Okla. Stat. tit. 11, § 11-37-233
This is the official text of Okla. Stat. tit. 11, § 11-37-233, part of Oklahoma’s Stat. tit. 11, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 11,." Browse the sections below, each linked to its official government source.
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Right of action of bondholder
Official statutory text
Any holder of any improvement bond issued hereunder shall have
the right to institute, in the name of the municipality issuing the
Oklahoma Statutes - Title 11. Cities and Towns Page 394
bond, an action in the district court in the county in which the
property is located to foreclose the lien of the assessments
whenever the assessments, or any installment thereof, are delinquent
for a period of at least six (6) months. The petition for
foreclosure shall generally:
1. State the ownership of the bond;
2. Describe the property assessed;
3. Describe the nature of the improvement;
4. Set forth the amount of the unpaid delinquent assessment or
installment and penalty thereon at the rate of twelve percent (12%)
per annum; and
5. Pray for the foreclosure of the lien.
Summons shall be issued on the petition as in other civil actions
and the cause tried by the district court. Judgment may be entered
on the petition for the amount of the unpaid assessment, or
installment, together with interest thereon at the rate of twelve
percent (12%) per annum from the date the assessment or installment
was due and payable up to the date of the filing of the petition,
and for the sum of six percent (6%) interest on the judgment
computed from the time of filing the petition until the judgment is
paid, together with reasonable attorneys fees. If the judgment,
together with interest, costs and attorneys fees, is not paid within
six (6) months after the date of the rendition thereof, an order of
sale shall issue by the clerk of the court, directed to the sheriff
of the county, to sell the real estate in the manner and form as for
sale of real estate under execution. Upon the payment of the
judgment, the amount thereof exclusive of costs and attorneys fees
shall be paid to the municipal treasurer for deposit in the
separate, special fund to pay outstanding bonds and interest
thereon. The judgment shall provide for the sale of the real estate
subject to existing general ad valorem taxes. All owners or
encumbrancers shall be made parties defendant in the suit. Upon the
institution of an action to collect delinquent and unpaid
assessments in any improvement district against property liable
therefor, no other or further action shall be instituted and
maintained to collect such delinquent assessment against the
property for that year.
the right to institute, in the name of the municipality issuing the
Oklahoma Statutes - Title 11. Cities and Towns Page 394
bond, an action in the district court in the county in which the
property is located to foreclose the lien of the assessments
whenever the assessments, or any installment thereof, are delinquent
for a period of at least six (6) months. The petition for
foreclosure shall generally:
1. State the ownership of the bond;
2. Describe the property assessed;
3. Describe the nature of the improvement;
4. Set forth the amount of the unpaid delinquent assessment or
installment and penalty thereon at the rate of twelve percent (12%)
per annum; and
5. Pray for the foreclosure of the lien.
Summons shall be issued on the petition as in other civil actions
and the cause tried by the district court. Judgment may be entered
on the petition for the amount of the unpaid assessment, or
installment, together with interest thereon at the rate of twelve
percent (12%) per annum from the date the assessment or installment
was due and payable up to the date of the filing of the petition,
and for the sum of six percent (6%) interest on the judgment
computed from the time of filing the petition until the judgment is
paid, together with reasonable attorneys fees. If the judgment,
together with interest, costs and attorneys fees, is not paid within
six (6) months after the date of the rendition thereof, an order of
sale shall issue by the clerk of the court, directed to the sheriff
of the county, to sell the real estate in the manner and form as for
sale of real estate under execution. Upon the payment of the
judgment, the amount thereof exclusive of costs and attorneys fees
shall be paid to the municipal treasurer for deposit in the
separate, special fund to pay outstanding bonds and interest
thereon. The judgment shall provide for the sale of the real estate
subject to existing general ad valorem taxes. All owners or
encumbrancers shall be made parties defendant in the suit. Upon the
institution of an action to collect delinquent and unpaid
assessments in any improvement district against property liable
therefor, no other or further action shall be instituted and
maintained to collect such delinquent assessment against the
property for that year.
Status: in_force · Read it on the official government site
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