2018 Oklahoma Statutes
Title 70. Schools
§70-634. Default - Foreclosure - Receivership.

Universal Citation: 70 OK Stat § 70-634 (2018)

In case of default in the payment of interest due upon any loan made by the Commissioners of the Land Office or upon the failure of the mortgagor, or his assigns, to comply with any of the terms or conditions of any mortgage as therein provided, it shall be the duty of any court of competent jurisdiction in action to foreclose such mortgage upon the application of the Commissioners and a showing of default or breach of any of the terms of said mortgage to appoint a receiver to take charge of the real estate covered by said mortgage which said receiver shall be authorized and empowered to take full charge of said real estate pending the final determination of said action, and the occupant of said premises, whether he be the fee owner of said real estate or otherwise, shall surrender possession of said real estate to the said receiver or secure a lease on said premises from the said receiver and shall account to said receiver for all rents arising from said real estate, and the court wherein said action is pending shall have authority to enforce the provisions hereof by ordering the removal of the occupant of the premises involved in any action, in case said occupant should fail to comply with the provisions hereof.

Laws 1919, c. 194, p. 273, § 10; Laws 1933, c. 91, p. 166, § 10.

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