{"data":{"id":"us-ok/okla.-stat.-tit.-46-46-4.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 46, § 46-4.1","heading":"Mortgages securing extension of credit made primarily for","body":"agricultural purposes - Waiver of appraisement - Assignment of rents\n\nand profits as additional security.\n\nThe provisions of this section shall only apply to mortgages\n\nsecuring an extension of credit made primarily for an agricultural\n\npurpose as defined in paragraph 4 of Section 1-301 of Title 14A of\n\nthe Oklahoma Statutes where the mortgagor is either a natural person\n\nor a farm or ranching business corporation as defined in Section 951\n\nof Title 18 of the Oklahoma Statutes. Every instrument\n\nsubstantially the same as the above shall be deemed a good and valid\n\nmortgage, with all contracts and covenants essential to protect the\n\nrights of the holder thereof; but any further lawful contract\n\nembodied therein shall be binding upon the parties thereto; and when\n\nthe words, \"and waive the appraisement\" are written or printed\n\ntherein, the premises mortgaged must be sold without appraisement,\n\nin case of foreclosure and sale thereunder, and in such case no\n\norder for such sale shall issue for six (6) months after the date of\n\njudgment; likewise nothing in this title or in Sections 10 and 11 of\n\nTitle 42 of the Oklahoma Statutes shall be construed to prevent a\n\nmortgagor, in a mortgage transaction not involving a consumer loan\n\nas defined in Section 3-104 of Title 14A of the Oklahoma Statutes,\n\nfrom mortgaging and assigning the rents and profits from the\n\nmortgaged real property as additional security for the debts secured\n\nby the mortgage, where such assignment (i) is made contemporaneously\n\nwith the execution of the mortgage, either as a provision therein or\n\nby separate instrument, and (ii) covers a lease or leases then\n\nexisting or thereafter executed, including renewals or extension\n\nthereof or substitutes therefor, which cover all or any part of the\n\nmortgaged real property, and (iii) is an assignment not conditioned\n\nupon a future default by the mortgagor, and (iv) provides for the\n\nimmediate collection by the mortgagee, or its successors, assigns or\n\nagents, of the rents and profits so assigned as the same become due.\n\nAny mortgagee 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.","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":"637c76f992e27b23170c1212439e1473f5eb148a119eb46ec7f5df11b9b6c3f7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-46-46-4","next":"us-ok/okla.-stat.-tit.-46-46-40"},"notice":"GroundRules: Original legal text. Not legal advice."}