Okla. Stat. tit. 46, § 46-4: Further agreements - Foreclosure - Waiver of appraisement -

Assignment of rents and profits as additional security.

A. Every instrument in substantial compliance with the form

provided for in Section 3 of this title shall be deemed a good and

valid mortgage, with all contracts and covenants essential to

protect the rights of the holder thereof; but any further lawful

contract embodied therein shall be binding upon the parties thereto;

and when the words, "and waive the appraisement" are written or

printed therein, the premises mortgaged must be sold without

appraisement, in case of foreclosure and sale thereunder, and in

such case no order for such sale shall issue for six (6) months

after the date of judgment; likewise nothing in this title or in

Sections 10 and 11 of Title 42 of the Oklahoma Statutes, shall be

construed to prevent a mortgagor, in a mortgage transaction not

involving a consumer loan as said term is defined in Section 3-104

of Title 14A of the Oklahoma Statutes, from mortgaging and assigning

the rents and profits from the mortgaged real property as additional

security for the debts secured by the mortgage, without regard to

whether such assignment provides for the immediate collection, or

collection upon a future default of the mortgagor, by the mortgagee,

or its successors, assigns or agents, of the rents and profits so

assigned as the same become due; provided that nothing herein shall

be construed to impair the right under other law of the mortgagee to

obtain the appointment of a receiver or to become a mortgagee in

possession nor does this provision determine the priority of a

mortgagee to rents and profits from the mortgaged property. Any

mortgagee taking an assignment of rents and profits as described

above shall have the obligation to account and pay to the mortgagor

regarding any rents and profits actually collected pursuant to such

assignment, which are not applied on the indebtedness owing to the

mortgagee; however, the mortgagee shall not be deemed to have other

fiduciary obligations to the mortgagor resulting from such

assignment or be deemed to be in possession of the mortgaged real

property, unless the mortgagee also enters into continued physical

possession of the mortgaged real property and exercises exclusive

operating control of the mortgaged real property.

B. This section shall not apply to mortgages securing an

extension of credit made primarily for an agricultural purpose as

defined in paragraph 4 of Section 1-301 of Title 14A of the Oklahoma

Statutes where the mortgagor is either a natural person or a farm or

ranching business corporation as defined in Section 951 of Title 18

of the Oklahoma Statutes.

R.L. 1910, § 4016; Laws 1979, c. 41, § 1; Laws 1986, c. 319, § 11,

eff. Nov. 1, 1986.