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ENB-12.03 - Final Lien Payment - Check Processing Policy

FINAL LIEN PAYMENT - CHECK PROCESSING POLICY
Administrative Rule Adopted by Auditor's Office Pursuant to Rulemaking Authority
ARB-ENB-12.03

 
PURPOSE
 
It is the purpose of this policy to establish the process to be used when a final payment is received that is for more than or less than the exact amount necessary to satisfy the City of Portland lien(s) designated for final payment.

 
POLICY
 
A. If the final payment received is $ 25.00 (or more) short of the exact amount necessary to satisfy the lien(s), the check will be returned to the payee with a letter showing the amount of the shortage, the correct payoff amount and due date except when:
1. The check is for the amount of the payoff quoted and was received by the due date.
  • The lien should be adjusted to match the payoff amount quoted.
B. If the final payment received is less than $ 25.00 short of the exact amount necessary to satisfy the lien(s), the check will be posted as a satisfaction of the lien except when:
1. The amount does not cover the amount of principal owed.
  • The check will be returned to the payee with a letter showing the amount of the shortage, the correct payoff amount and due date.
2. There has been an agreement made to receive the amount of the shortage.
C. If the final payment received is less than $ 25.00 in excess of the exact amount necessary to satisfy the lien(s), the check will be posted as a satisfaction of the lien except when:
1. There has been an agreement made by the Chief Deputy Auditor or customer service staff to refund the amount of the overage.
  • A refund check of the overage will be obtained using the Split Check procedure.
D. If the final payment received is $ 25.00 (or more) in excess of the exact amount necessary to satisfy the lien(s) either:
1. A refund check of the overage will be obtained using the Split Check procedure, if the check was for the amount of the payoff quoted and received by the due date.
 
2. The check will be sent back for correction if an apparent error has been made.

 
HISTORY
Filed for inclusion in PPD September 30, 2004.