Oklahoma § 74-872 - Agency not holding title to real estate comprising
Full text of Oklahoma Oklahoma Statutes § 74-872 — Agency not holding title to real estate comprising, with citation guidance and answers to common questions.
§ 74-872. Agency not holding title to real estate comprising
industrial development project - Loans.
In those instances where in an industrial development agency not
holding title to real estate comprising the industrial development
project, but desiring the Oklahoma Industrial Finance Authority to
participate in the financing of such project, joins a responsible
industrial buyer in making application for a loan from said
Authority for such purpose, the said industrial development agency
itself contributing funds to the financing of such project, whether
secured or not, the said Oklahoma Industrial Finance Authority is
hereby authorized and empowered, subject to all other provisions of
Sections 851 through 868 of this title, and in supplementation
thereof, to participate in the financing of such industrial
development project not to exceed sixty-six and two-thirds percent
(66 2/3%) of the cost thereof, taking as security for its loan a
first mortgage lien on such approved industrial development project
or thirty-three and one-third percent (33 1/3%) of the cost thereof,
taking as security a second mortgage lien on such approved
industrial development project; provided, however, that in such case
the mortgage lien securing funds loaned by the local industrial
development agency shall be inferior to the lien of said Authority,
and provided, further, that the local industrial development agency
shall be jointly and severally liable upon the note or notes given
the said Authority as one of the principal makers thereof.
Amended by Laws 1987, c. 9, § 7, emerg. eff. March 31, 1987.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 74-872
What does Oklahoma Statutes § 74-872 cover?
Section 74-872 ("Agency not holding title to real estate comprising") 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 § 74-872?
A common citation format is "Oklahoma Statutes § 74-872" (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 § 74-872 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.