Home Table of Contents

§ 39-120. Sale of property by trustee

Oklahoma Statutes AnnotatedTitle 11. Cities and Towns

Oklahoma Statutes Annotated
Title 11. Cities and Towns (Refs & Annos)
Chapter 1. Municipal Code (Refs & Annos)
Municipal Departments and Services
Article XXXIX. Improvement Districts (Refs & Annos)
11 Okl.St.Ann. § 39-120
§ 39-120. Sale of property by trustee
A. After expiration of the period of redemption of the tract or parcel of land foreclosed, the trustee may apply to the district court which ordered the property sold for an order authorizing the trustee to sell the property at private sale.
B. After the filing of the application of the trustee, the district court shall appoint three (3) disinterested persons to appraise the property sought to be sold and return the appraisement to the court. After the appraisement is filed in the district court, the district court shall, if it deems the appraisement to be fair, enter an order authorizing and directing the trustee to sell and convey to the purchaser the tract or parcel of land being sold. The tract or parcel of land shall not be sold at private sale except for cash and for no less than the value determined by the appraisers.
C. If the trustee is unable to sell the tract or parcel of land at its appraised value, the trustee may apply to the district court which ordered the property sold for an order authorizing the trustee to sell for cash the tract or parcel of land foreclosed to the highest and best bidder subject to the approval of the district court. If the court determines that the property cannot be sold at its appraised value, the court may enter an order directing the public sale of the property.
D. After the sale of the foreclosed tract or parcel of land at either a private sale or a public sale, approved by the court, the trustee shall:
1. Deduct the costs of the sale and costs taxed against the tract or parcel of land in the sale proceedings; and
2. Pay the remainder of the proceeds into the proper district fund for payment of the interest and the bonds. In case of the sale of any tract or parcel of land subject to more than one delinquent assessment, such remaining proceeds shall be distributed into the proper district funds for such payment pro rata based upon the total unpaid amount due each such district.

Credits

Laws 1978, c. 233, § 20, emerg. eff. April 25, 1978; Laws 1983, c. 170, § 29, eff. July 1, 1983.
11 Okl. St. Ann. § 39-120, OK ST T. 11 § 39-120
Current with legislation of the Second Regular Session of the 58th Legislature (2022) effective through October 1, 2022. Some sections may be more current, see credits for details.
End of Document