Oklahoma § 62-658 - Mortgage liens

§ 62-658. Mortgage liens

Subject to the subsequent provisions of this section, there

shall exist a statutory mortgage lien upon the lands, buildings,

and/or facilities acquired, constructed, reconstructed, extended,

equipped, or improved, in whole or in part, with the proceeds of

revenue bonds issued under this act which shall exist in favor of

the holders of the bonds and in favor of the holders of the coupons

attached to said bonds, and said lands, buildings, and/or facilities

Oklahoma Statutes - Title 62. Public Finance

shall remain subject to such statutory mortgage lien until payment

in full of the principal of and interest on said revenue bonds.

Anything herein to the contrary notwithstanding, the resolution

and/or indenture referred to in Section 5 of this act may impose a

foreclosable mortgage lien upon the lands, buildings, and/or

facilities acquired, constructed, reconstructed, extended, equipped,

or improved, in whole or in part, with the proceeds of revenue bonds

issued under this act and the nature and extent of said mortgage

lien may be controlled by the resolution or indenture including,

without limitation, provisions pertaining to the release of all or

part of the lands, buildings, and/or facilities from the mortgage

lien and the priority of mortgage lien in the event of successive

bond issues as authorized by Section 5 of this act. Subject to such

terms, conditions, and restrictions as may be contained in the

resolution or indenture authorizing and/or securing the said bonds,

any holder of bonds issued under the provisions of this act, or of

any coupon attached thereto, may, either at law or in equity,

enforce the mortgage lien and may, by proper suit, compel the

performance of the duties of the officials of the issuing trustees

set forth in this act and set forth in any resolution and/or

indenture authorizing and/or securing the said bonds.

Added by Laws 1961, p. 473, § 8, emerg. eff. Aug. 8, 1961.