNTY

Plaintiff, B CAUSE NO.

vs. C SHERIFF'S PUBLIC

E NOTICE OF SALE

Defendant. D OF REAL PROPERTY

TO: [Judgment Debtor]

The Superior Court of . . . . . . County has directed the undersigned Sheriff of . . . . . . County to sell the property described below to satisfy a judgment in the above-entitled action. If developed, the property address is: . . . . . .

The sale of the above-described property is to take place:

Time: . . . . . .

Date: . . . . . .

Place: . . . . . .

The judgment debtor can avoid the sale by paying the judgment amount of $. . . ., together with interest, costs, and fees, before the sale date. For the exact amount, contact the sheriff at the address stated below:

. . . . . . SHERIFF-DIRECTOR, . . . . . . COUNTY, WASHINGTON.

By . . . . . . . . . ., Deputy

Address . . . . . . . . . .

City . . . . . . . . . .

Washington 9. . . .

Phone (. . .) . . . . . . . . . .

Sec. 404. RCW 6.21.040 and 1987 c 442 s 604 are each amended to read as follows:

NOTICE OF SALE OF REAL PROPERTY‑-FORM OF NOTICE TO JUDGMENT DEBTOR. The notice of sale shall be printed or typed and shall be in substantially the following form, except that if the sale is not pursuant to a judgment and decree of foreclosure of a mortgage, deed of trust, real estate contract, or ((a)) statutory lien, the notice shall also contain a statement that the sheriff has been informed that there is not sufficient personal property to satisfy the judgment and that if the judgment debtor or debtors do have sufficient personal property to satisfy the judgment, the judgment debtor or debtors should contact the sheriff's office immediately:

IN THE SUPERIOR COURT OF THE STATE OF WASHINGTON FOR . . . . COUNTY

Plaintiff, B CAUSE NO.

vs. C SHERIFF'S NOTICE TO

E JUDGMENT DEBTOR OF

Defendant. D SALE OF REAL PROPERTY

TO: [Judgment Debtor]

The sale of the above-described property is to take place:

Time: . . . . . .

Date: . . . . . .

Place: . . . . . .

This property is subject to: (check one)

G 1. No redemption rights after sale.

G 2. A redemption period of eight months which will expire at 4:30 p.m. on the . . . . day of . . . . . ., 19. . .

G 3. A redemption period of one year which will expire at 4:30 p.m. on the . . . . day of . . . . . ., 19. . .

The judgment debtor or debtors or any of them may redeem the above- described property at any time up to the end of the redemption period by paying the amount bid at the sheriff's sale plus additional costs, taxes, assessments, certain other amounts, fees, and interest. If you are interested in redeeming the property contact the undersigned sheriff at the address stated below to determine the exact amount necessary to redeem.

IMPORTANT NOTICE: IF THE JUDGMENT DEBTOR OR DEBTORS DO NOT REDEEM THE PROPERTY BY 4:30 p.m. ON THE . . . . DAY OF . . . . . ., 19. . ., THE END OF THE REDEMPTION PERIOD, THE PURCHASER AT THE SHERIFF'S SALE WILL BECOME THE OWNER AND MAY EVICT THE OCCUPANT FROM THE PROPERTY UNLESS THE OCCUPANT IS A TENANT HOLDING UNDER AN UNEXPIRED LEASE. IF THE PROPERTY TO BE SOLD IS OCCUPIED AS A PRINCIPAL RESIDENCE BY THE JUDGMENT DEBTOR OR DEBTORS AT THE TIME OF SALE, HE, SHE, THEY, OR ANY OF THEM MAY HAVE THE RIGHT TO RETAIN POSSESSION DURING THE REDEMPTION PERIOD, IF ANY, WITHOUT PAYMENT OF ANY RENT OR OCCUPANCY FEE. THE JUDGMENT DEBTOR MAY ALSO HAVE A RIGHT TO RETAIN POSSESSION DURING ANY REDEMPTION PERIOD IF THE PROPERTY IS USED FOR FARMING OR IF THE PROPERTY IS BEING SOLD UNDER A ((~~MORTGAGE~~)) JUDGMENT AND DECREE OF FORECLOSURE THAT SO PROVIDES.

. . . . . . SHERIFF-DIRECTOR, . . . . . . COUNTY, WASHINGTON.

