Okla. Stat. tit. 46, § 46-315 — OK Code / Title 46 / Section 46-315
Duties and liabilities of financial institutions
Status: in_force

A. A financial institution shall not be required to:

1. Designate an account as a home buyer savings account, or

designate the qualified beneficiaries of an account, in the

financial institution's account contracts or systems or in any other

way;

2. Track the use of money withdrawn from a home buyer savings

account;

Oklahoma Statutes - Title 46. Mortgages Page 31

3. Allocate funds in a home buyer savings account among joint

account holders or multiple qualified beneficiaries; or

4. Report any information to the Oklahoma Tax Commission or any

other governmental agency that is not otherwise required by law.

B. A financial institution is not responsible or liable for:

1. Determining or ensuring that an account satisfies the

requirements to be a home buyer savings account;

2. Determining or ensuring that funds in a home buyer savings

account are used for eligible costs; or

3. Reporting or remitting taxes or penalties related to the use

of a home buyer savings account.

C. Upon being furnished proof of the death of the account

holder and such other information required by the contract governing

the home buyer savings account, a financial institution shall

distribute the principal and accumulated interest or other income in

the account in accordance with the terms of the contract governing

the account.
Okla. Stat. tit. 46, § 46-4.1 — OK Code / Title 46 / Section 46-4.1
Mortgages securing extension of credit made primarily for
Status: in_force

agricultural purposes - Waiver of appraisement - Assignment of rents

and profits as additional security.

The provisions of this section shall only apply to mortgages

securing an extension of credit made primarily for an agricultural

purpose as defined in paragraph 4 of Section 1-301 of Title 14A of

the Oklahoma Statutes where the mortgagor is either a natural person

or a farm or ranching business corporation as defined in Section 951

of Title 18 of the Oklahoma Statutes. Every instrument

substantially the same as the above shall be deemed a good and valid

mortgage, with all contracts and covenants essential to protect the

rights of the holder thereof; but any further lawful contract

embodied therein shall be binding upon the parties thereto; and when

the words, "and waive the appraisement" are written or printed

therein, the premises mortgaged must be sold without appraisement,

in case of foreclosure and sale thereunder, and in such case no

order for such sale shall issue for six (6) months after the date of

judgment; likewise nothing in this title or in Sections 10 and 11 of

Title 42 of the Oklahoma Statutes shall be construed to prevent a

mortgagor, in a mortgage transaction not involving a consumer loan

as defined in Section 3-104 of Title 14A of the Oklahoma Statutes,

from mortgaging and assigning the rents and profits from the

mortgaged real property as additional security for the debts secured

by the mortgage, where such assignment (i) is made contemporaneously

with the execution of the mortgage, either as a provision therein or

by separate instrument, and (ii) covers a lease or leases then

existing or thereafter executed, including renewals or extension

thereof or substitutes therefor, which cover all or any part of the

mortgaged real property, and (iii) is an assignment not conditioned

upon a future default by the mortgagor, and (iv) provides for the

immediate collection by the mortgagee, or its successors, assigns or

agents, of the rents and profits so assigned as the same become due.

Any mortgagee taking an assignment of rents and profits as described

above shall have the obligation to account and pay to the mortgagor

regarding any rents and profits actually collected pursuant to such

assignment, which are not applied on the indebtedness owing to the

Oklahoma Statutes - Title 46. Mortgages Page 5

mortgagee; however, the mortgagee shall not be deemed to have other

fiduciary obligations to the mortgagor resulting from such

assignment or be deemed to be in possession of the mortgaged real

property, unless the mortgagee also enters into continued physical

possession of the mortgaged real property and exercises exclusive

operating control of the mortgaged real property.
Okla. Stat. tit. 46, § 46-41 — OK Code / Title 46 / Section 46-41
Scope of act
Status: in_force

The Oklahoma Power of Sale Mortgage Foreclosure Act shall not

apply to:

1. A landlord's lien unless the parties agree in writing that

this act applies;

2. A vendor's or vendee's lien pursuant to Sections 26 and 30

of Title 42 of the Oklahoma Statutes unless the lien is specifically

created by a writing;

3. A nonconsensual lien, such as a mechanics or materialmans

lien pursuant to Sections 142 through 151 of Title 42 of the

Oklahoma Statutes, a judgment lien, or a tax lien;

4. An agreement not to convey or encumber;

5. A lien created or regulated and subject to an enforcement

procedure specifically applicable to it under another statute of

Oklahoma Statutes - Title 46. Mortgages Page 12

this state, such as the lien for the unpaid share of common expenses

regulated by Section 524 of Title 60 of the Oklahoma Statutes,

unless the parties agree in writing that this act applies;

6. A mortgage securing an extension of credit made primarily

for an agricultural purpose as defined in paragraph 4 of Section 1-

301 of Title 14A of the Oklahoma Statutes where the mortgagor is

either a natural person or a farm or ranching business corporation

as defined in Section 951 of Title 18 of the Oklahoma Statutes; and

7. A mortgage on the mortgagor's homestead if, after the notice

of sale is given to the mortgagor pursuant to subsection B of

Section 6 of this act, the mortgagor elects judicial foreclosure in

compliance with the provisions of subparagraphs b and c of paragraph

2 of subsection A of Section 4 of this act.
Okla. Stat. tit. 46, § 46-13 — OK Code / Title 46 / Section 46-13
Assignments of existing mortgages - Recording within four
Status: in_force

months - Mortgages on record for six months.

Oklahoma Statutes - Title 46. Mortgages Page 7

All assignments of mortgages at present existing, bearing date

prior to the taking effect of this act, shall within four (4) months

next succeeding the taking effect of this act be recorded in the

proper county of this state, in accordance with the provisions of

Section 1, of this act, whether such assignments be acknowledged or

not, and in case such assignments are not recorded within the time

herein provided, the payment of any interest or principal on the

debts secured by such mortgages to the mortgagees or the assignees

whose assignments appear last of record after the expiration of the

time herein provided, and before the recording of such assignments,

shall be and constitute a complete defense to any action on such

mortgage or note or other evidence of indebtedness secured thereby

as against the mortgagor, his heirs, personal representatives, or

assigns: Provided, however, that the last assignee of an unrecorded

assignment shall have a right of action against the assignor to whom

such interest or principal is paid; and provided further, that where

the mortgagor, his heirs, personal representatives, or assigns have

actual notice or knowledge of such assignment or transfer, then in

such case such payment shall constitute no defense, and none of the

provisions of this act shall apply. Provided, this section applies

only to mortgages which have been on record six (6) months or more.
Okla. Stat. tit. 46, § 46-203 — OK Code / Title 46 / Section 46-203
Indefinite reference defined
Status: in_force

For the purpose of this act, a mortgage shall be considered as

indefinitely referred to if unrecorded or if the book number and the

page number of the records of the county clerk where such mortgage

is recorded are not given in the deed or mortgage containing such

reference.
Okla. Stat. tit. 46, § 46-14 — OK Code / Title 46 / Section 46-14
Release by attorney
Status: in_force

Any agent or attorney duly authorized to collect the debt

secured thereby shall have power and authority to release a

mortgage.

R.L. 1910, § 4022; Laws 1977, c. 156, § 1, eff. Oct. 1, 1977.
Okla. Stat. tit. 46, § 46-301 — OK Code / Title 46 / Section 46-301
Foreclosure - Limitations - Cessation of lien - Extension
Status: in_force

agreements - Notice - Record marketable title - Application of act.

A. Before November 1, 2001, no suit, action or proceeding to

foreclose or otherwise enforce the remedies in any mortgage,

contract for deed or deed of trust shall be had or maintained after

the expiration of ten (10) years from the date the last maturing

obligation secured by such mortgage, contract for deed or deed of

trust becomes due as set out therein, and such mortgage, contract

for deed or deed of trust shall cease to be a lien, unless the

holder of such mortgage, contract for deed or deed of trust either:

1. Before October 1, 1981, has filed or caused to be filed of

record a written Notice of Extension as provided in paragraph 1 of

subsection D of this section; or

2. After October 1, 1981, and within the above described ten-

year period, files or causes to be filed of record a written Notice

of Extension as provided in paragraph 1 of subsection D of this

section.

