Oklahoma § 62-659 - Defaults - Appointment and powers of receiver
Full text of Oklahoma Oklahoma Statutes § 62-659 — Defaults - Appointment and powers of receiver, with citation guidance and answers to common questions.
§ 62-659. Defaults - Appointment and powers of receiver
In the event of a default in the payment of the principal of or
interest on any revenue bonds issued under this act, any court
having jurisdiction may appoint a receiver to take charge of 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, upon which
lands, buildings, and/or facilities, or any part thereof, there is a
mortgage lien securing the said revenue bonds with reference to
which there is such a default in the payment of principal and/or
interest. The receiver shall have the power to operate and maintain
the said lands, buildings, and/or facilities and to charge and
collect rates and/or rents sufficient to provide for the payment of
the principal of and interest on said bonds, after providing for the
payment of any cost of receivership and operating expenses of said
lands, buildings, and/or facilities, and to apply the income and
revenues derived from said lands, buildings, and/or facilities in
conformity with this act and the resolution or indenture authorizing
and/or securing the said bonds. When the default has been cured,
the receivership shall be ended and the properties returned to the
trustees. The relief afforded by this section shall be construed to
be in addition and supplemental to the remedies that may be afforded
the trustee for the bondholders and the bondholders in the
resolution or indenture authorizing and/or securing the bonds, and
Oklahoma Statutes - Title 62. Public Finance
shall be so granted and administered as to accord full recognition
to priority rights of bondholders as to the pledge of revenues from,
and the mortgage lien on, said lands, buildings, and/or facilities
as specified in and fixed by the resolutions or indentures
authorizing and/or securing successive bonds issues.
Added by Laws 1961, p. 474, § 9, emerg. eff. Aug. 8, 1961.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 62-659
What does Oklahoma Statutes § 62-659 cover?
Section 62-659 ("Defaults - Appointment and powers of receiver") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 62-659?
A common citation format is "Oklahoma Statutes § 62-659" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 62-659 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.