Okla. Stat. tit. 11, § 11-39-120
This is the official text of Okla. Stat. tit. 11, § 11-39-120, 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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Sale of property by trustee
Official statutory text
A. After expiration of the period of redemption of the tract or
parcel of land foreclosed, the trustee may apply to the district
court which ordered the property sold for an order authorizing the
trustee to sell the property at private sale.
B. After the filing of the application of the trustee, the
district court shall appoint three (3) disinterested persons to
appraise the property sought to be sold and return the appraisement
to the court. After the appraisement is filed in the district
court, the district court shall, if it deems the appraisement to be
fair, enter an order authorizing and directing the trustee to sell
and convey to the purchaser the tract or parcel of land being sold.
The tract or parcel of land shall not be sold at private sale except
for cash and for no less than the value determined by the
appraisers.
C. If the trustee is unable to sell the tract or parcel of land
at its appraised value, the trustee may apply to the district court
which ordered the property sold for an order authorizing the trustee
to sell for cash the tract or parcel of land foreclosed to the
highest and best bidder subject to the approval of the district
court. If the court determines that the property cannot be sold at
its appraised value, the court may enter an order directing the
public sale of the property.
D. After the sale of the foreclosed tract or parcel of land at
either a private sale or a public sale, approved by the court, the
trustee shall:
Oklahoma Statutes - Title 11. Cities and Towns Page 446
1. Deduct the costs of the sale and costs taxed against the
tract or parcel of land in the sale proceedings; and
2. Pay the remainder of the proceeds into the proper district
fund for payment of the interest and the bonds. In case of the sale
of any tract or parcel of land subject to more than one delinquent
assessment, such remaining proceeds shall be distributed into the
proper district funds for such payment pro rata based upon the total
unpaid amount due each such district.
parcel of land foreclosed, the trustee may apply to the district
court which ordered the property sold for an order authorizing the
trustee to sell the property at private sale.
B. After the filing of the application of the trustee, the
district court shall appoint three (3) disinterested persons to
appraise the property sought to be sold and return the appraisement
to the court. After the appraisement is filed in the district
court, the district court shall, if it deems the appraisement to be
fair, enter an order authorizing and directing the trustee to sell
and convey to the purchaser the tract or parcel of land being sold.
The tract or parcel of land shall not be sold at private sale except
for cash and for no less than the value determined by the
appraisers.
C. If the trustee is unable to sell the tract or parcel of land
at its appraised value, the trustee may apply to the district court
which ordered the property sold for an order authorizing the trustee
to sell for cash the tract or parcel of land foreclosed to the
highest and best bidder subject to the approval of the district
court. If the court determines that the property cannot be sold at
its appraised value, the court may enter an order directing the
public sale of the property.
D. After the sale of the foreclosed tract or parcel of land at
either a private sale or a public sale, approved by the court, the
trustee shall:
Oklahoma Statutes - Title 11. Cities and Towns Page 446
1. Deduct the costs of the sale and costs taxed against the
tract or parcel of land in the sale proceedings; and
2. Pay the remainder of the proceeds into the proper district
fund for payment of the interest and the bonds. In case of the sale
of any tract or parcel of land subject to more than one delinquent
assessment, such remaining proceeds shall be distributed into the
proper district funds for such payment pro rata based upon the total
unpaid amount due each such district.
Status: in_force · Read it on the official government site
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