By . . . . . . . . . ., Deputy

Address . . . . . . . . . .

City . . . . . . . . . .

Washington 9. . . .

Phone (. . .) . . . . . . . . . .

Sec. 405. RCW 6.21.110 and 1994 c 185 s 3 are each amended to read as follows:

CONFIRMATION OF SALE‑-OBJECTIONS‑-RESALE‑-DISTRIBUTION OF SALE PROCEEDS‑-FILING OF CERTIFICATE. (1) Upon the return of any sale of real estate, the clerk: (a) ((~~Shall enter the cause, on which the execution or order of sale issued, by its title, on the motion docket, and mark opposite the same: "Sale of land for confirmation"; (b)~~)) Shall mail notice of the filing of the return of sale to all parties who have entered a written notice of appearance in the action and who have not had an order of default entered against them; ((~~(c)~~)) (b) shall file proof of such mailing in the action; ((~~(d)~~)) and (c) shall apply the proceeds of the sale returned by the sheriff, or so much thereof as may be necessary, to satisfaction of the judgment, including interest as provided in the judgment, as directed in the court's order for disbursement, and shall pay any excess proceeds as provided in subsection (5) of this section ((~~by direction of court order; and (e) upon confirmation of the sale, shall deliver the original certificate of sale to the purchaser~~)).

(2) The judgment creditor or successful purchaser at the sheriff's sale is entitled to an order confirming the sale at any time after twenty days have elapsed from the clerk's mailing of the notice of the filing of the sheriff's return, ((~~on motion~~)) upon the judgment creditor's or purchaser's motion noted in accordance with local court requirements, with notice ((~~given~~)) to all parties who have entered a written notice of appearance in the action and who have not had an order of default entered against them, unless the judgment debtor, or in case of the judgment debtor's death, the representative, or any nondefaulting party to whom notice was sent ((~~shall~~)) files objections to confirmation with the clerk within twenty days after the mailing of the notice of the filing of ((~~such~~)) the return.

(3) If objections to confirmation are filed, the court shall nevertheless allow the order confirming the sale, unless on the hearing of the motion, it ((~~shall~~)) satisfactorily appears that there were substantial irregularities in the proceedings concerning the sale, to the probable loss or injury of the party objecting. In the latter case, the court shall disallow the motion and direct that the property be resold, in whole or in part, as the case may be, as upon an execution received as of that date.

(4) Upon a resale, the bid of the purchaser at the former sale shall be deemed to be renewed and continue in force, and no bid shall be taken, except for a greater amount. If on resale the property sells for a greater amount to any person other than the former purchaser, the clerk shall first repay to the former purchaser out of the proceeds of the resale the amount of the former purchaser's bid together with interest as is provided in the judgment.

(5) Except when real property is sold pursuant to judgment and decree of foreclosure of a mortgage, deed of trust, or real estate contract, if, after the satisfaction of the judgment, ((~~there be~~)) any proceeds of the sale ((~~remaining~~)) remain, the clerk shall pay ((~~such~~)) the excess proceeds to the judgment debtor, or the judgment debtor's representative, as the case may be, before the order is made upon the motion to confirm the sale only if the party files with the clerk a waiver of all objections made or to be made to the proceedings concerning the sale together with an order of the court directing the clerk to disburse the proceeds; otherwise ((~~the excess proceeds shall remain in the custody of~~)) the clerk shall retain the excess proceeds until the filing of the order confirming the sale ((~~of the property has been disposed of~~)); but if the sale ((be)) is confirmed, ((~~such~~)) the clerk shall pay the excess proceeds ((~~shall be paid~~)) to the judgment debtor or representative as ((~~a matter of course~~)) directed in the court's order for disbursement. If real property has been sold under a judgment and decree of foreclosure, the clerk shall hold and distribute the excess proceeds as provided in section 107 of this act.

(6) Upon confirmation of the sale, the clerk shall deliver the original certificate of sale to the purchaser. The purchaser shall file the original certificate of sale for record with the recording officer in the county in which the property is located.

