Oklahoma Statutes
Title 46. Mortgages
§46-43. Power of sale - Requirements - Sale procedure - Deficiency - Redemption - Writ of assistance - Foreclosure.

A. Notwithstanding Sections 10 and 11 of Title 42, Sections 686 and 760 of Title 12; and Sections 1 and 4 of this title, or any other inconsistent law:

1. a power to sell the mortgaged real estate may be conferred by the mortgagor upon the mortgagee in the mortgage under which the mortgaged property and the interests of persons therein may be sold in the manner provided for in Sections 43 through 47 of this title, after a breach or default in performance of the contract or contracts for which the property is granted as security, or a breach or default in the performance of the mortgage; and
2. with respect to any mortgage in which a power of sale is granted:
B. Nothing in this act shall be construed to impair the right of the mortgagor or another party to redeem as provided in Sections 18 through 20 of Title 42 of the Oklahoma Statutes, up to the completion of the sale upon payment of the amount owed including all expenses. A mortgagor and mortgagee may agree on the acquisition of the interest of the mortgagor in the real estate by the mortgagee in lieu of foreclosure.
C. The purchaser on foreclosure by power of sale may seek a writ of assistance by application to a court of competent jurisdiction with the same effect as provided in Section 686 of Title 12 of the Oklahoma Statutes.
D. A power of sale must be exercised consistent with this act and in accordance with the agreement of the parties. At the option of the mortgagee a mortgage containing a power of sale may be foreclosed in the manner provided in Section 686 of Title 12 of the Oklahoma Statutes for the foreclosure of mortgages on real property.
Added by Laws 1986, c. 319, § 4, eff. Nov. 1, 1986. Amended by Laws 1987, c. 107, § 3, eff. Nov. 1, 1987.

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