B. Beginning November 1, 2001, no suit, action or proceeding to

foreclose or otherwise enforce the remedies in any mortgage,

contract for deed or deed of trust shall be had or maintained after

the expiration of seven (7) years from the date the last maturing

obligation secured by such mortgage, contract for deed or deed of

Oklahoma Statutes - Title 46. Mortgages Page 24

trust becomes due as set out therein, and such mortgage, contract

for deed or deed of trust shall cease to be a lien, unless the

holder of such mortgage, contract for deed or deed of trust, within

the seven-year period, files or causes to be filed of record a

written Notice of Extension as provided in paragraph 1 of subsection

D of this section.

C. No suit, action or proceeding to foreclose or otherwise

enforce the remedies in any mortgage, contract for deed or deed of

trust filed of record in the office of the county clerk, in which

the due date of the last maturing obligation secured by such

mortgage, contract for deed or deed of trust cannot be ascertained

from the written terms thereof, shall be had or maintained after the

expiration of thirty (30) years from the date of recording of the

mortgage, contract for deed or deed of trust, and said mortgage,

contract for deed or deed of trust shall cease to be a lien, unless

the holder of such mortgage, contract for deed or deed of trust

either:

1. Before October 1, 1981, has filed or caused to be filed of

record a written Notice of Maturity Date as provided in paragraph 2

of subsection D of this section; or

2. After October 1, 1981, and within the above described

thirty-year period, files or causes to be filed of record a written

Notice of Maturity Date as provided in paragraph 2 of subsection D

of this section.

D. 1. The Notice of Extension required under subsection A or B

of this section, to be effective for the purpose of this section,

shall show the date of recording, the book and page and the legal

description of the property covered by the mortgage, contract for

deed or deed of trust and the time for which the payment of the

obligation secured thereby is extended, and shall be duly verified

by oath and acknowledged by the holder of the mortgage, contract for

deed or deed of trust.

2. The Notice of Maturity Date required under subsection C of

this section, to be effective for the purpose of this section, shall

show the date of recording, the book and page and the legal

description of the property covered by the mortgage, contract for

deed or deed of trust and the maturity date to which the last

maturing obligation secured thereby is extended, and shall be duly

verified by oath and acknowledged by the holder of the mortgage,

contract for deed or deed of trust.

E. Any mortgage, contract for deed or deed of trust barred

under this section shall not be a defect in determining marketable

record title.

F. The notice required to be filed of record by this section

must be recorded in the office of the county clerk of the county or

counties where the mortgage is recorded.

Oklahoma Statutes - Title 46. Mortgages Page 25

G. Nothing contained in this section shall be construed to

revive the lien of any mortgage, contract for deed or deed of trust

which has expired by limitation before the effective date of this

section.
Okla. Stat. tit. 46, § 46-5 — OK Code / Title 46 / Section 46-5
Mortgage follows property passing by succession or will
Status: in_force

When real property, subject to a mortgage, passes by succession

or will, the successor or devisee must satisfy the mortgage out of

his own property, without resorting to the executor or administrator

of the mortgagor, unless there is an express direction in the will

of the mortgagor that the mortgage shall be otherwise paid.

R.L. 1910, § 4017.
Okla. Stat. tit. 46, § 46-46 — OK Code / Title 46 / Section 46-46
Sale of property - Postponed, continued, changed or
Status: in_force

relocated sale.

A. On the date and at the time and place designated in the

notice of sale, the mortgagee exercising the power of sale shall

cause the property to be sold at public auction to the highest

bidder. To determine the highest bidder, any mortgagor present at

the sale may suggest in writing the known lots, parcels, or

divisions of the property in which the property should be sold. The

mortgagee shall conditionally sell the property under each

suggestion, and if the mortgagor offers no suggestion, then in such

lots, parcels or divisions as may be determined by the mortgagee,

and in addition thereto, shall sell the property as a whole. The

mortgagee shall determine which conditional sale or sales result in

the highest total price bid for all of the property. An attorney

for the mortgagee may conduct the sale, and act at such sale as the

auctioneer for the mortgagee. Any person, including the mortgagee

or mortgagor may bid at the sale. Every bid shall be deemed an

irrevocable offer, until the sale is completed and the sale shall

not be deemed completed until the purchaser pays the price bid in a

form satisfactory to the mortgagee. If a purchaser other than the

mortgagee, when required by the mortgagee, fails to post cash or

certified funds equal to ten percent (10%) of the amount bid for the

property within twenty-four (24) hours of the sale, excluding

Sundays and legal holidays, or otherwise fails to complete the sale,

the mortgagee may proceed with the sale and may accept the next

highest bid. The party that fails to make such payment shall be

liable to any person who suffers loss or expenses, including

attorney's fees, occasioned thereby and the mortgagee may thereafter

in any sale of property reject any bid of such person. The ten

percent (10%) deposit shall be placed in escrow by the mortgagee and

held in escrow pending completion of the sale. In the event a

purchaser wrongfully fails to complete the transaction of sale

within ten (10) days of the sale or a longer reasonable time

permitted by the mortgagee, any deposit shall be applied first to

the expenses of the sale and the balance to the debt, and the

purchaser shall be liable to any person who suffers loss or

expenses, including attorneys fees, occasioned by the resale of the

property.

Oklahoma Statutes - Title 46. Mortgages Page 19

B. The person conducting the sale, for any cause deemed in the

interest of the mortgagee, the mortgagor, or both, may postpone or

continue the sale or change the place of the sale to another

location permitted by law, by giving notice, including the new time

and place, by public declaration at the time and place last

appointed for the sale and in any other manner reasonable under the

circumstances which shall include publication one time at least ten

(10) days prior thereto of a notice of the new date, time and place

of sale, such notice to be directed to the same persons as the

original notice of sale, and proof of publication then to be filed

in the office of the county clerk of each county wherein the

property to be sold is situated any time before the recording of the

mortgagee's deed executed pursuant to the sale under this act. No

other notice of the postponed, continued, changed or relocated sale

is required.
Okla. Stat. tit. 46, § 46-202 — OK Code / Title 46 / Section 46-202
Indefinite reference to mortgage in subsequent deed or
Status: in_force

mortgage - Effect.

Oklahoma Statutes - Title 46. Mortgages Page 23

No indefinite reference to a mortgage in any subsequent deed or

mortgage shall constitute notice of any rights of the mortgagee

under such mortgage, nor put any person on inquiry with respect

thereto, after the expiration of one (1) year from the date of the

recording of the deed or mortgage containing such indefinite

reference.
Okla. Stat. tit. 46, § 46-312 — OK Code / Title 46 / Section 46-312
Definitions
Status: in_force

As used in this act:

1. "Account holder" means an individual who establishes,

individually or jointly with one or more other individuals, a home

buyer savings account as defined in this act;

2. "Allowable closing costs" means a disbursement listed on a

settlement statement for the purchase of a single-family residence

in Oklahoma by a qualified beneficiary;

3. "Eligible costs" means the down payment and allowable

closing costs for the purchase of a single-family residence in this

state by a qualified beneficiary;

Oklahoma Statutes - Title 46. Mortgages Page 29

4. "Financial institution" means any bank, trust company,

savings institution, industrial loan association, consumer finance

company, credit union, or any benefit association, insurance

company, safe deposit company, money market mutual fund, or similar

entity authorized to do business in this state;

5. "Home buyer" means an individual who resides in this state

and has never purchased, either individually or jointly, a single-

family residence in the State of Oklahoma;

6. "Home buyer savings account" or "account" means an account

with a financial institution that an account holder designates as a

home buyer savings account on the account holder's Oklahoma income

tax return for tax year 2020 or any tax year thereafter, pursuant to

this act for the purpose of paying or reimbursing eligible costs for

the purchase of a single-family residence in this state by a

qualified beneficiary;

7. "Qualified beneficiary" means a home buyer who is designated

as the qualified beneficiary of an account designated by the account

holder as a home buyer savings account;

8. "Settlement statement" means the statement of receipts and

disbursements for a transaction related to real estate, including a

statement prescribed under the Real Estate Settlement Procedures Act

of 1974, 12 U.S.C. 2601 et seq., as amended, and regulations

thereunder; and

9. "Single-family residence" means a single-family residence

owned and occupied by a qualified beneficiary as the qualified

beneficiary's principal residence, which may include a manufactured

home, trailer, mobile home, condominium unit, or cooperative.
Okla. Stat. tit. 46, § 46-302 — OK Code / Title 46 / Section 46-302
Abandoned or vacated property - Motion to protect and
Status: in_force

preserve - Motion and hearing procedure.

