Okla. Stat. tit. 12, § 12-1560
This is the official text of Okla. Stat. tit. 12, § 12-1560, part of Oklahoma’s Stat. tit. 12, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12,." Browse the sections below, each linked to its official government source.
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Foreclosure of licensed medical marijuana business –
Official statutory text
Continuation of operations.
A. In the event that a licensed medical marijuana dispensary,
commercial grower or processor is foreclosed, is the subject of an
order appointing a receiver, becomes insolvent, bankrupt or
otherwise ceases operations, a secured party or receiver may
continue operations at the dispensary, grower or processor upon
submitting to the Oklahoma Medical Marijuana Authority, State
Department of Health, proof that the secured party or receiver, or
if the secured party or receiver is a business entity, any
individual who has a financial interest in the secured party or
receiver, meets the requirements and restrictions set forth in:
1. For licensed medical marijuana dispensaries, Section 421 of
Title 63 of the Oklahoma Statutes;
2. For licensed commercial medical marijuana growers, Section
422 of Title 63 of the Oklahoma Statutes; or
3. For licensed medical marijuana processors, Section 423 of
Title 63 of the Oklahoma Statutes.
Oklahoma Statutes - Title 12. Civil Procedure Page 313
The Authority may prescribe the form and manner of submitting
proof under this subsection. Neither the state nor agency of this
state shall require an additional fee from the secured party or
receiver, other than payment of annual fees which may become due
during the operation by the secured party or receiver.
B. Subject to the requirements of subsection A of this section,
the Oklahoma Medical Marijuana Authority, State Department of
Health, shall promulgate rules for the manner and conditions under
which:
1. Marijuana items left by a deceased, insolvent or bankrupt
person or licensee, or subject to a security interest or a court
order appointing a receiver, may be foreclosed, sold under execution
or otherwise disposed whether by foreclosure or by sale as a going
concern;
2. The business of a licensee who is deceased, insolvent,
bankrupt, or the subject of an order appointing receiver or a
foreclosure by a secured party, may be operated for a reasonable
period following the death, insolvency, appointment of a receiver or
bankruptcy; and
3. A secured party or court-appointed receiver may continue to
operate a business for which a license has been issued under Section
421, 422 or 423 of Title 63 of the Oklahoma Statutes for a
reasonable period after default on the indebtedness by the debtor or
after the appointment of the receiver.
A. In the event that a licensed medical marijuana dispensary,
commercial grower or processor is foreclosed, is the subject of an
order appointing a receiver, becomes insolvent, bankrupt or
otherwise ceases operations, a secured party or receiver may
continue operations at the dispensary, grower or processor upon
submitting to the Oklahoma Medical Marijuana Authority, State
Department of Health, proof that the secured party or receiver, or
if the secured party or receiver is a business entity, any
individual who has a financial interest in the secured party or
receiver, meets the requirements and restrictions set forth in:
1. For licensed medical marijuana dispensaries, Section 421 of
Title 63 of the Oklahoma Statutes;
2. For licensed commercial medical marijuana growers, Section
422 of Title 63 of the Oklahoma Statutes; or
3. For licensed medical marijuana processors, Section 423 of
Title 63 of the Oklahoma Statutes.
Oklahoma Statutes - Title 12. Civil Procedure Page 313
The Authority may prescribe the form and manner of submitting
proof under this subsection. Neither the state nor agency of this
state shall require an additional fee from the secured party or
receiver, other than payment of annual fees which may become due
during the operation by the secured party or receiver.
B. Subject to the requirements of subsection A of this section,
the Oklahoma Medical Marijuana Authority, State Department of
Health, shall promulgate rules for the manner and conditions under
which:
1. Marijuana items left by a deceased, insolvent or bankrupt
person or licensee, or subject to a security interest or a court
order appointing a receiver, may be foreclosed, sold under execution
or otherwise disposed whether by foreclosure or by sale as a going
concern;
2. The business of a licensee who is deceased, insolvent,
bankrupt, or the subject of an order appointing receiver or a
foreclosure by a secured party, may be operated for a reasonable
period following the death, insolvency, appointment of a receiver or
bankruptcy; and
3. A secured party or court-appointed receiver may continue to
operate a business for which a license has been issued under Section
421, 422 or 423 of Title 63 of the Oklahoma Statutes for a
reasonable period after default on the indebtedness by the debtor or
after the appointment of the receiver.
Status: in_force · Read it on the official government site
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