§ 602. Definitions
Oklahoma Statutes AnnotatedTitle 71. SecuritiesEffective: November 1, 2022
Effective: November 1, 2022
71 Okl.St.Ann. § 602
§ 602. Definitions
In this Code,1 unless the context otherwise requires;
a. material published or designed for use in social media or a newspaper, magazine, or other periodical, or for radio, television, telephone solicitations or tape recordings, videotaped displays, signs, billboards, motion pictures, telephone directories other than routine listings, websites, other public media, and any other written or electronic communication distributed or made generally available to customers or the public and used in connection with a disposition, an offer to dispose of, or any inducement to any person to purchase or acquire an interest in the title to any subdivided lands including any leasehold interest or land contract,
b. any material used to induce prospective purchasers to visit any subdivided lands or submit to a presentation by a subdivider or any of the subdivider's representatives or agents including but not limited to websites, prospectuses, pamphlets, circulars, form letters, market letters, telemarketing scripts, seminar texts, research reports, surveys, performance reports or summaries, and reprints or excerpts of any other advertisement, sales literature, or published material, and
Advertising shall not mean stockholder communications including, but not limited to, annual reports and interim financial reports, proxy materials, registration statements, securities prospectuses, and application for listing securities on stock exchanges; communications addressed to and relating to the account of any persons who have previously executed a contract for the acquisition of any of the subdivider's lands except where directed to the disposition of additional lands; press releases or other communications delivered to newspapers or other periodicals for general information or public relations purposes, provided no charge is made by and nothing of value is given to such newspapers, their employees or other periodicals for the publication or use of any part of such communication;
4. “Blanket encumbrance” means any trust deed, mortgage, judgment, lien or other financial encumbrance securing or evidencing debt and affecting lands to be subdivided or affecting more than one lot of subdivided land, and any agreement by which the subdivider holds more than one lot under an option, contract or deed, contract to purchase or trust agreement. Blanket encumbrance shall not mean a lien or other encumbrance arising as a result of the imposition of a tax assessed by a public authority so long as no portion thereof is past due;
14. “Subdivision” and “subdivided land” means any land, wherever located, whether improved or unimproved, contiguous or not, which is divided into lots or proposed to be divided for the purpose of disposition pursuant to a common promotional scheme or plan of advertising and disposition. If the land is designated or advertised as a common unit or by a common name, the land shall be presumed, without regard to the number of lots covered by each individual offering, to be offered for disposition as part of a common promotional plan. Where the context so requires, it shall also include any lot in a subdivision and any interest therein; and
Credits
Laws 1977, c. 95, § 602; Laws 2022, c. 78, § 1, eff. Nov. 1, 2022.
Footnotes
Title 71, § 601 et seq.
71 Okl. St. Ann. § 602, OK ST T. 71 § 602
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document |