A. Upon commencement of a suit, action or proceeding to

foreclose or otherwise enforce the remedies in any mortgage,

contract for deed or deed of trust in a court of competent

jurisdiction, if the plaintiff/mortgagee believes, knows, or has

reason to know, that the subject property is abandoned or vacated

and, as a result of such abandonment:

1. Physical deterioration and devaluation of the property is

occurring or has occurred;

2. There exists a risk to the health, safety or welfare of the

public, or any adjoining or adjacent property owners, due to

potential or actual acts of vandalism, loitering, criminal conduct

or the physical destruction or deterioration of the property; or

3. There exists a risk of additional legal process for

violation of law, ordinance, unpaid taxes or accrual of liens, the

plaintiff/mortgagee may seek a court order to protect and preserve

the property pending the disposition of the suit, action or

proceeding before the court.

B. A motion to protect and preserve an abandoned or vacated

property subject to a suit, action or proceeding to foreclose or

otherwise enforce the remedies in the mortgage, contract for deed or

deed of trust shall be filed and heard in accordance with court

rules and statutory civil procedures for motions.

C. The plaintiff/mortgagee, after filing a motion to protect

and preserve property in the pending litigation before the court,

and having received from the court a date, time and location to hear

the motion, shall present a certified copy of the motion and hearing

notice to the sheriff in the county in which the property is

located. The sheriff, upon receiving a written request to post a

motion and hearing notice on a property within his or her

jurisdiction, shall within three (3) days of the receipt of such

request, physically inspect the subject property and determine

whether or not the property is abandoned or occupied. At the time

of the physical inspection of the property, the sheriff shall either

post a copy of the motion and hearing notice in a conspicuous place

on the property or shall physically serve an occupant of the

property as required by the provisions of this section. The sheriff

shall receive from the plaintiff/mortgagee a sheriff’s service fee

not to exceed One Hundred Fifty Dollars ($150.00) for the inspection

Oklahoma Statutes - Title 46. Mortgages Page 26

of each property and may designate a deputy or reserve deputy to

perform the inspection and posting or service specified in this

section.

D. Upon physical inspection, if the sheriff determines the

property to be abandoned or vacated, the sheriff shall post the

required motion and hearing notice on the property and make a return

of inspection and posting to the plaintiff/mortgagee at the address

provided by the plaintiff/mortgagee. In the event, the property is

occupied or appears to be occupied in the judgment of the sheriff,

the sheriff shall attempt actual service of the motion and hearing

notice on an occupant of the property as provided for service of

summons, and if a person is not available to accept service or

cannot be found, the sheriff shall post the motion and hearing

notice in a conspicuous place on the property and make a written

return of inspection and service to the plaintiff/mortgagee at the

address provided by the plaintiff/mortgagee.

E. The sheriff’s written return of inspection and posting or

return of inspection and service shall be made within three (3) days

of the date of actual inspection. The return shall be deposited

into the regular U.S. mail, postage prepaid, and the return document

shall certify that:

1. The motion and hearing notice was either served in person

upon an occupant of the property or was physically posted on the

property and the exact date of service or posting;

2. A physical inspection and observation of the property was

conducted; and

3. In the best judgment and belief of the sheriff, or designee,

the property was abandoned and vacated or occupied by the

defendant/mortgagor or a lawful tenant or other person, and any

reason or belief for that determination.

F. The posting of the motion and hearing notice shall be deemed

proper service and sufficient notice to the defendant/mortgagor and

all occupants of the property for purposes of holding the hearing

and authorizing the court to issue an order to protect and preserve

the property pending disposition of the litigation before the court.

The court shall not require any additional or alternative

notification to the defendant/mortgagor or any occupant. Nothing

shall prohibit the plaintiff/mortgagee from notifying, or attempting

to notify, the defendant/mortgagor or any potential occupant of the

subject property in another manner. If the plaintiff/mortgagee

elects notification by publication in addition to the posting

required by this section, he or she shall publish a copy of the

motion and hearing notice at least twice in the fifteen-day period

immediately preceding the hearing date in a publication of general

circulation in the jurisdiction in which the property is located. A

copy of the motion and hearing notice shall be sent or delivered to

the defendant’s legal counsel of record as required by court rule

Oklahoma Statutes - Title 46. Mortgages Page 27

and statutory civil procedure for notifying opposing counsel of

motions and hearings.

G. The motion posted or served shall be in the form and style

recognized for pleadings filed in the official court case, and shall

contain the name of the parties, court case number, the date, time

and place of the hearing, and a statement directing the

defendant/mortgagor or any occupant of the property to appear in

person, or through legal counsel, or be deemed to have abandoned and

vacated the property.

H. No hearing shall be held on a motion to protect and preserve

the property subject to a suit, action or proceeding to foreclose or

enforce remedies in the mortgage, contract for deed or deed of

trust, unless at least fifteen (15) days has passed from the date of

posting or service of the motion and hearing notice. At the

hearing, the court shall hear testimony of the parties present,

including any person who claims to be an occupant or tenant of the

property and who is not a named litigant in the pending litigation

before the court. The testimony shall include inquiry into the

property’s previous and current condition and the reasons or beliefs

supporting or objecting to a determination that the property is

abandoned or vacated. The court shall review the sheriff’s written

return of inspection and posting or the return of inspection and

service. The court shall not require the presence of the

defendant/mortgagor or defendant’s legal counsel to grant an order

authorizing the plaintiff/mortgagee to take action to protect and

preserve the subject property pending the disposition of the

litigation before the court.

1. If the defendant/mortgagor, or an occupant or tenant,

appears in person or through legal counsel, and the court is

satisfied that the defendant, or person, is physically residing in

the property, or if not occupying the property is willing and able

to properly protect and preserve the property pending the litigation

before the court, the motion shall be denied. However, the court

shall enter an order requiring the person to protect and preserve

the property under such conditions as the court may determine.

Failure of the person to comply with the court order to protect and

preserve the property shall be contempt of court.

2. If the defendant/mortgagor, or an occupant or tenant, fails

to appear in person, and there exists no compelling reason why the

defendant/mortgagor, or person, could not appear in person, and the

property appears to be deteriorating or at risk of deteriorating as

a result of abandonment, vandalism or any unlawful or intentionally

malicious act, the court shall enter an order directing the

plaintiff/mortgagee to take action to protect and preserve the

property pending and in anticipation of foreclosure or other

enforcement of remedies in the mortgage, contract for deed or deed

of trust.

Oklahoma Statutes - Title 46. Mortgages Page 28

3. Upon issuance of an order to protect and preserve property,

the court shall direct the plaintiff/mortgagee to inventory, or

cause to be an inventoried by an independent person, any personal

property remaining on or about the subject property and to file such

inventory in the court case file.

I. When a court order is issued to protect and preserve

property, the plaintiff/mortgagee shall be authorized to take, and

shall take, possession and secure the property pending and in

anticipation of foreclosure or other enforcement of remedies in the

mortgage, contract for deed or deed of trust.

J. An order issued to protect and preserve property pursuant to

the provisions of this section may be vacated and set aside at any

time by the court upon motion by the defendant/mortgagor, or

occupant or tenant, and satisfactory proof that the property is not

or was not abandoned or vacated, or was leased or rented and

lawfully occupied by a person other than the defendant/mortgagor at

the time of issuance of the order, provided, the property was not

subjected to intentional malicious acts by the defendant, or person,

to deface, destroy or devalue the property.

