Oklahoma § 46-48 - Disposition of sale proceeds

§ 46-48. Disposition of sale proceeds

A. The mortgagee shall apply the proceeds of the sale as

follows:

1. To the costs and expenses of exercising the power of sale

and of sale, including the payment of reasonable attorney's fees

actually incurred; and

2. Unless otherwise required by law, to the payment of the

contract or indebtedness secured by the mortgage, the payment of all

other obligations provided in or secured by the mortgage, and the

obligations of any junior lienholders or encumbrancers, in order of

their priority as otherwise provided for by law. After payment in

full to all junior lienholders and encumbrancers, payment shall be

made to the party who is the owner of the property immediately

preceding the sale.

B. The mortgagee may elect to deposit all or any part of the

sale proceeds with the clerk of the district court in the county in

which the sale took place. Upon deposit of such monies together

with a legal description of the property whose sale produced the

proceeds, the mortgagee shall be discharged from all responsibility

for acts performed in good faith according to the provisions of this

act, and the clerk shall deposit the amount with the county

treasurer subject to order of the district court in the county upon

the application, by civil action, of any interested party.

Added by Laws 1986, c. 319, § 9, eff. Nov. 1, 1986.