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.
Added by Laws 1986, c. 319, § 9, eff. Nov. 1, 1986.
Structure Oklahoma Statutes
§46-1. Absolute deed as mortgage.
§46-1.1. Deed of trust subject to mortgage laws.
§46-2. Conveyance by holder of deed intended as security as assignment.
§46-5. Mortgage follows property passing by succession or will.
§46-6. Formalities similar to deeds.
§46-8. Grant intended as mortgage recorded as mortgage.
§46-10. Separate instrument recorded.
§46-11. Defeasance must be recorded.
§46-12. Assignment - Unrecorded - Payment.
§46-15. Holder must release - Penalty - Definitions.
§46-18. Certificate of county treasurer.
§46-20. Issuance of title protection document - Notice - Waiver.
§46-44. Notice of intent to foreclose by power of sale.
§46-45. Notice of sale - Time and place of sale.
§46-46. Sale of property - Postponed, continued, changed or relocated sale.
§46-47. Closing of sale - Deed.
§46-48. Disposition of sale proceeds.
§46-49. Termination of power of sale proceeding.
§46-202. Indefinite reference to mortgage in subsequent deed or mortgage - Effect.
§46-203. Indefinite reference defined.
§46-311. Short title - Oklahoma First-Time Home Buyer Savings Account Act.
§46-313. Designation of account – Designation of beneficiary.
§46-314. Duties of account holders.
§46-315. Duties and liabilities of financial institutions.
§46-316. Deduction from taxable income – Exclusion from taxable income.