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OK HB1490

Bill

Official Source

Status

Introduced

2/4/2013

Primary Sponsor

Mike Ritze

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Amends 42 O.S. 2011, Section 16 regarding priority of mortgage liens on real property
  • Creates an exception to the existing rule that purchase-money mortgages have priority over all other liens against the purchaser
  • Grants builders who construct structures on real property first priority over all other lienholders, including the mortgage lender who financed the property purchase
  • Priority remains subject to the operation of recording laws
  • Effective date: November 1, 2013

Legislative Description

Liens; granting builder who constructs a structure upon real property first priority over all other lienholders; effective date.

Professions and Occupations

Last Action

Second Reading referred to Judiciary

2/5/2013

Committee Referrals

Judiciary2/5/2013

Full Bill Text

No bill text available