§ 63. Real estate mortgage as bond
Oklahoma Statutes AnnotatedTitle 12. Civil Procedure
12 Okl.St.Ann. § 63
§ 63. Real estate mortgage as bond
In every instance in this state where bond, indemnity or guaranty is required, a first mortgage upon improved real estate within this state shall be accepted: Provided, that the amount of such bond, guaranty or indemnity shall not exceed fifty percent (50%) of the reasonable valuation of such improved real estate, exclusive of all buildings thereon; Provided, further, that where the amount of such bond, guaranty or indemnity shall exceed fifty percent (50%) of the reasonable valuation of such improved real estate, exclusive of all buildings, then such first mortgage shall be accepted to the extent of such fifty percent (50%) valuation.
Credits
R.L.1910, § 5344.
12 Okl. St. Ann. § 63, OK ST T. 12 § 63
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 |