Okla. Stat. tit. 58, § 58-963
This is the official text of Okla. Stat. tit. 58, § 58-963, 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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Presentation of proposed lease to court - Review by court
Official statutory text
- Approval - Bond.
On the date fixed in the notice in the last preceding section,
if a proposed lease, or leases, shall have been presented to the
Oklahoma Statutes - Title 58. Probate Procedure Page 136
administrator, administrator with will annexed, executor, or
guardian which shall meet with the approval of said administrator,
administrator with will annexed, executor or guardian he shall
present the same to the district court administering the estate of
said decedent or minor or incompetent person, and on said date the
district court shall review the said proposed lease or leases which
shall have been approved by said administrator, administrator with
will annexed, executor or guardian, and any objections interposed
thereto, and shall ascertain whether it shall be to the best
interest of the estate of said deceased person, minor or incompetent
to enter into said proposed lease, or any of said proposed leases,
and, if it shall be to the best interest of the estate of said
deceased person, minor or incompetent person shall approve that one
which shall in the opinion of said district court be most
advantageous to the estate of said deceased person, or minor or
incompetent person. The court shall direct the administrator,
administrator with will annexed, executor or guardian to execute the
lease upon there being furnished to him a bond, conditioned for
faithful performance of said lease by the lessee, in a sum equal to
one-fifth (1/5) of the total rental to be paid under said lease, or
the rental for two (2) years, or the value of the improvements
agreed to be placed upon said leased property by the lessee,
whichever is the greater. In case said lease shall not have a
definite sum upon which to base such percentage the district court
shall estimate the amount of the prospective rental for the lease
period and fix the bond accordingly.
On the date fixed in the notice in the last preceding section,
if a proposed lease, or leases, shall have been presented to the
Oklahoma Statutes - Title 58. Probate Procedure Page 136
administrator, administrator with will annexed, executor, or
guardian which shall meet with the approval of said administrator,
administrator with will annexed, executor or guardian he shall
present the same to the district court administering the estate of
said decedent or minor or incompetent person, and on said date the
district court shall review the said proposed lease or leases which
shall have been approved by said administrator, administrator with
will annexed, executor or guardian, and any objections interposed
thereto, and shall ascertain whether it shall be to the best
interest of the estate of said deceased person, minor or incompetent
to enter into said proposed lease, or any of said proposed leases,
and, if it shall be to the best interest of the estate of said
deceased person, minor or incompetent person shall approve that one
which shall in the opinion of said district court be most
advantageous to the estate of said deceased person, or minor or
incompetent person. The court shall direct the administrator,
administrator with will annexed, executor or guardian to execute the
lease upon there being furnished to him a bond, conditioned for
faithful performance of said lease by the lessee, in a sum equal to
one-fifth (1/5) of the total rental to be paid under said lease, or
the rental for two (2) years, or the value of the improvements
agreed to be placed upon said leased property by the lessee,
whichever is the greater. In case said lease shall not have a
definite sum upon which to base such percentage the district court
shall estimate the amount of the prospective rental for the lease
period and fix the bond accordingly.
Status: in_force · Read it on the official government site
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