Oklahoma § 12-1147.4 - Sale - Trustee - Notice - Terms - Return - Deed Confirmation

§ 12-1147.4. Sale - Trustee - Notice - Terms - Return - Deed Confirmation

Where a sale is made under the provisions of this act, the court

may appoint a trustee to make such sale on such terms as it may deem

advisable, at public or private sale, with or without notice, and on

such terms as to the payment of the purchase price as the court may

direct and in the event the sale is made partly in cash and partly

on credit, the unpaid balance of the purchase money shall be

evidenced by a first mortgage secured by the real estate sold. The

trustee appointed to sell said real estate shall make a verified

return of sale and, upon confirmation by the court, shall execute a

trustee's deed conveying the fee simple title to the real estate

sold. Said deed shall vest in the purchaser the full fee simple

title to said real estate and the rights and claims of all persons

who held an interest therein prior to the sale, including all those

of a class not then in being, shall be forever barred. The court

shall not confirm said sale unless it shall have received

satisfactory evidence that the sale was fairly conducted and that a

higher price cannot be obtained and furthermore that the sale is for

the best interest of all parties who have or may claim an interest

therein.

Added by Laws 1953, p. 58, § 4, emerg. eff. June 1, 1953.