Oklahoma § 46-42 - Definitions

§ 46-42. Definitions

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 enacted

pursuant thereto determined at the time the mortgagor makes any

election under subsection A of Section 43 of this title;

3. "Mortgage" means an instrument creating a lien upon real

estate as security for payment of a debt or other performance of an

obligation;

4. "Mortgagee" includes a successor or assignee and, if

appropriate in the context, an agent or officer or attorney for the

mortgagee;

5. "Mortgagor" means all persons who to the knowledge of the

mortgagee owe payment or other performance of the obligation secured

by the mortgage, and, for the purpose of receipt of notice, includes

a surety, guarantor or co-signer, but if the mortgagor and the owner

of the real estate are not the same person, the term means the owner

of the real estate, the obligor, or both as the context requires;

6. "Property" means the real estate subject to a mortgage; and

7. "Real estate" means any estate in, over, or under land,

including minerals, structures, fixtures, and other things which by

custom, usage, or law pass with a conveyance of land though not

described or mentioned in the instrument of conveyance.

Added by Laws 1986, c. 319, § 3, eff. Nov. 1, 1986. Amended by Laws

1987, c. 107, § 2, eff. Nov. 1, 1987.