A. Before November 1, 2001, no suit, action or proceeding to foreclose or otherwise enforce the remedies in any mortgage, contract for deed or deed of trust shall be had or maintained after the expiration of ten (10) years from the date the last maturing obligation secured by such mortgage, contract for deed or deed […]
A. Upon commencement of a suit, action or proceeding to foreclose or otherwise enforce the remedies in any mortgage, contract for deed or deed of trust in a court of competent jurisdiction, if the plaintiff/mortgagee believes, knows, or has reason to know, that the subject property is abandoned or vacated and, as a result of […]
This act shall be known and may be cited as the “Oklahoma First-Time Home Buyer Savings Account Act”. Added by Laws 2019, c. 186, § 1, eff. Jan. 1, 2020.
As used in this act: 1. “Account holder” means an individual who establishes, individually or jointly with one or more other individuals, a home buyer savings account as defined in this act; 2. “Allowable closing costs” means a disbursement listed on a settlement statement for the purchase of a single-family residence in Oklahoma by a […]
A. After the effective date of this act, any individual may open an account with a financial institution and designate the account, in its entirety, as a home buyer savings account to be used to pay or reimburse a qualified beneficiary’s eligible costs for the purchase of a single-family residence in this state. B. An […]
A. The account holder of a home buyer savings account: 1. Shall not use funds held in a home buyer savings account to pay expenses of administering the account, except that a service fee may be deducted from the account by a financial institution in which the account is held; 2. Shall submit to the […]
A. A financial institution shall not be required to: 1. Designate an account as a home buyer savings account, or designate the qualified beneficiaries of an account, in the financial institution’s account contracts or systems or in any other way; 2. Track the use of money withdrawn from a home buyer savings account; 3. Allocate […]
A. 1. Except as otherwise provided in and subject to the limitations under this act, there shall be deducted from taxable income of an account holder for Oklahoma income tax purposes the amount contributed to a home buyer savings account during each tax year, subject to the limitations of subsection B of this section, not […]
Except as otherwise authorized by subsection B of Section 4 of this act, if the account holder withdraws any funds from a home buyer savings account for a purpose other than eligible costs for the purchase of a single-family residence, such funds shall be included in the account holder’s taxable income and the account holder […]
The Oklahoma Tax Commission shall prepare forms for: 1. The designation of an account with a financial institution to serve as a home buyer savings account; 2. The designation of a qualified beneficiary of a home buyer savings account; and 3. An account holder to annually submit to the Oklahoma Tax Commission detailed information regarding […]
A. Every instrument in substantial compliance with the form provided for in Section 3 of this title shall be deemed a good and valid mortgage, with all contracts and covenants essential to protect the rights of the holder thereof; but any further lawful contract embodied therein shall be binding upon the parties thereto; and when […]
The provisions of this section shall only apply to mortgages securing an extension of credit made primarily for an agricultural purpose as defined in paragraph 4 of Section 1-301 of Title 14A of the Oklahoma Statutes where the mortgagor is either a natural person or a farm or ranching business corporation as defined in Section […]
Sections 1 through 9 of this act may be cited as the “Oklahoma Power of Sale Mortgage Foreclosure Act”. Added by Laws 1986, c. 319, § 1, eff. Nov. 1, 1986.
The Oklahoma Power of Sale Mortgage Foreclosure Act shall not apply to: 1. A landlord’s lien unless the parties agree in writing that this act applies; 2. A vendor’s or vendee’s lien pursuant to Sections 26 and 30 of Title 42 of the Oklahoma Statutes unless the lien is specifically created by a writing; 3. […]
As used in this act: 1. “Date of sale” means the date that the mortgagee conducts the public auction of the property pursuant to Section 46 of this title; 2. “Homestead” means the property that constitutes the mortgagor’s homestead according to the provisions of Section 1 of Article XII of the Oklahoma Constitution and statutes […]
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 […]
In case of breach or default as determined by the terms of the mortgage, before the same may be used as a basis to foreclose the mortgage by power of sale, the mortgagee must give the mortgagor a written notice of intention to foreclose by power of sale by certified mail addressed to the mortgagor […]
A. If a mortgagee elects to use a power of sale granted in the mortgage, it shall execute a notice of sale in written form directed to the mortgagor, any holder of a prior mortgage or other lien of record, and any person having an interest, claim or lien of record in the property whose […]
A. On the date and at the time and place designated in the notice of sale, the mortgagee exercising the power of sale shall cause the property to be sold at public auction to the highest bidder. To determine the highest bidder, any mortgagor present at the sale may suggest in writing the known lots, […]
A. The sale shall be closed at a time and under reasonable conditions specified by the mortgagee at the time of the sale. Upon receipt of payment in form satisfactory to the mortgagee, the mortgagee shall execute and deliver a deed, without warranty, to the purchaser that is in substantial compliance with the form for […]
