Okla. Stat. tit. 58, § 58-485

This is the official text of Okla. Stat. tit. 58, § 58-485, part of Oklahoma’s Stat. tit. 58, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 58,." Browse the sections below, each linked to its official government source.

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Sale of land subject to mortgage

Official statutory text

When any sale is made by an executor or administrator, pursuant

to the provisions of this chapter, of lands subject to any mortgage

or other lien, which is a valid claim against the estate of the

decedent and has been presented and allowed, the purchase money must

be applied, after paying the necessary expenses of the sale, first

to the payment and satisfaction of the mortgage or lien, and the

residue, if any, in due course of administration. The application

of the purchase money to the satisfaction of the mortgage or lien

must be made without delay; and the land is subject to such mortgage

or lien until the purchase money has been actually so applied. No

claim against any estate which has been presented and allowed is

affected by the statute of limitations, pending the proceedings for

the settlement of the estate. The purchase money, or so much

thereof as may be sufficient to pay such mortgage or lien, with

interest, and any lawful costs and charges thereon, may be paid into

the district court, to be received by the judge thereof, whereupon

Oklahoma Statutes - Title 58. Probate Procedure Page 88

the mortgage or lien upon the land must cease, and the purchase

money must be paid over by the judge without delay, in payment of

the expenses of the sale and in satisfaction of the debt, to secure

which the mortgage or other lien was taken, and the surplus, if any,

at once returned to the executor or administrator, unless, for good

cause shown, after notice to the executor or administrator, the

judge otherwise directs.

Status: in_force · Read it on the official government site

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