Oklahoma Statutes
Title 46. Mortgages
§46-48. Disposition of sale proceeds.

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

Oklahoma Statutes

Title 46. Mortgages

§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.

§46-3. Form of mortgage.

§46-4. Further agreements - Foreclosure - Waiver of appraisement - Assignment of rents and profits as additional security.

§46-4.1. Mortgages securing extension of credit made primarily for agricultural purposes - Waiver of appraisement - Assignment of rents and profits as additional security.

§46-5. Mortgage follows property passing by succession or will.

§46-6. Formalities similar to deeds.

§46-7. Record is notice.

§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.

§46-13. Assignments of existing mortgages - Recording within four months - Mortgages on record for six months.

§46-14. Release by attorney.

§46-15. Holder must release - Penalty - Definitions.

§46-16. How released.

§46-17. Mortgages, deeds of trust, etc. made by certain corporations covering real or personal property - Filing in Office of Secretary of State - Refiling - Fees.

§46-18. Certificate of county treasurer.

§46-19. Definitions.

§46-20. Issuance of title protection document - Notice - Waiver.

§46-21. Violation - Penalty.

§46-40. Short title.

§46-41. Scope of act.

§46-42. Definitions.

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

§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.

§46-201. Citation.

§46-202. Indefinite reference to mortgage in subsequent deed or mortgage - Effect.

§46-203. Indefinite reference defined.

§46-204. Application.

§46-301. Foreclosure - Limitations - Cessation of lien - Extension agreements - Notice - Record marketable title - Application of act.

§46-302. Abandoned or vacated property - Motion to protect and preserve - Motion and hearing procedure.

§46-311. Short title - Oklahoma First-Time Home Buyer Savings Account Act.

§46-312. Definitions.

§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.

§46-317. Withdrawal of funds for other purposes - Penalty.

§46-318. Oklahoma Tax Commission forms.