Oklahoma § 62-690.15 - Contract to loan - Security - Foreclosure and other
Full text of Oklahoma Oklahoma Statutes § 62-690.15 — Contract to loan - Security - Foreclosure and other, with citation guidance and answers to common questions.
§ 62-690.15. Contract to loan - Security - Foreclosure and other
remedies.
A. When it has been determined by the Authority, upon
application of an enterprise and hearing thereon in the manner
provided in this act, that a particular project referred to in such
application will accomplish the purposes of this act, the Authority
may contract to loan such enterprise an amount up to one hundred
percent (100%) of the estimated cost of the building and equipment
necessary to such project. The Authority shall take as security for
its loan a first or second mortgage lien on such approved project.
B. The Authority is hereby authorized to take title by
foreclosure to any building and equipment on which it has a loan
outstanding, where such acquisition is necessary to protect any loan
previously made by the Authority. The Authority is hereby
authorized to sell, transfer and convey any such building and
equipment to any responsible buyer, provided, that all such property
shall be sold to the highest bidder at a public sale. The Authority
Oklahoma Statutes - Title 62. Public Finance
shall decline the highest bid and reoffer the property for sale if
it considers the price bid insufficient to recover the total cost of
the Authority's investment. In the event such sale, transfer and
conveyance cannot be effected with reasonable promptness, the
Authority may, in order to minimize financial losses and sustain
employment, lease such building and equipment to a responsible
tenant or tenants. Provided, that the terms of such lease shall be
sufficient to ensure that no financial loss shall be incurred by the
Authority, county or school district by the leasing of such
property.
Added by Laws 1983, c. 168, § 15, emerg. eff. June 6, 1983.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 62-690.15
What does Oklahoma Statutes § 62-690.15 cover?
Section 62-690.15 ("Contract to loan - Security - Foreclosure and other") 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 § 62-690.15?
A common citation format is "Oklahoma Statutes § 62-690.15" (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 § 62-690.15 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.