(a) Within 10 days after the actual delivery of the property or within 30 days after the recording of any such deed, transfer, mortgage or lien, gives such owner or holder of such lien or such vendee notice of the claim of the laborer or employee substantially in the form and verified as provided in ORS 652.520, which notice shall be served by delivering it or a copy thereof to such owner or holder of such lien or such vendee in person or, in case the owner, holder or vendee cannot be found within the county in which such lien or deed may be of record after diligent inquiry, by delivering the notice or a copy thereof to the clerk of the county court for such owner or holder of such lien or such vendee; and
(b) Within 30 days after the notice of claim is served commences court action to pursue the claim.
(2) The vendee or mortgage or lienholder, or an assignee, may pay such claim and thereby be subrogated to the rights and lien of such laborer or employee, as against the vendor, principal debtor or mortgagor, and as against subsequent mortgagees or other subsequent lien creditors.
(3) This section does not apply to any mortgage or lien given in renewal of a preexisting mortgage or lien. [Amended by 1977 c.288 §2; 1989 c.651 §1]