§46-41. Scope of act.

272 words·~1 min read·/ok/title-46-mortgages/46-41

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The Oklahoma Power of Sale Mortgage Foreclosure Act shall not apply to:

1. A landlord's lien unless the parties agree in writing that this act applies;

2. A vendor's or vendee's lien pursuant to Sections 26 and 30 of Title 42 of the Oklahoma Statutes unless the lien is specifically created by a writing;

3. A nonconsensual lien, such as a mechanics or materialmans lien pursuant to Sections 142 through 151 of Title 42 of the Oklahoma Statutes, a judgment lien, or a tax lien;

4. An agreement not to convey or encumber;

5. A lien created or regulated and subject to an enforcement procedure specifically applicable to it under another statute of

this state, such as the lien for the unpaid share of common expenses regulated by Section 524 of Title 60 of the Oklahoma Statutes, unless the parties agree in writing that this act applies;

6. A mortgage securing an extension of credit made primarily for an agricultural purpose as defined in paragraph 4 of Section 1- 301 of Title 14A of the Oklahoma Statutes where the mortgagor is either a natural person or a farm or ranching business corporation as defined in Section 951 of Title 18 of the Oklahoma Statutes; and

7. A mortgage on the mortgagor's homestead if, after the notice of sale is given to the mortgagor pursuant to subsection B of Section 6 of this act, the mortgagor elects judicial foreclosure in compliance with the provisions of subparagraphs b and c of paragraph 2 of subsection A of Section 4 of this act. Added by Laws 1986, c. 319, § 2, eff. Nov. 1, 1986.