Oklahoma § 46-47 - Closing of sale - Deed

§ 46-47. Closing of sale - Deed

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 such a

deed prepared by the Administrative Director of the Courts with the

assistance and approval of the Oklahoma Supreme Court and which

identifies the mortgagee's and other interests foreclosed and the

parties involved, indicates where the documents evidencing those

interests are recorded, and recites that the deed is executed by the

mortgagee exercising a power of sale after a breach or default and

sale under this act. Signature and title or authority of the person

signing the deed as grantor is sufficient proof of the signer's

authority to sign. Further proof is not required even though the

signer is also named as grantee in the deed. The mortgagee's deed

shall raise a presumption of compliance with the requirements of

this act regarding the exercise of the power of sale and the sale of

the property, including the giving of the notice of intention to

foreclose and of sale and the conduct of the sale. Such deed shall

constitute conclusive evidence of the meeting of such requirements

in favor of purchasers for value and without actual notice so long

as the failure to meet those requirements would otherwise render the

sale only voidable and, even if the sale is void, after the passage

of two (2) years from the date of the recording of the deed.

B. The mortgagee's deed, pursuant to compliance with the

provisions of this act, shall operate to convey to the purchaser the

title, interest and claim of the mortgagee and of the mortgagor and

their respective successors in interest, and of all persons claiming

Oklahoma Statutes - Title 46. Mortgages

an interest in the property sold which was acquired subsequent to

the recording of the mortgage pursuant to which the power of sale is

exercised and prior to delivery of the mortgagee's deed, or who join

in the exercise of the power of sale. Such conveyance shall be

absolute, without right of redemption and clear of all liens,

claims, or interests to the extent provided in this section, if the

record shows that all necessary parties were duly notified or served

with process as provided for herein and except for any statutory

right of redemption which may be held by the United States of

America under authority of Section 2410 of Title 28 of the United

States Code, as amended.

Added by Laws 1986, c. 319, § 8, eff. Nov. 1, 1986.