{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-2260","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-2260","heading":"Default - Remedies - Jurisdiction of courts","body":"A. It may be provided in any resolution authorizing bonds under\n\nthis act that, in the event of a default in the payment of principal\n\nor interest on the bonds or in the performance of any agreement or\n\ncovenant contained in the resolution, and if such default shall have\n\ncontinued for a prescribed period, then the holders of a specified\n\npercentage of the outstanding bonds, or a trustee acting in their\n\nbehalf, may for the equal and proportional benefit of the holders of\n\nall of the bonds and with or without possession thereof:\n\n1. By mandamus or other suit, action or proceeding at law or in\n\nequity, enforce all rights of the holders of the bonds;\n\n2. Bring suit upon the defaulted bonds or coupons;\n\n3. By action or suit in equity to require the Commission to act\n\nas if it were the trustee or an express trust for the bondholders;\n\n4. By action or suit in equity to enjoin any acts or things\n\nwhich may be unlawful or in violation of the rights of the holders\n\nof the bonds;\n\n5. After notice to the Commission as the resolution may\n\nprovide, declare the principal of all of the bonds due and payable;\n\nor\n\n6. Apply as a matter of right for the appointment of a receiver\n\nwho may enter and take possession of all or any part of the\n\nproperties of the Commission and operate and maintain the same and\n\nfix, collect and receive fees and charges for the use thereof and\n\nservices rendered thereby sufficient to provide revenues adequate to\n\ncarry out all of the provisions of the bond resolution and the costs\n\nand disbursements of the proceeding and of the receiver.\n\nB. Subject to the provisions of the Constitution of the State\n\nof Oklahoma, the courts of the county in which any of the real\n\nestate controlled and operated by the Commission may be located and\n\nthe courts of Oklahoma County shall have jurisdiction of any suit,\n\naction or proceeding and of all property involved therein.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"3edc2369f50810e0c936c03bc21f55635eff22ef5089d1824d286069bd41b9c9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-2259","next":"us-ok/okla.-stat.-tit.-74-74-2261"},"notice":"GroundRules: Original legal text. Not legal advice."}