{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-1908","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-1908","heading":"Corporate mortgages - Further loans - Additional tax","body":"In the case of mortgages made by corporations in trust to secure\n\npayments of bonds or obligations issued or to be issued thereafter,\n\nif the total amount of principal indebtedness which under any\n\ncontingency may be advanced or accrued, or which may become secured\n\nby any such mortgage which is subject to this article has not been\n\nadvanced or secured thereon or become secured thereby before such\n\nmortgage is recorded, it may contain at the end thereof a statement\n\nof the amount which at the time of the execution and delivery\n\nthereof has been advanced or accrued thereon or which is then\n\nsecured by such mortgage; thereupon the tax payable on the recording\n\nof the mortgage shall be computed on the basis of the amount so\n\nstated to have been so advanced or accrued thereon, or which is\n\nstated to be secured thereby. Such statement shall thereafter at\n\nall times be binding upon and conclusive against the mortgagee, the\n\nholders of any bonds or obligations secured by such mortgage and all\n\npersons claiming through the mortgagee any interest in the mortgage\n\nor in the mortgaged premises. Whenever a further amount is to be\n\nadvanced under the original mortgage, or shall accrue thereon or\n\nbecome secured thereby, the corporation making such mortgage shall,\n\nat or before the time when such amount is to be advanced, accrues or\n\nbecomes secured, file in the office of the county treasurer in the\n\ncounty where such mortgage has been or is first recorded, a\n\nstatement, verified by the secretary, treasurer or other proper\n\nofficer of said corporation of the amount of principal indebtedness\n\nto be so advanced, accruing or becoming secured, and the tax on such\n\namount shall become due and payable at the time of filing such\n\nstatement. Such additional tax shall be paid to the county\n\ntreasurer in the county where such mortgage has been or is first\n\nrecorded and a receipt therefor shall be noted in the margin of the\n\nrecord of such mortgage and if requested a duplicate receipt for\n\nsuch payment shall also be given to the party paying such tax and\n\nthe note of such payment or additional payment or such receipt shall\n\nhave the same force and effect as the record of receipt of the tax\n\nwhich under this article is payable at or before the recording of\n\nthe mortgage. If such additional tax is not paid as required by this\n\nsection, the trust mortgagee shall not certify any bond or other\n\nobligation issued on account thereof, and the district attorney of\n\nthe county in which such mortgage has been or is first recorded may\n\nmaintain an action against the corporation making such mortgage to\n\nrecover the amount of such tax, with interest at the rate of one\n\npercent (1%) per month from the date when the same became due, and\n\nupon recovering such tax and interest such district attorney shall\n\npay the same to the county treasurer of such county in satisfaction\n\nof such tax. The corporation making such mortgage or the owner of\n\nthe property which secures the mortgage debt shall annually within\n\nthirty (30) days after July 1st, until the maximum amount of\n\nprincipal indebtedness secured by such mortgage has been advanced,\n\nhas accrued or become secured and the tax thereon paid, file in the\n\noffice of the county treasurer in the county where such mortgage has\n\nbeen or is first recorded, a statement, verified by the secretary,\n\ntreasurer or other proper\n\nofficer of said corporation, of the total amount of principal\n\nindebtedness that has been advanced or has accrued on such mortgage,\n\nor has become secured thereby, prior to the first day of July\n\npreceding the filing of such statement. A failure to file any\n\nstatement required by this section within the time required shall\n\nsubject the corporation making such mortgage to a penalty of One\n\nHundred Dollars ($100.00) per day for each day such failure\n\ncontinues, recoverable by the district attorney of the county in\nsuch mortgage,\n\nor has become secured thereby, prior to the first day of July\n\npreceding the filing of such statement. A failure to file any\n\nstatement required by this section within the time required shall\n\nsubject the corporation making such mortgage to a penalty of One\n\nHundred Dollars ($100.00) per day for each day such failure\n\ncontinues, recoverable by the district attorney of the county in\n\nwhich such mortgage has been or is first recorded. Provided,\n\nhowever, that where a mortgage, or deed of trust, is executed to\n\nsecure the payment of bonds issued by any domestic railroad,\n\ntransportation, transmission or industrial corporation and the money\n\nderived from the sale of said bonds so secured by said mortgage, or\n\ndeed of trust, is to be used for the creation, construction,\n\nbuilding, improving and erecting of property that will be subject to\n\nan ad valorem tax in the county where same is situated, there shall\n\nbe paid a recording fee on said mortgage, or deed of trust, so\n\nexecuted for recording said mortgage, or deed of trust, the sum of\n\ntwenty-five cents ($0.25) for first folio and ten cents ($0.10) for\n\neach additional folio and fifty cents ($0.50) for indexing and\n\nrecorder's certificate instead of the fees designated in this\n\narticle, and on payment of same shall not be subject to the\n\npenalties prescribed in this article.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"51c141641d83de8104f4860e88120030cdd69508b9d3bd0a888172fd95d4baf5","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-1907","next":"us-ok/okla.-stat.-tit.-68-68-1909"},"notice":"GroundRules: Original legal text. Not legal advice."}