§46-42. Definitions.

268 words·~1 min read·/ok/title-46-mortgages/46-42

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

As used in this act:

1. "Date of sale" means the date that the mortgagee conducts the public auction of the property pursuant to Section 46 of this title;

2. "Homestead" means the property that constitutes the mortgagor's homestead according to the provisions of Section 1 of Article XII of the Oklahoma Constitution and statutes enacted pursuant thereto determined at the time the mortgagor makes any election under subsection A of Section 43 of this title;

3. "Mortgage" means an instrument creating a lien upon real estate as security for payment of a debt or other performance of an obligation;

4. "Mortgagee" includes a successor or assignee and, if appropriate in the context, an agent or officer or attorney for the mortgagee;

5. "Mortgagor" means all persons who to the knowledge of the mortgagee owe payment or other performance of the obligation secured by the mortgage, and, for the purpose of receipt of notice, includes a surety, guarantor or co-signer, but if the mortgagor and the owner of the real estate are not the same person, the term means the owner of the real estate, the obligor, or both as the context requires;

6. "Property" means the real estate subject to a mortgage; and

7. "Real estate" means any estate in, over, or under land, including minerals, structures, fixtures, and other things which by custom, usage, or law pass with a conveyance of land though not described or mentioned in the instrument of conveyance. Added by Laws 1986, c. 319, § 3, eff. Nov. 1, 1986. Amended by Laws 1987, c. 107, § 2, eff. Nov. 1, 1987.