{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-659","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-659","heading":"Defaults - Appointment and powers of receiver","body":"In the event of a default in the payment of the principal of or\n\ninterest on any revenue bonds issued under this act, any court\n\nhaving jurisdiction may appoint a receiver to take charge of the\n\nlands, buildings, and/or facilities acquired, constructed,\n\nreconstructed, extended, equipped, or improved, in whole or in part,\n\nwith the proceeds of revenue bonds issued under this act, upon which\n\nlands, buildings, and/or facilities, or any part thereof, there is a\n\nmortgage lien securing the said revenue bonds with reference to\n\nwhich there is such a default in the payment of principal and/or\n\ninterest. The receiver shall have the power to operate and maintain\n\nthe said lands, buildings, and/or facilities and to charge and\n\ncollect rates and/or rents sufficient to provide for the payment of\n\nthe principal of and interest on said bonds, after providing for the\n\npayment of any cost of receivership and operating expenses of said\n\nlands, buildings, and/or facilities, and to apply the income and\n\nrevenues derived from said lands, buildings, and/or facilities in\n\nconformity with this act and the resolution or indenture authorizing\n\nand/or securing the said bonds. When the default has been cured,\n\nthe receivership shall be ended and the properties returned to the\n\ntrustees. The relief afforded by this section shall be construed to\n\nbe in addition and supplemental to the remedies that may be afforded\n\nthe trustee for the bondholders and the bondholders in the\n\nresolution or indenture authorizing and/or securing the bonds, and\n\nshall be so granted and administered as to accord full recognition\n\nto priority rights of bondholders as to the pledge of revenues from,\n\nand the mortgage lien on, said lands, buildings, and/or facilities\n\nas specified in and fixed by the resolutions or indentures\n\nauthorizing and/or securing successive bonds issues.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"ad3bd48e35416a6cc8a0fcfe4e9636473f109afc56c7529c95e1e491598173ad","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-658","next":"us-ok/okla.-stat.-tit.-62-62-660"},"notice":"GroundRules: Original legal text. Not legal advice."}