K. A motion filed, or court order issued, to protect and

preserve the property as provided in this section shall not alter,

modify, relinquish or release any right, title or interests of any

party in or to any property, or alter, modify, relinquish or release

any party’s position, standing, claims, defenses or objections in

the suit, action or proceeding pending before the court to foreclose

or enforce any remedy in the mortgage, contract for deed or deed of

trust.
Okla. Stat. tit. 46, § 46-40 — OK Code / Title 46 / Section 46-40
Short title
Status: in_force

Sections 1 through 9 of this act may be cited as the "Oklahoma

Power of Sale Mortgage Foreclosure Act".
Okla. Stat. tit. 46, § 46-201 — OK Code / Title 46 / Section 46-201
Citation
Status: in_force

This act shall be known as the "Indefinite Reference to

Mortgages Act".
Okla. Stat. tit. 46, § 46-8 — OK Code / Title 46 / Section 46-8
Grant intended as mortgage recorded as mortgage
Status: in_force

Every grant of real property, or of any estate therein, which

appears by any other writing, to be intended as a mortgage within

the meaning of this chapter, must be recorded as a mortgage; and if

such grant and other writing explanatory of its true character are

not recorded together at the same time and place, the grantee can

derive no benefit from such record.

R.L. 1910, § 4020.
Okla. Stat. tit. 46, § 46-21 — OK Code / Title 46 / Section 46-21
Violation - Penalty
Status: in_force

Any mortgagee who fails to comply with the provisions of this

act shall be subject to a penalty in the amount of One Hundred

Dollars ($100.00). The penalty imposed herein shall be recoverable

by the buyer, plus all costs of any action, including a reasonable

attorney fee, to recover the penalty.
Okla. Stat. tit. 46, § 46-43 — OK Code / Title 46 / Section 46-43
Power of sale - Requirements - Sale procedure - Deficiency
Status: in_force

- Redemption - Writ of assistance - Foreclosure.

Oklahoma Statutes - Title 46. Mortgages Page 13

A. Notwithstanding Sections 10 and 11 of Title 42, Sections 686

and 760 of Title 12; and Sections 1 and 4 of this title, or any

other inconsistent law:

1. a power to sell the mortgaged real estate may be conferred

by the mortgagor upon the mortgagee in the mortgage under which the

mortgaged property and the interests of persons therein may be sold

in the manner provided for in Sections 43 through 47 of this title,

after a breach or default in performance of the contract or

contracts for which the property is granted as security, or a breach

or default in the performance of the mortgage; and

2. with respect to any mortgage in which a power of sale is

granted:

a. the mortgage shall state in bold and underlined

language, substantially the following:

"A power of sale has been granted in this mortgage. A

power of sale may allow the mortgagee to take the

mortgaged property and sell it without going to court

in a foreclosure action upon default by the mortgagor

under this mortgage,"

b. in a mortgage transaction involving the mortgagor's

homestead, if the mortgagor, at least ten (10) days

before the property is to be sold under the power of

sale, sends written notice by certified mail to the

mortgagee stating that the property involved is the

mortgagor's homestead and that judicial foreclosure is

elected, and files of record a copy of such notice

which contains the legal description of the property

in the office of the county clerk of the county where

the property is located, the mortgagee must pursue any

foreclosure by judicial proceeding in a court of

competent jurisdiction; provided, however, the

mortgagee may contest the mortgagor's claim of

homestead in the judicial foreclosure action or in

another action such as by declaratory judgment,

c. in a mortgage transaction that remains subject to this

act involving the mortgagor's homestead, if the

mortgagor at least ten (10) days before the property

is to be sold under the power of sale, sends written

notice by certified mail to the mortgagee stating that

the property involved is the mortgagor's homestead and

that the mortgagor elects against a deficiency

judgment, and establishes the property as homestead if

contested, no in personam action for a deficiency

judgment may be maintained by the mortgagee exercising

the power of sale; provided, that mortgagee may

enforce any agreed lien against collateral other than

the real estate sold; and other mortgagees or holders

Oklahoma Statutes - Title 46. Mortgages Page 14

of liens inferior to that of the mortgagee exercising

the power of sale and who are foreclosed may recover

the unpaid amount of their indebtedness in an in

personam action for a judgment enforceable against

other property of the mortgagor as prescribed by the

rules of civil procedure; provided, however, the

mortgagee may contest the mortgagor's claim of

homestead or seek a deficiency judgment and a judicial

determination of homestead by initiating an action

therefor within ninety (90) days after the mortgagee's

deed is recorded. The prevailing party in such action

may recover attorney's fees and costs of the action,

and

d. in a mortgage transaction not involving the

mortgagor's homestead, unless otherwise agreed, the

mortgagor shall be liable for any deficiency between

the amount obtained by the mortgagee from the sale and

the amount of the indebtedness, interest, and the

costs and expenses of sale including the amount of

attorney's fees fixed in the mortgage by agreement,

unless a part or all of the fees are waived by the

parties or the amount fixed is found by a court to be

unconscionable. If such fees are found to be

unconscionable or no fees are fixed in the mortgage by

agreement a court may allow reasonable attorney's

fees. Any action for a deficiency pursuant to the

provisions of this subparagraph shall be commenced

within ninety (90) days after the date of the sale.

If, in such action, the mortgagor shall establish that

the fair market value of the property as of the date

of the sale exceeded the sale price, then the

deficiency otherwise obtainable under this

subparagraph shall be reduced by the amount of such

excess.

B. Nothing in this act shall be construed to impair the right

of the mortgagor or another party to redeem as provided in Sections

18 through 20 of Title 42 of the Oklahoma Statutes, up to the

completion of the sale upon payment of the amount owed including all

expenses. A mortgagor and mortgagee may agree on the acquisition of

the interest of the mortgagor in the real estate by the mortgagee in

lieu of foreclosure.

C. The purchaser on foreclosure by power of sale may seek a

writ of assistance by application to a court of competent

jurisdiction with the same effect as provided in Section 686 of

Title 12 of the Oklahoma Statutes.

D. A power of sale must be exercised consistent with this act

and in accordance with the agreement of the parties. At the option

Oklahoma Statutes - Title 46. Mortgages Page 15

of the mortgagee a mortgage containing a power of sale may be

foreclosed in the manner provided in Section 686 of Title 12 of the

Oklahoma Statutes for the foreclosure of mortgages on real property.
Okla. Stat. tit. 46, § 46-15 — OK Code / Title 46 / Section 46-15
Holder must release - Penalty - Definitions
Status: in_force

A. Any mortgage or judgment lien on real estate shall be

released by the holder of any such mortgage or judgment lien within

thirty (30) days of the payment of the debt secured by the mortgage

or judgment lien and the holder of the mortgage or judgment lien

shall file the release of the mortgage or judgment lien with the

county clerk where the mortgage or judgment lien is recorded. If,

at the end of the thirty-day period, the holder has failed to

release the mortgage or judgment lien, the mortgagor or debtor, or

the agent representing the mortgagor or debtor, may at any time

request in writing the holder of the mortgage or judgment lien to

release the mortgage or judgment lien and the holder of the mortgage

or judgment lien shall have ten (10) days from the date of the

request to release such mortgage or judgment lien. If the holder of

the mortgage or judgment lien fails to release the mortgage or

judgment lien by the end of such ten-day period, the mortgage or

judgment lien holder shall then forfeit and pay to the mortgagor or

debtor a penalty of one percent (1%) of the principal debt not to

Oklahoma Statutes - Title 46. Mortgages Page 8

exceed One Hundred Dollars ($100.00) per day each day the release is

not recorded after the ten-day period has expired and the penalty

may be recovered in a civil action in any court having jurisdiction

thereof, but the request for the release shall be in writing and

describe the mortgage or judgment lien and premises with reasonable

certainty. Provided that, the total penalty shall not exceed one

hundred percent (100%) of the total principal debt.

B. A title insurance company attorney may bring action on

behalf of the mortgagor or debtor to recover the penalty described

in subsection A of this section.