Sec. 406. RCW 6.21.120 and 1987 c 442 s 612 are each amended to read as follows:

SHERIFF'S DEED TO REAL PROPERTY SOLD. In all cases where real estate has been, or may hereafter be sold by virtue of an execution or other process, it shall be the duty of the sheriff or other officer making such sale to execute and deliver to the purchaser, or other person entitled to the same, a deed of conveyance of the real estate so sold. The deeds shall be issued upon request immediately after the confirmation of sale by the court in those instances where redemption rights have been precluded pursuant to ((~~RCW 61.12.093 et seq.~~)) sections 204, 205, and 317 of this act, or immediately after the time for redemption from such sale has expired in those instances in which there are redemption rights, as provided in RCW 6.23.060. In case the term of office of the sheriff or other officer making such sale shall have expired before a sufficient deed has been executed, then the successor in office of such sheriff shall, within the time specified in this section, execute and deliver to the purchaser or other person entitled to the same a deed of the premises so sold, and such deeds shall be as valid and effectual to convey to the grantee the lands or premises so sold, as if the deed had been made by the sheriff or other officer who made the sale.

Sec. 407. RCW 6.23.010 and 1987 c 442 s 701 are each amended to read as follows:

REDEMPTION FROM SALE‑-WHO MAY REDEEM‑-TERMS INCLUDE SUCCESSORS. (1) Real property sold subject to redemption, as provided in RCW 6.21.080, or any part thereof separately sold, may be redeemed by the following persons, or their successors in interest:

(a) The judgment debtor, in the whole or any part of the property separately sold.

(b) A creditor having a lien by judgment((,)) or decree, ((~~deed of trust, or mortgage~~)), or the secured creditor under a security agreement as defined in section 104 of this act, on any portion of the property, or any portion of any part thereof, separately sold, subsequent in time to that on which the property was sold. The persons mentioned in this subsection are termed redemptioners.

(2) As used in this chapter, the terms "judgment debtor," "redemptioner," and "purchaser," refer also to their respective successors in interest.

Sec. 408. RCW 6.23.020 and 1987 c 442 s 702 are each amended to read as follows:

TIME FOR REDEMPTION FROM PURCHASER‑-AMOUNT TO BE PAID. (1) Unless redemption rights have been precluded pursuant to ((~~RCW 61.12.093 et seq.~~)) sections 204, 205, and 317 of this act, the judgment debtor or any redemptioner may redeem the property from the purchaser at any time (((a) within eight months after the date of the sale if the sale is pursuant to judgment and decree of foreclosure of any mortgage executed after June 30, 1961, which mortgage declares in its terms that the mortgaged property is not used principally for agricultural or farming purposes, and in which complaint the judgment creditor has expressly waived any right to a deficiency judgment, or (b) otherwise)) within one year after the date of the sale.

(2) The person who redeems from the purchaser must pay: (a) The amount of the bid, with interest thereon at the rate provided in the judgment to the time of redemption, together with (b) the amount of any assessment or taxes which the purchaser has paid thereon after purchase, and like interest on such amount from time of payment to time of redemption, together with (c) any sum paid by the purchaser on a prior lien or obligation secured by an interest in the property to the extent the payment was necessary for the protection of the interest of the judgment debtor or a redemptioner, and like interest upon every payment made from the date of payment to the time of redemption, and (d) if the redemption is by a redemptioner and if the purchaser is also a creditor having a lien, by judgment, decree, deed of trust, or mortgage, prior to that of the redemptioner, other than the judgment under which such purchase was made, the redemptioner shall also pay the amount of such lien with like interest: PROVIDED, HOWEVER, That a purchaser who makes any payment as mentioned in (c) of this subsection shall submit to the sheriff the affidavit required by RCW 6.23.080, and any purchaser who pays any taxes or assessments or has or acquires any such lien as mentioned in (d) of this subsection must file the statement required in RCW 6.23.050 and provide evidence of the lien as required by RCW 6.23.080.

NEW SECTION. Sec. 409. REPEAL OF PRESENT MORTGAGE FORECLOSURE PROVISIONS, DEED OF TRUST PROVISIONS, AND REAL ESTATE CONTRACT FORFEITURE ACT. The following acts or parts of acts are each repealed:

(1) RCW 61.12.040 and Code 1881 s 609, 1877 p 127 s 614, 1869 p 145 s 563, & 1854 p 207 s 408;

(2) RCW 61.12.050 and Code 1881 s 610, 1877 p 127 s 615, 1869 p 146 s 564, & 1854 p 207 s 409;

