Oklahoma § 46-46 - Sale of property - Postponed, continued, changed or

§ 46-46. Sale of property - Postponed, continued, changed or

relocated sale.

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, parcels, or

divisions of the property in which the property should be sold. The

mortgagee shall conditionally sell the property under each

suggestion, and if the mortgagor offers no suggestion, then in such

lots, parcels or divisions as may be determined by the mortgagee,

and in addition thereto, shall sell the property as a whole. The

mortgagee shall determine which conditional sale or sales result in

the highest total price bid for all of the property. An attorney

for the mortgagee may conduct the sale, and act at such sale as the

auctioneer for the mortgagee. Any person, including the mortgagee

or mortgagor may bid at the sale. Every bid shall be deemed an

irrevocable offer, until the sale is completed and the sale shall

not be deemed completed until the purchaser pays the price bid in a

form satisfactory to the mortgagee. If a purchaser other than the

mortgagee, when required by the mortgagee, fails to post cash or

certified funds equal to ten percent (10%) of the amount bid for the

property within twenty-four (24) hours of the sale, excluding

Sundays and legal holidays, or otherwise fails to complete the sale,

the mortgagee may proceed with the sale and may accept the next

highest bid. The party that fails to make such payment shall be

liable to any person who suffers loss or expenses, including

attorney's fees, occasioned thereby and the mortgagee may thereafter

in any sale of property reject any bid of such person. The ten

percent (10%) deposit shall be placed in escrow by the mortgagee and

held in escrow pending completion of the sale. In the event a

purchaser wrongfully fails to complete the transaction of sale

within ten (10) days of the sale or a longer reasonable time

permitted by the mortgagee, any deposit shall be applied first to

the expenses of the sale and the balance to the debt, and the

purchaser shall be liable to any person who suffers loss or

expenses, including attorneys fees, occasioned by the resale of the

property.

Oklahoma Statutes - Title 46. Mortgages

B. The person conducting the sale, for any cause deemed in the

interest of the mortgagee, the mortgagor, or both, may postpone or

continue the sale or change the place of the sale to another

location permitted by law, by giving notice, including the new time

and place, by public declaration at the time and place last

appointed for the sale and in any other manner reasonable under the

circumstances which shall include publication one time at least ten

(10) days prior thereto of a notice of the new date, time and place

of sale, such notice to be directed to the same persons as the

original notice of sale, and proof of publication then to be filed

in the office of the county clerk of each county wherein the

property to be sold is situated any time before the recording of the

mortgagee's deed executed pursuant to the sale under this act. No

other notice of the postponed, continued, changed or relocated sale

is required.

Added by Laws 1986, c. 319, § 7, eff. Nov. 1, 1986. Amended by Laws

1987, c. 107, § 6, eff. Nov. 1, 1987.