C. For purposes of this section:

1. "Mortgagor" shall include any subsequent purchaser of the

mortgaged real estate; and

2. "Title insurance company" shall mean a corporation or other

business entity authorized and licensed to transact business of

insuring titles to interests in real property in this state.

R.L. 1910, § 4023. Amended by Laws 1977, c. 156, § 2, eff. Oct. 1,

1977; Laws 1978, c. 92, § 1, eff. Oct. 1, 1978; Laws 1987, c. 4, §

1, eff. Nov. 1, 1987; Laws 2015, c. 175, § 1, eff. Nov. 1, 2015;
Okla. Stat. tit. 46, § 46-12 — OK Code / Title 46 / Section 46-12
Assignment - Unrecorded - Payment
Status: in_force

In cases where assignments of real estate mortgages are made

after the passage of this act, if such assignments are not recorded,

the mortgagor, his heirs, personal representatives, or assigns, may

pay all matured interest or the principal debt secured thereby,

prior to the recording of such assignment to the mortgagee, or if

any assignment of such mortgage has been made that duly appears of

record, then such payment may be made to the last assignee whose

assignment is recorded in accordance with the provisions of this

act, and such payment shall be effectual to extinguish the debt

secured by such mortgage and all claims against such mortgagor, his

heirs, personal representatives, and assigns, for or on account of

such interest or such principal indebtedness; and no transfer of any

note, bond or other evidence of indebtedness, by endorsement or

otherwise, where such indebtedness is secured by mortgage on real

estate within this state, shall prevent or operate to defeat the

defense of payment of such interest or principal by the mortgagor,

his heirs, personal representatives, or assigns, where such payment

has been made to the mortgagee or to the assignee whose assignment

appears last of record under the provisions of this act: Provided,

however, that in all such cases the assignee who may hold such

unrecorded assignment shall have a right of action against his

assignor to recover the amount of any such payment of interest or

principal made to such assignor as upon an account for money had and

received for the use of such assignee: Provided, this section

applies only to mortgages which have been on record six (6) months

or more.
Okla. Stat. tit. 46, § 46-20 — OK Code / Title 46 / Section 46-20
Issuance of title protection document - Notice - Waiver
Status: in_force

A. If a title protection document will be issued to the

mortgagee, the mortgagee shall give to the buyer at the time of loan

application written notice containing the following:

1. Whether the title protection document will provide

protection to the buyer; and

2. That the buyer should seek independent, competent advice as

to whether the buyer should obtain any additional title protection

document. In the event said additional title protection is desired,

it shall be obtained by the buyer in a timely manner in order to

avoid undue delay of the closing under the terms of the contract of

sale.

B. The requirements of this section shall not be subject to

waiver by the buyer.

Oklahoma Statutes - Title 46. Mortgages Page 11
Okla. Stat. tit. 46, § 46-4 — OK Code / Title 46 / Section 46-4
Further agreements - Foreclosure - Waiver of appraisement -
Status: in_force

Assignment of rents and profits as additional security.

A. Every instrument in substantial compliance with the form

provided for in Section 3 of this title shall be deemed a good and

valid mortgage, with all contracts and covenants essential to

protect the rights of the holder thereof; but any further lawful

contract embodied therein shall be binding upon the parties thereto;

and when the words, "and waive the appraisement" are written or

printed therein, the premises mortgaged must be sold without

appraisement, in case of foreclosure and sale thereunder, and in

such case no order for such sale shall issue for six (6) months

after the date of judgment; likewise nothing in this title or in

Sections 10 and 11 of Title 42 of the Oklahoma Statutes, shall be

construed to prevent a mortgagor, in a mortgage transaction not

involving a consumer loan as said term is defined in Section 3-104

of Title 14A of the Oklahoma Statutes, from mortgaging and assigning

the rents and profits from the mortgaged real property as additional

security for the debts secured by the mortgage, without regard to

whether such assignment provides for the immediate collection, or

collection upon a future default of the mortgagor, by the mortgagee,

or its successors, assigns or agents, of the rents and profits so

assigned as the same become due; provided that nothing herein shall

be construed to impair the right under other law of the mortgagee to

obtain the appointment of a receiver or to become a mortgagee in

possession nor does this provision determine the priority of a

mortgagee to rents and profits from the mortgaged property. Any

mortgagee taking an assignment of rents and profits as described

above shall have the obligation to account and pay to the mortgagor

regarding any rents and profits actually collected pursuant to such

assignment, which are not applied on the indebtedness owing to the

mortgagee; however, the mortgagee shall not be deemed to have other

fiduciary obligations to the mortgagor resulting from such

assignment or be deemed to be in possession of the mortgaged real

property, unless the mortgagee also enters into continued physical

Oklahoma Statutes - Title 46. Mortgages Page 4

possession of the mortgaged real property and exercises exclusive

operating control of the mortgaged real property.

B. This section shall not apply to mortgages securing an

extension of credit made primarily for an agricultural purpose as

defined in paragraph 4 of Section 1-301 of Title 14A of the Oklahoma

Statutes where the mortgagor is either a natural person or a farm or

ranching business corporation as defined in Section 951 of Title 18

of the Oklahoma Statutes.

R.L. 1910, § 4016; Laws 1979, c. 41, § 1; Laws 1986, c. 319, § 11,

eff. Nov. 1, 1986.
Okla. Stat. tit. 46, § 46-47 — OK Code / Title 46 / Section 46-47
Closing of sale - Deed
Status: in_force

A. The sale shall be closed at a time and under reasonable

conditions specified by the mortgagee at the time of the sale. Upon

receipt of payment in form satisfactory to the mortgagee, the

mortgagee shall execute and deliver a deed, without warranty, to the

purchaser that is in substantial compliance with the form for such a

deed prepared by the Administrative Director of the Courts with the

assistance and approval of the Oklahoma Supreme Court and which

identifies the mortgagee's and other interests foreclosed and the

parties involved, indicates where the documents evidencing those

interests are recorded, and recites that the deed is executed by the

mortgagee exercising a power of sale after a breach or default and

sale under this act. Signature and title or authority of the person

signing the deed as grantor is sufficient proof of the signer's

authority to sign. Further proof is not required even though the

signer is also named as grantee in the deed. The mortgagee's deed

shall raise a presumption of compliance with the requirements of

this act regarding the exercise of the power of sale and the sale of

the property, including the giving of the notice of intention to

foreclose and of sale and the conduct of the sale. Such deed shall

constitute conclusive evidence of the meeting of such requirements

in favor of purchasers for value and without actual notice so long

as the failure to meet those requirements would otherwise render the

sale only voidable and, even if the sale is void, after the passage

of two (2) years from the date of the recording of the deed.

B. The mortgagee's deed, pursuant to compliance with the

provisions of this act, shall operate to convey to the purchaser the

title, interest and claim of the mortgagee and of the mortgagor and

their respective successors in interest, and of all persons claiming

Oklahoma Statutes - Title 46. Mortgages Page 20

an interest in the property sold which was acquired subsequent to

the recording of the mortgage pursuant to which the power of sale is

exercised and prior to delivery of the mortgagee's deed, or who join

in the exercise of the power of sale. Such conveyance shall be

absolute, without right of redemption and clear of all liens,

claims, or interests to the extent provided in this section, if the

record shows that all necessary parties were duly notified or served

with process as provided for herein and except for any statutory

right of redemption which may be held by the United States of

America under authority of Section 2410 of Title 28 of the United

States Code, as amended.
Okla. Stat. tit. 46, § 46-45 — OK Code / Title 46 / Section 46-45
Notice of sale - Time and place of sale
Status: in_force

Oklahoma Statutes - Title 46. Mortgages Page 16

A. If a mortgagee elects to use a power of sale granted in the

mortgage, it shall execute a notice of sale in written form directed

to the mortgagor, any holder of a prior mortgage or other lien of

record, and any person having an interest, claim or lien of record

in the property whose interest, claim or lien the mortgagee seeks to

foreclose by the exercise of its power of sale. When a notice of

intention to foreclose is required by Section 44 of this title, an

affidavit stating that such notice has been properly sent shall be

attached to the notice of sale; provided, however, if no notice of

intention to foreclose is required by Section 44 of this title, an

affidavit to that effect shall be attached to the notice of sale.