(3) RCW 61.12.060 and 1935 c 125 s 1, Code 1881 s 611, 1877 p 127 s 616, 1869 p 146 s 565, & 1854 p 207 s 410;

(4) RCW 61.12.061 and 1935 c 125 s 1 1/2;

(5) RCW 61.12.070 and 1961 c 196 s 4, Code 1881 s 612, 1877 p 127 s 617, 1869 p 146 s 566, & 1854 p 208 s 411;

(6) RCW 61.12.080 and Code 1881 s 622, 1877 p 129 s 612, & 1869 p 148 s 575;

(7) RCW 61.12.090 and 1988 c 231 s 36 & 1899 c 53 s 1;

(8) RCW 61.12.093 and 1965 c 80 s 1 & 1963 c 34 s 1;

(9) RCW 61.12.094 and 1965 c 80 s 2 & 1963 c 34 s 2;

(10) RCW 61.12.095 and 1965 c 80 s 3 & 1963 c 34 s 3;

(11) RCW 61.12.100 and Code 1881 s 620, 1877 p 127 s 623, 1873 p 151 s 571, & 1869 p 148 s 573;

(12) RCW 61.12.110 and Code 1881 s 621, 1877 p 129 s 624, & 1869 p 148 s 574;

(13) RCW 61.12.120 and Code 1881 s 614, 1877 p 128 s 619, 1869 p 146 s 568, & 1854 p 208 s 413;

(14) RCW 61.12.130 and Code 1881 s 615, 1877 p 128 s 620, 1869 p 147 s 569, & 1854 p 208 s 414;

(15) RCW 61.12.140 and Code 1881 s 616, 1877 p 128 s 620, 1869 p 147 s 570, & 1854 p 208 s 415;

(16) RCW 61.12.150 and Code 1881 s 617, 1877 p 128 s 621, 1869 p 147 s 571, & 1854 p 208 s 416;

(17) RCW 61.24.010 and 1991 c 72 s 58, 1987 c 352 s 1, 1981 c 161 s 1, 1975 1st ex.s. c 129 s 1, & 1965 c 74 s 1;

(18) RCW 61.24.020 and 1985 c 193 s 2, 1975 1st ex.s. c 129 s 2, & 1965 c 74 s 2;

(19) RCW 61.24.030 and 1990 c 111 s 1, 1987 c 362 s 2, 1985 c 193 s 3, 1975 1st ex.s. c 129 s 3, & 1965 s 74 s 3;

(20) RCW 61.24.040 and 1989 c 361 s 1, 1987 c 352 s 3, 1985 c 193 s 4, 1981 c 161 s 3, 1975 1st ex.s. c 129 s 4, 1967 c 30 s 1, & 1965 c 74 s 4;

(21) RCW 61.24.045 and 1985 c 193 s 1;

(22) RCW 61.24.050 and 1965 c 74 s 5;

(23) RCW 61.24.060 and 1967 c 30 s 2 & 1965 c 74 s 6;

(24) RCW 61.24.070 and 1965 c 74 s 7;

(25) RCW 61.24.080 and 1981 c 161 s 5, 1967 c 30 s 3, & 1965 c 74 s 8;

(26) RCW 61.24.090 and 1987 c 352 s 4, 1981 c 161 s 6, 1975 1st ex.s. c 129 s 5, 1967 c 30 s 4, & 1965 c 74 s 9;

(27) RCW 61.24.100 and 1990 c 111 s 2 & 1965 c 74 s 10;

(28) RCW 61.24.110 and 1981 c 161 s 7 & 1965 c 74 s 11;

(29) RCW 61.24.120 and 1965 c 74 s 12;

(30) RCW 61.24.130 and 1987 c 352 s 5, 1981 c 161 s 8, 1975 1st ex.s. c 129 s 6, & 1965 c 74 s 13;

(31) RCW 61.30.010 and 1988 c 86 s 1 & 1985 c 237 s 1;

(32) RCW 61.30.020 and 1988 c 86 s 2 & 1985 c 237 s 2;

(33) RCW 61.30.030 and 1988 c 86 s 3 & 1985 c 237 s 3;

(34) RCW 61.30.040 and 1988 c 86 s 4 & 1985 c 237 s 4;

(35) RCW 61.30.050 and 1988 c 86 s 5 & 1985 c 237 s 5;

(36) RCW 61.30.060 and 1988 c 86 s 6 & 1985 c 237 s 6;

