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

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

A. Any mortgage or judgment lien on real estate shall be

released by the holder of any such mortgage or judgment lien within

thirty (30) days of the payment of the debt secured by the mortgage

or judgment lien and the holder of the mortgage or judgment lien

shall file the release of the mortgage or judgment lien with the

county clerk where the mortgage or judgment lien is recorded. If,

at the end of the thirty-day period, the holder has failed to

release the mortgage or judgment lien, the mortgagor or debtor, or

the agent representing the mortgagor or debtor, may at any time

request in writing the holder of the mortgage or judgment lien to

release the mortgage or judgment lien and the holder of the mortgage

or judgment lien shall have ten (10) days from the date of the

request to release such mortgage or judgment lien. If the holder of

the mortgage or judgment lien fails to release the mortgage or

judgment lien by the end of such ten-day period, the mortgage or

judgment lien holder shall then forfeit and pay to the mortgagor or

debtor a penalty of one percent (1%) of the principal debt not to

Oklahoma Statutes - Title 46. Mortgages

exceed One Hundred Dollars ($100.00) per day each day the release is

not recorded after the ten-day period has expired and the penalty

may be recovered in a civil action in any court having jurisdiction

thereof, but the request for the release shall be in writing and

describe the mortgage or judgment lien and premises with reasonable

certainty. Provided that, the total penalty shall not exceed one

hundred percent (100%) of the total principal debt.

B. A title insurance company attorney may bring action on

behalf of the mortgagor or debtor to recover the penalty described

in subsection A of this section.

C. For purposes of this section:

1. "Mortgagor" shall include any subsequent purchaser of the

mortgaged real estate; and

2. "Title insurance company" shall mean a corporation or other

business entity authorized and licensed to transact business of

insuring titles to interests in real property in this state.

R.L. 1910, § 4023. Amended by Laws 1977, c. 156, § 2, eff. Oct. 1,

1977; Laws 1978, c. 92, § 1, eff. Oct. 1, 1978; Laws 1987, c. 4, §

1, eff. Nov. 1, 1987; Laws 2015, c. 175, § 1, eff. Nov. 1, 2015;

Laws 2016, c. 210, § 19, emerg. eff. April 26, 2016; Laws 2021, c.

250, § 1, eff. Nov. 1, 2021.

NOTE: Laws 2015, c. 177, § 1 repealed by Laws 2016, c. 210, § 20,

emerg. eff. April 26, 2016.