The notice of sale shall state the occurrence of a breach or default

of the contract or mortgage, the general nature thereof such as

"failure to make a payment due", "failure to pay taxes", "failure to

maintain the property" or the like, the election to use the power of

sale, the date, time and place when the property will be sold, and

the legal description of the property as it appears in the mortgage

and any street address of the property. The notice shall advise the

mortgagor of the mortgagor's right to redeem the property from

foreclosure by paying all principal, interest and other sums secured

by the mortgage to the mortgagee prior to the execution and delivery

of a deed pursuant to Section 47 of this title, and shall advise all

other persons claiming an interest in the property that the property

will be sold subject to their claims unless they elect to join the

exercise of the power of sale or that the mortgagee claims an

interest superior to the claims of such persons and that their

interests may be subject to being terminated by the sale unless they

take appropriate legal action. The notice shall include, in bold

and underlined language, a provision advising the mortgagor that if

the mortgage is on the mortgagor's homestead, it shall be sold

pursuant to a power of sale without judicial foreclosure unless, at

least ten (10) days before the property is to be sold under a power

of sale, the mortgagor sends written notice by certified mail to the

mortgagee stating that the property involved is the mortgagor's

homestead and that judicial foreclosure is elected, and files of

record a copy of such notice, which contains a legal description of

the property, with the county clerk of the county where the property

is situated. The notice shall further advise the mortgagor, in bold

and underlined language, that if the property is sold pursuant to a

power of sale, the mortgagor may avoid a deficiency judgment by

sending a written notice by certified mail to the mortgagee, at

least ten (10) days before the property is to be sold under the

power of sale, that states that the property involved is the

mortgagor's homestead and that the mortgagor elects against a

deficiency judgment. The notice shall also contain a provision, in

bold and underlined language, to the effect that the notice contains

Oklahoma Statutes - Title 46. Mortgages Page 17

important information involving the property of the person receiving

the same and that they may want to seek legal advice.

B. The notice of sale shall be:

1. Personally served in the manner of service of process in

civil cases prescribed by Section 2004 of Title 12 of the Oklahoma

Statutes, other than by publication, at least thirty (30) days prior

to the date of the sale. If, by due diligence, personal service

cannot be made upon such person or persons or the mortgagee does not

know and with due diligence cannot ascertain those matters

enumerated in divisions (1) through (5) of subparagraph b of

paragraph 3 of subsection C of Section 2004 of Title 12 of the

Oklahoma Statutes, the mortgagee shall execute an affidavit to that

effect and the publication notice required in paragraph 2 of this

subsection shall be deemed sufficient; and

2. Published in a newspaper authorized by law to publish legal

notices in each county in which the property to be sold is situated.

The notice shall state the name of the mortgagor, any holder of a

prior mortgage or other lien of record, and any person having an

interest, claim or lien of record in the property whose interest,

claim or lien the mortgagee seeks to foreclose by the exercise of

its power of sale, and shall designate the person or persons whose

unknown successors are being served. The notice shall be published

at least one (1) day a week for four (4) consecutive weeks;

provided, however, the first date of publication shall be not less

than thirty (30) days prior to the date of sale; and

3. Recorded together with the affidavit provided for in

subsection A of this section, in the office of the county clerk of

each county wherein the property to be sold is situated within ten

(10) days after compliance with Section 44 of this title. The

recording of the notice of sale pursuant to this paragraph shall

serve as notice of the pendency of the procedure to any person

acquiring a subsequent interest in the property. To verify

compliance with paragraphs 1 and 2 of this subsection, proof of

receipt, return of service or affidavit in lieu of personal service,

or copies thereof and proof of publication of the notice of sale

shall be recorded in the office of the county clerk of each county

wherein the property to be sold is situated any time before the

recording of the mortgagee's deed executed pursuant to the sale

under this act.

C. The sale may be held in any county where part of the

property to be sold is situated at the time designated in the notice

of sale, or a date to which the sale has been continued as provided

by this act, on a day other than a Sunday or legal holiday, between

the hours of nine o'clock a.m. and five o'clock p.m. at a specified

place on the property, at the courthouse, at another specified place

or at a place of business of the mortgagee.

Oklahoma Statutes - Title 46. Mortgages Page 18

D. If the date of the sale is continued by the mortgagee to a

date later than the date specified in the notice pursuant to the

provisions of this act, the time requirements contained in this

section shall refer to the date the sale is actually held and not

the date of sale specified in the notice.
Okla. Stat. tit. 46, § 46-6 — OK Code / Title 46 / Section 46-6
Formalities similar to deeds
Status: in_force

Mortgages of real property may be acknowledged or proved,

certified, and recorded in like manner and with like effect as

grants thereof.

R.L. 1910, § 4018.
Okla. Stat. tit. 46, § 46-316 — OK Code / Title 46 / Section 46-316
Deduction from taxable income – Exclusion from taxable
Status: in_force

income.

A. 1. Except as otherwise provided in and subject to the

limitations under this act, there shall be deducted from taxable

income of an account holder for Oklahoma income tax purposes the

amount contributed to a home buyer savings account during each tax

year, subject to the limitations of subsection B of this section,

not to exceed Five Thousand Dollars ($5,000.00) for an account

holder who files an individual tax return or Ten Thousand Dollars

($10,000.00) for joint account holders who file a joint tax return.

2. Except as otherwise provided in this act and subject to the

limitations under this section, there shall be excluded from taxable

income of an account holder for Oklahoma income tax purposes the

amount of earnings, including interest and other income on the

principal, from the home buyer savings account during the tax year.

3. An account holder may claim the deduction and exclusion

under this subsection:

a. for an aggregate total amount of principal and

earnings, not to exceed Fifty Thousand Dollars

($50,000.00), and

b. only if the principal and earnings of the account

remain in the account until a withdrawal is made for

eligible costs related to the purchase of a single-

family residence by a qualified beneficiary, except as

otherwise provided in subsection B of Section 4 of

this act.

Oklahoma Statutes - Title 46. Mortgages Page 32

B. A person other than the account holder who deposits funds in

a home buyer savings account shall not be entitled to the deduction

and exclusion provided for under subsection A of this section.

C. The deduction and exclusion from taxable income provided

for by this act shall apply to any alternative bases for calculating

taxable income for Oklahoma income tax purposes.

D. Any funds in a home buyer savings account not expended on

eligible costs by December 31 of the last year of a fifteen-year

period shall thereafter be included in the account holder's taxable

income.
Okla. Stat. tit. 46, § 46-204 — OK Code / Title 46 / Section 46-204
Application
Status: in_force

This act shall apply to indefinite references to mortgages in

deeds and mortgages made before the effective date of this act as

well as to those made thereafter, except that this act shall not be

effective as to mortgages indefinitely referred to in deeds or

mortgages now of record until one (1) year from the effective date

of this act.
Okla. Stat. tit. 46, § 46-42 — OK Code / Title 46 / Section 46-42
Definitions
Status: in_force

As used in this act:

1. "Date of sale" means the date that the mortgagee conducts

the public auction of the property pursuant to Section 46 of this

title;

2. "Homestead" means the property that constitutes the

mortgagor's homestead according to the provisions of Section 1 of

Article XII of the Oklahoma Constitution and statutes enacted

pursuant thereto determined at the time the mortgagor makes any

election under subsection A of Section 43 of this title;

3. "Mortgage" means an instrument creating a lien upon real

estate as security for payment of a debt or other performance of an

obligation;

4. "Mortgagee" includes a successor or assignee and, if

appropriate in the context, an agent or officer or attorney for the

mortgagee;

5. "Mortgagor" means all persons who to the knowledge of the

mortgagee owe payment or other performance of the obligation secured

by the mortgage, and, for the purpose of receipt of notice, includes

a surety, guarantor or co-signer, but if the mortgagor and the owner

of the real estate are not the same person, the term means the owner

of the real estate, the obligor, or both as the context requires;

