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§ 209. Lien on escrow account

Oklahoma Statutes AnnotatedTitle 42. Liens

Oklahoma Statutes Annotated
Title 42. Liens (Refs & Annos)
Chapter 7. Commercial Real Estate Broker Lien Act
42 Okl.St.Ann. § 209
§ 209. Lien on escrow account
Except as otherwise provided in this section, whenever a claim for lien has been filed with the county clerk, and an escrow account has been established either from the proceeds from the transaction or any other source of funds in an amount equal to one hundred twenty-five percent (125%) of the amount of the claim for lien, then the lien against the commercial real estate shall be extinguished and become a lien on the funds contained in the escrow account. The establishment of an escrow account, as provided for in this section, shall not be cause for any party to refuse to close the transaction.

Credits

Laws 2006, c. 166, § 9, eff. Nov. 1, 2006.
42 Okl. St. Ann. § 209, OK ST T. 42 § 209
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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