Oklahoma § 74-873
Full text of Oklahoma Oklahoma Statutes § 74-873, with citation guidance and answers to common questions.
§ 74-873.
Power of Authority to purchase notes and mortgages.
Oklahoma Statutes - Title 74. State Government
The Oklahoma Industrial Finance Authority is hereby further
authorized and empowered, if in its discretion the public purposes
of the aforesaid constitutional and statutory provisions would
thereby be subserved, to purchase with recourse from an approved
industrial development agency, a promissory note or notes, and
mortgage or participations therein upon an industrial development
project securing said note or notes previously taken by said
industrial development agency from a responsible buyer of such
industrial development project, provided that the Oklahoma
Industrial Finance Authority shall first have investigated and found
that: (1) The note and mortgage or participations therein so
purchased or offered for purchase shall constitute either a first or
second mortgage lien upon the property, (2) That the amount thereof
does not exceed sixty-six and two-thirds percent (66 2/3%) of the
cost of such industrial development project where the note or
mortgage constitutes a first mortgage lien on the property, or
thirty-three and one-third percent (33 1/3%) of the cost of such
industrial development project where the note or mortgage
constitutes a second mortgage lien on the property, and (3) That the
industrial development agency assigning said note and mortgage will
use the proceeds thereof in the furtherance of other industrial
development projects.
Amended by Laws 1987, c. 9, § 8, emerg. eff. March 31, 1987.
Frequently Asked Questions About Oklahoma § 74-873
What does Oklahoma Statutes § 74-873 cover?
Section 74-873 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 § 74-873?
A common citation format is "Oklahoma Statutes § 74-873" (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 § 74-873 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.