6. "Property" means the real estate subject to a mortgage; and

7. "Real estate" means any estate in, over, or under land,

including minerals, structures, fixtures, and other things which by

custom, usage, or law pass with a conveyance of land though not

described or mentioned in the instrument of conveyance.
Okla. Stat. tit. 46, § 46-18 — OK Code / Title 46 / Section 46-18
Certificate of county treasurer
Status: in_force

The Secretary of State shall not receive for record or for

filing any mortgage, deed of trust or instruments supplementary

thereto or amendatory thereof, described and covered in Section 1

hereof, unless and until the same has thereon the certificate of a

county treasurer that the same has been presented to him under the

provisions of the Real Estate Mortgage Tax Law, Title 68, Sections

1171 - 1182, O.S.1961, and that any real estate mortgage tax, if any

is due, has been paid or that none is due thereon, as the case may

be.
Okla. Stat. tit. 46, § 46-1.1 — OK Code / Title 46 / Section 46-1.1
Deed of trust subject to mortgage laws
Status: in_force

Every deed of trust on real property, intended as security,

shall be subject to all statutory provisions and laws relating to

mortgages.
Okla. Stat. tit. 46, § 46-44 — OK Code / Title 46 / Section 46-44
Notice of intent to foreclose by power of sale
Status: in_force

In case of breach or default as determined by the terms of the

mortgage, before the same may be used as a basis to foreclose the

mortgage by power of sale, the mortgagee must give the mortgagor a

written notice of intention to foreclose by power of sale by

certified mail addressed to the mortgagor at the last-known address

of the mortgagor. The notice shall state the name and address of

the mortgagee, the nature of the breach(es) or default(s) claimed

with reasonable specificity, that the mortgagor has a right for

thirty-five (35) days from the date the notice is sent to cure a

breach or default and thus to that extent reinstate the mortgage,

the amount of money or action necessary to effect cure, that if the

breach or default is not cured the mortgagee may accelerate the debt

and give the notice provided for in Section 45 of this title or

otherwise foreclose the mortgage, and that the notice contains

important information concerning legal rights under the mortgage and

Oklahoma law and that if the mortgagor has any questions an attorney

should be promptly consulted. If a nonhomestead mortgagor is in

default more than three (3) times in a twenty-four-month period and

has been notified as provided for above, no right to an additional

notice of intent to foreclose will be required prior to acceleration

under Section 45 of this title. If a homestead mortgagor is in

default more than four (4) times in a twenty-four-month period and

has been notified as provided for above, no right to an additional

notice of intent to foreclose will be required prior to acceleration

under Section 45 of this title. If a mortgagee complies with a

contractual provision for notice before acceleration in a Federal

National Mortgage Association or Federal Home Loan Mortgage

Corporation uniform instrument taken by the mortgagee which is

substantially in compliance with or more stringent than the

provisions of the notice of intention to foreclose by power of sale,

such action by the mortgagee constitutes compliance with this

section, but in any event, the requirements of this section shall

run concurrently with any contractual provision for notice before

acceleration in the mortgage. The notice of sale pursuant to

Section 45 of this title may not be given or recorded until the

provisions of this section are met.
Okla. Stat. tit. 46, § 46-317 — OK Code / Title 46 / Section 46-317
Withdrawal of funds for other purposes - Penalty
Status: in_force

Except as otherwise authorized by subsection B of Section 4 of

this act, if the account holder withdraws any funds from a home

buyer savings account for a purpose other than eligible costs for

the purchase of a single-family residence, such funds shall be

included in the account holder's taxable income and the account

holder shall pay a penalty to the Oklahoma Tax Commission equal to

ten percent (10%) of the amount withdrawn. Such penalty shall not

apply to funds withdrawn from an account that were:

1. Withdrawn by reason of the account holder's death or

disability;

2. A disbursement of assets of the account pursuant to a filing

for protection under the United States Bankruptcy Code, 11 U.S.C. §

101 et seq.; or

3. Transferred from an account established under this act into

another account established under this act in accordance with

subsection B of Section 4 of this act.
Okla. Stat. tit. 46, § 46-48 — OK Code / Title 46 / Section 46-48
Disposition of sale proceeds
Status: in_force

A. The mortgagee shall apply the proceeds of the sale as

follows:

1. To the costs and expenses of exercising the power of sale

and of sale, including the payment of reasonable attorney's fees

actually incurred; and

2. Unless otherwise required by law, to the payment of the

contract or indebtedness secured by the mortgage, the payment of all

other obligations provided in or secured by the mortgage, and the

obligations of any junior lienholders or encumbrancers, in order of

their priority as otherwise provided for by law. After payment in

full to all junior lienholders and encumbrancers, payment shall be

made to the party who is the owner of the property immediately

preceding the sale.

B. The mortgagee may elect to deposit all or any part of the

sale proceeds with the clerk of the district court in the county in

which the sale took place. Upon deposit of such monies together

with a legal description of the property whose sale produced the

proceeds, the mortgagee shall be discharged from all responsibility

for acts performed in good faith according to the provisions of this

act, and the clerk shall deposit the amount with the county

treasurer subject to order of the district court in the county upon

the application, by civil action, of any interested party.
Okla. Stat. tit. 46, § 46-19 — OK Code / Title 46 / Section 46-19
Definitions
Status: in_force

As used in this act:

1. "Buyer" means a person who purchases property through

financing, in whole or in part, by a loan secured by the property;

2. "Mortgagee" means a person who provides financing, in whole

or in part, to a buyer for the purchase of property and the

financing is secured by the property;

3. "Person" means an individual, partnership, corporation,

trust or other legal entity;

4. "Property" means real property which is either improved

property or unimproved property which is purchased through financing

by a loan for construction; and

5. "Title protection document" means a lawyer's title opinion

letter, a title certificate, a title insurance policy or other

written assurance as to the state of the title to property.
Okla. Stat. tit. 46, § 46-314 — OK Code / Title 46 / Section 46-314
Duties of account holders
Status: in_force

A. The account holder of a home buyer savings account:

1. Shall not use funds held in a home buyer savings account to

pay expenses of administering the account, except that a service fee

may be deducted from the account by a financial institution in which

the account is held;

2. Shall submit to the Oklahoma Tax Commission, with the

account holder's Oklahoma income tax return:

a. on forms prepared by the Oklahoma Tax Commission,

detailed information regarding the home buyer savings

account, including a list of transactions for the

account during the tax year, and

b. The Form 1099 issued by the financial institution for

such account; and

3. Shall submit to the Oklahoma Tax Commission, upon a

withdrawal of funds from a home buyer savings account, a detailed

account of the eligible costs toward which the account funds were

applied and a statement of the amount of funds remaining in the

account, if any.

B. An account holder may withdraw funds, in whole or in part,

from a home buyer savings account and deposit the funds in a new

home buyer savings account held by a different financial institution

or the same financial institution.
Okla. Stat. tit. 46, § 46-1 — OK Code / Title 46 / Section 46-1
Absolute deed as mortgage
Status: in_force

Every instrument purporting to be an absolute or qualified

conveyance of real estate or any interest therein, but intended to

be defeasible or as security for the payment of money, shall be

deemed a mortgage and must be recorded and foreclosed as such either

in an action to enforce the mortgage or pursuant to a power of sale

as provided for in the Oklahoma Power of Sale Mortgage Foreclosure

Act.

R.L. 1910, § 1156; Laws 1986, c. 319, § 10, eff. Nov. 1, 1986.
Okla. Stat. tit. 46, § 46-3 — OK Code / Title 46 / Section 46-3
Form of mortgage
Status: in_force

A mortgage upon real estate may be substantially in the

following form, to wit:

Oklahoma Statutes - Title 46. Mortgages Page 3

appurtenances thereunto belonging, and warrant the title to the

R.L. 1910, § 4015.
Okla. Stat. tit. 46, § 46-11 — OK Code / Title 46 / Section 46-11
Defeasance must be recorded
Status: in_force

When a grant of real property purports to be an absolute

conveyance, but is intended to be defeasible on the performance of

certain conditions, such grant is not defeated or affected as

against any person other than the grantee or his heirs or devisees

or persons having actual notice, unless an instrument of defeasance,

duly executed and acknowledged, shall have been recorded in the

office of the register of deeds of the county where the property is

situated.

