(a) Collect, compromise, adjust or cancel claims and obligations arising out of or administered under ORS 566.310 to 566.360 or under any mortgage, lease, contract or agreement entered into or administered pursuant to ORS 566.310 to 566.360, and, to the extent the department considers necessary and advisable, pursue the same to final collection in any court having jurisdiction.
(b) At any execution, foreclosure or other sale, bid for the purchase of, or otherwise acquire, property upon which the department has a lien by reason of a judgment or execution or property that is pledged, mortgaged or conveyed or that otherwise secures any loan or other indebtedness owing to or acquired by the department under ORS 566.310 to 566.360.
(c) Accept title to any property purchased or acquired under this subsection and:
(A) Operate or lease such property for the period the department deems necessary to protect the investment in the property; and
(B) Sell or otherwise dispose of such property in a manner consistent with the provisions of ORS 566.310 to 566.360.
(2) The authority granted in this section may be delegated to the Secretary of Agriculture of the United States with respect to funds or assets authorized to be administered and used by the secretary under agreements entered into pursuant to ORS 566.330. [Formerly 414.080 and then 414.850; 1995 c.152 §4; 2003 c.14 §352]