Oklahoma § 63-4026 - Repossession by mortgagee - Liability for delinquent

§ 63-4026. Repossession by mortgagee - Liability for delinquent

registration.

At any time that a mortgagee repossesses a vessel or motor on

which the registration has become delinquent as of the date of such

repossession, the mortgagee shall not be required, as a condition

for registration of said vessel or motor to pay any of the penalties

which had accrued as of the date of such repossession otherwise

prescribed in the Oklahoma Vessel and Motor Registration Act.

Provided that said penaltiesshall not be waived unless such vessel

or motor is registered by the mortgagee within five (5) days after

it is repossessed. Provided further, that if the mortgagor or

spouse, becomes the owner of the vessel or motor withinninety (90)

days from the date of repossession, the penalty shall reattach and

be paid when application is made for the new title.

Added by Laws 1989, c. 346, § 26, eff. Jan. 1, 1990.

Oklahoma Statutes - Title 63. Public Health and Safety