(37) RCW 61.30.070 and 1988 c 86 s 7 & 1985 c 237 s 7;

(38) RCW 61.30.080 and 1988 c 86 s 8 & 1985 c 237 s 8;

(39) RCW 61.30.090 and 1988 c 86 s 9 & 1985 c 237 s 9;

(40) RCW 61.30.100 and 1988 c 86 s 10 & 1985 c 237 s 10;

(41) RCW 61.30.110 and 1988 c 86 s 11 & 1985 c 237 s 11;

(42) RCW 61.30.120 and 1988 c 86 s 12 & 1985 c 237 s 12;

(43) RCW 61.30.130 and 1988 c 86 s 13 & 1985 c 237 s 13;

(44) RCW 61.30.140 and 1988 c 86 s 14 & 1985 c 237 s 14;

(45) RCW 61.30.150 and 1988 c 86 s 15 & 1985 c 237 s 15;

(46) RCW 61.30.160 and 1985 c 237 s 16;

(47) RCW 61.30.900 and 1985 c 237 s 17;

(48) RCW 61.30.905 and 1985 c 237 s 19;

(49) RCW 61.30.910 and 1985 c 237 s 21; and

(50) RCW 61.30.911 and 1988 c 86 s 16.

NEW SECTION. Sec. 410. A new section is added to chapter 61.24 RCW to read as follows:

The county auditor shall record a deed of trust as a mortgage and shall index the name of the grantor as mortgagor and the names of the trustee and beneficiary as mortgagee.

NEW SECTION. Sec. 411. A new section is added to chapter 61.24 RCW to read as follows:

Except as provided in chapters 61.--, 61.--, and 61.-- RCW (sections 101 through 319 of this act), a deed of trust is subject to all laws relating to mortgages on real property.

NEW SECTION. Sec. 412. A new section is added to chapter 61.24 RCW to read as follows:

If a receiver is appointed on the application of a grantee under a deed of trust, the grantor shall be entitled to any rents or profits derived from property subject to a homestead as defined in RCW 6.13.010.

NEW SECTION. Sec. 413. A new section is added to chapter 61.24 RCW to read as follows:

(1) The trustee shall reconvey all or any part of the property covered by a deed of trust to the person entitled thereto on written request of the beneficiary or upon satisfaction of the obligation secured and written request for reconveyance made by the beneficiary or the person entitled thereto.

(2) The recording by a secured creditor of a notice of release of security interest, that is signed by the secured creditor, acknowledged, and recorded in each county in which the real property to be released from the security interest is located, and that contains the legal description of the real property to be released from the security interest if the release is partial, the date of recording of the deed of trust, and the book and page of the records of the county in which such deed of trust was recorded, shall be the equivalent of a reconveyance pursuant to subsection (1) of this section. Upon the recording of such notice, all powers of any trustee to nonjudicially foreclose a security interest in and sell the real property released, and all other interest of any trustee and the beneficiary therein, shall terminate.

NEW SECTION. Sec. 414. CODIFICATION OF ACT IN RCW. (1) Sections 101 through 108 of this act shall constitute a new chapter in Title 61 RCW.

(2) Sections 201 through 210 of this act shall constitute a new chapter in Title 61 RCW.

(3) Sections 301 through 319 of this act shall constitute a new chapter in Title 61 RCW.

NEW SECTION. Sec. 415. EFFECTIVE DATE. This act shall take effect July 1, 1996.

NEW SECTION. Sec. 416. Captions and part headings used in this act constitute no part of the law.

NEW SECTION. Sec. 417. ACT REMEDIAL‑-WHEN NOT RETROACTIVE. This act is to be considered remedial, and except as to the nonjudicial foreclosure of mortgages executed prior to the effective date of this act, must be applied both prospectively, and to the extent otherwise permitted by law, retroactively to the judicial and nonjudicial foreclosure of security interests in real estate commenced or initiated after the effective date of this act regardless of whether the security agreement creating the security interest was executed prior to the effective date of this act.

NEW SECTION. Sec. 418. SAVINGS CLAUSE. The repeals in section 409 of this act shall not be construed as affecting any existing right acquired or liability or obligation incurred under the statutes repealed in prior or pending proceedings, nor as affecting any proceeding instituted under them prior to the effective date of this act.