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§ 1560. Foreclosure of licensed medical marijuana business--Continuation of operations

Oklahoma Statutes AnnotatedTitle 12. Civil ProcedureEffective: November 1, 2019

Oklahoma Statutes Annotated
Title 12. Civil Procedure (Refs & Annos)
Chapter 30. Receivers (Refs & Annos)
Effective: November 1, 2019
12 Okl.St.Ann. § 1560
§ 1560. Foreclosure of licensed medical marijuana business--Continuation of operations
Currentness
A. In the event that a licensed medical marijuana dispensary, commercial grower or processor is foreclosed, is the subject of an order appointing a receiver, becomes insolvent, bankrupt or otherwise ceases operations, a secured party or receiver may continue operations at the dispensary, grower or processor upon submitting to the Oklahoma Medical Marijuana Authority, State Department of Health, proof that the secured party or receiver, or if the secured party or receiver is a business entity, any individual who has a financial interest in the secured party or receiver, meets the requirements and restrictions set forth in:
1. For licensed medical marijuana dispensaries, Section 421 of Title 63 of the Oklahoma Statutes;
2. For licensed commercial medical marijuana growers, Section 422 of Title 63 of the Oklahoma Statutes; or
3. For licensed medical marijuana processors, Section 423 of Title 63 of the Oklahoma Statutes.
The Authority may prescribe the form and manner of submitting proof under this subsection. Neither the state nor agency of this state shall require an additional fee from the secured party or receiver, other than payment of annual fees which may become due during the operation by the secured party or receiver.
B. Subject to the requirements of subsection A of this section, the Oklahoma Medical Marijuana Authority, State Department of Health, shall promulgate rules for the manner and conditions under which:
1. Marijuana items left by a deceased, insolvent or bankrupt person or licensee, or subject to a security interest or a court order appointing a receiver, may be foreclosed, sold under execution or otherwise disposed whether by foreclosure or by sale as a going concern;
2. The business of a licensee who is deceased, insolvent, bankrupt, or the subject of an order appointing receiver or a foreclosure by a secured party, may be operated for a reasonable period following the death, insolvency, appointment of a receiver or bankruptcy; and
3. A secured party or court-appointed receiver may continue to operate a business for which a license has been issued under Section 421, 422 or 423 of Title 63 of the Oklahoma Statutes for a reasonable period after default on the indebtedness by the debtor or after the appointment of the receiver.

Credits

Laws 2019, c. 435, § 1, eff. Nov. 1, 2019.
12 Okl. St. Ann. § 1560, OK ST T. 12 § 1560
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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