{"data":{"id":"us-ok/okla.-stat.-tit.-46-46-4","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 46, § 46-4","heading":"Further agreements - Foreclosure - Waiver of appraisement -","body":"Assignment of rents and profits as additional security.\n\nA. Every instrument in substantial compliance with the form\n\nprovided for in Section 3 of this title shall be deemed a good and\n\nvalid mortgage, with all contracts and covenants essential to\n\nprotect the rights of the holder thereof; but any further lawful\n\ncontract embodied therein shall be binding upon the parties thereto;\n\nand when the words, \"and waive the appraisement\" are written or\n\nprinted therein, the premises mortgaged must be sold without\n\nappraisement, in case of foreclosure and sale thereunder, and in\n\nsuch case no order for such sale shall issue for six (6) months\n\nafter the date of judgment; likewise nothing in this title or in\n\nSections 10 and 11 of Title 42 of the Oklahoma Statutes, shall be\n\nconstrued to prevent a mortgagor, in a mortgage transaction not\n\ninvolving a consumer loan as said term is defined in Section 3-104\n\nof Title 14A of the Oklahoma Statutes, from mortgaging and assigning\n\nthe rents and profits from the mortgaged real property as additional\n\nsecurity for the debts secured by the mortgage, without regard to\n\nwhether such assignment provides for the immediate collection, or\n\ncollection upon a future default of the mortgagor, by the mortgagee,\n\nor its successors, assigns or agents, of the rents and profits so\n\nassigned as the same become due; provided that nothing herein shall\n\nbe construed to impair the right under other law of the mortgagee to\n\nobtain the appointment of a receiver or to become a mortgagee in\n\npossession nor does this provision determine the priority of a\n\nmortgagee to rents and profits from the mortgaged property. Any\n\nmortgagee taking an assignment of rents and profits as described\n\nabove shall have the obligation to account and pay to the mortgagor\n\nregarding any rents and profits actually collected pursuant to such\n\nassignment, which are not applied on the indebtedness owing to the\n\nmortgagee; however, the mortgagee shall not be deemed to have other\n\nfiduciary obligations to the mortgagor resulting from such\n\nassignment or be deemed to be in possession of the mortgaged real\n\nproperty, unless the mortgagee also enters into continued physical\n\npossession of the mortgaged real property and exercises exclusive\n\noperating control of the mortgaged real property.\n\nB. This section shall not apply to mortgages securing an\n\nextension of credit made primarily for an agricultural purpose as\n\ndefined in paragraph 4 of Section 1-301 of Title 14A of the Oklahoma\n\nStatutes where the mortgagor is either a natural person or a farm or\n\nranching business corporation as defined in Section 951 of Title 18\n\nof the Oklahoma Statutes.\n\nR.L. 1910, § 4016; Laws 1979, c. 41, § 1; Laws 1986, c. 319, § 11,\n\neff. Nov. 1, 1986.","path":["OK Code","Title 46"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os46.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"09ad91b3a1b48a150e04f35a757cd9230ea778d144b84b7d659487378d21c5f7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-46-46-318","next":"us-ok/okla.-stat.-tit.-46-46-4.1"},"notice":"GroundRules: Original legal text. Not legal advice."}