Okla. Stat. tit. 46, § 46-48
This is the official text of Okla. Stat. tit. 46, § 46-48, part of Oklahoma’s Stat. tit. 46, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 46,." Browse the sections below, each linked to its official government source.
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Disposition of sale proceeds
Official statutory text
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.
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.
Status: in_force · Read it on the official government site
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