R.L. 1910, § 4021.
Okla. Stat. tit. 46, § 46-311 — OK Code / Title 46 / Section 46-311
Short title - Oklahoma First-Time Home Buyer Savings
Status: in_force

Account Act.

This act shall be known and may be cited as the "Oklahoma First-

Time Home Buyer Savings Account Act".
Okla. Stat. tit. 46, § 46-16 — OK Code / Title 46 / Section 46-16
How released
Status: in_force

A mortgage on real property may be released by written

instrument, duly signed and acknowledged and recorded in the office

of the county clerk as register of deeds.

R.L. 1910, § 4024; Laws 1953, p. 178, § 1; Laws 1977, c. 156, § 3,

eff. Oct. 1, 1977; Laws 1978, c. 92, § 2, eff. Oct. 1, 1978.
Okla. Stat. tit. 46, § 46-2 — OK Code / Title 46 / Section 46-2
Conveyance by holder of deed intended as security as
Status: in_force

assignment.

Any conveyance other than as above provided, by one holding

under an instrument purporting to be a conveyance, but intended as

security, shall be deemed and treated as an assignment and transfer

of the mortgage rights of and indebtedness due the maker thereof.

R.L. 1910, § 1159.
Okla. Stat. tit. 46, § 46-17 — OK Code / Title 46 / Section 46-17
Mortgages, deeds of trust, etc. made by certain
Status: in_force

corporations covering real or personal property - Filing in Office

of Secretary of State - Refiling - Fees.

Every mortgage, deed of trust, and instruments supplementary

thereto or amendatory thereof, or satisfaction thereof, covering any

real or personal property situated in this state, made to secure the

payment of bonds or notes issued or to be issued thereafter by any

corporation which is an interstate gas pipeline company, or by any

public service corporation, as defined in Section 34, Article IX of

the Constitution of Oklahoma, or by any rural water, gas or sewer

district organized pursuant to Sections 1324.1 through 1324.26 of

Title 82 of the Oklahoma Statutes, or by any nonprofit rural water,

gas or sewer company organized pursuant to Sections 851 through 864

of Title 18 of the Oklahoma Statutes, or by any public trust created

under the laws of this state for water, sewer or gas purposes where

a municipality or county is the beneficiary thereof, and every

Oklahoma Statutes - Title 46. Mortgages Page 9

mortgage, deed of trust, and instruments supplementary thereto or

amendatory thereof, or satisfaction thereof, covering any real or

personal property situated in this state made to secure any

indebtedness incurred under the Rural Electrification Act of 1936,

as amended (U.S. Code, Title 7, Chapter 31), shall be executed and

acknowledged in the same manner as are conveyances of real estate

and shall be filed in the Office of the Secretary of State, who

shall endorse thereon his certificate specifying the day and hour of

the instrument's receipt and filing, which shall be evidence of such

facts. Any description of personal or real property in such

mortgage shall be sufficient whether or not it is specific if it

reasonably identifies what is described and interests in real

property created by an instrument previously recorded in the office

of a county clerk of this state may be incorporated therein by

reference. Except as hereinafter provided filing of such instrument

in the Office of the Secretary of State shall be notice to all

subsequent purchasers and encumbrancers of the rights and interests

of the parties thereto as to property described in the filed

instrument and property acquired subsequent to the execution thereof

if the instrument so provides and except as hereinafter provided no

other filing of any such instrument shall be necessary,

notwithstanding the provisions of any other statute. Provided that

in order to impart notice as to real property, instruments issued by

a rural water, gas or sewer district, a nonprofit rural water, gas

or sewer company or a public trust created for water, sewer or gas

purposes where a municipality or county is the beneficiary, must be

filed in the office of the county clerk of the county wherein the

real property is located, as well as in the Office of the Secretary

of State. Any such mortgage, deed of trust, and instruments

supplementary thereto or amendatory thereof, heretofore recorded or

filed in the office of county clerk of any county in this state may

be refiled in the Office of the Secretary of State in the manner

above provided and such refiling shall thereafter as to any property

not previously released from such mortgage or deed of trust be of

the same effect as if the instrument had been originally filed in

said Office of the Secretary of State.

The Secretary of State shall charge and collect a fee of Twenty-

five Dollars ($25.00) for each mortgage, deed of trust, or

instrument amendatory or supplementary thereto, that is filed, or

refiled, and for every instrument of satisfaction for said mortgage,

deed of trust, or instrument amendatory or supplementary thereto,

that is filed, in the Office of the Secretary of State pursuant to

the provisions of this section. This fee shall include other fees

payable to the Secretary of State as provided for by law for such

filings.

Oklahoma Statutes - Title 46. Mortgages Page 10
Okla. Stat. tit. 46, § 46-313 — OK Code / Title 46 / Section 46-313
Designation of account – Designation of beneficiary
Status: in_force

A. After the effective date of this act, any individual may

open an account with a financial institution and designate the

account, in its entirety, as a home buyer savings account to be used

to pay or reimburse a qualified beneficiary's eligible costs for the

purchase of a single-family residence in this state.

B. An account holder shall designate, no later than April 15 of

the year following the tax year during which the account is

established, a home buyer as the qualified beneficiary of the home

buyer savings account. The account holder may designate himself or

herself as the qualified beneficiary and may change the designated

qualified beneficiary at any time; provided, however, there shall

not be more than one qualified beneficiary at any one time.

C. An individual may jointly own a home buyer savings account

with another person if the joint account holders file a joint income

tax return.

Oklahoma Statutes - Title 46. Mortgages Page 30

D. An individual may be the account holder of more than one

home buyer savings account. However, an account holder cannot have

multiple accounts that designate the same qualified beneficiary.

E. An individual may be designated as the qualified beneficiary

on more than one home buyer savings account.

F. Only cash and marketable securities may be contributed to a

home buyer savings account. Subject to the limitations of

subsection B of Section 6 of this act, persons other than the

account holder may contribute funds to a home buyer savings account.

There is no limitation on the amount of contributions that may be

made to or retained in a home buyer savings account.
Okla. Stat. tit. 46, § 46-7 — OK Code / Title 46 / Section 46-7
Record is notice
Status: in_force

The record of a mortgage duly made, operates as notice to all

subsequent purchasers and encumbrancers.

R.L. 1910, § 4019.
Okla. Stat. tit. 46, § 46-49 — OK Code / Title 46 / Section 46-49
Termination of power of sale proceeding
Status: in_force

Notwithstanding anything herein to the contrary, the mortgagee

may at any time prior to the conduct of any sale under this act,

terminate any power of sale proceeding and pursue judicial

foreclosure in accordance with the procedures provided for the

foreclosure of mortgages.
Okla. Stat. tit. 46, § 46-10 — OK Code / Title 46 / Section 46-10
Separate instrument recorded
Status: in_force

Every instrument explanatory of any deed or other writing

purporting to be a conveyance but intended to be defeasible or as

security for the payment of money, shall be deemed a part thereof,

and must be filed and recorded therewith; and unless such

instruments are so filed and recorded together, they and each of

them shall have no other effect than an unrecorded mortgage, and the

Oklahoma Statutes - Title 46. Mortgages Page 6

recording of the principal instrument shall secure no rights to the

holder thereof.

R.L. 1910, § 1157.
Okla. Stat. tit. 46, § 46-318 — OK Code / Title 46 / Section 46-318
Oklahoma Tax Commission forms
Status: in_force

The Oklahoma Tax Commission shall prepare forms for:

1. The designation of an account with a financial institution

to serve as a home buyer savings account;

2. The designation of a qualified beneficiary of a home buyer

savings account; and

3. An account holder to annually submit to the Oklahoma Tax

Commission detailed information regarding the home buyer savings

account, including but not limited to a list of transactions for the

account during the tax year, and identifying any supporting

documentation that is required to be maintained by the account

holder.