OK SB581

Amends 42 O.S. 2011, Section 147.1 to modify the mechanics and materialmen's lien discharge process in Oklahoma.

Property owners or interested parties may discharge a lien by depositing cash equal to 125% of the lien claim amount or filing a corporate surety bond with a penal amount of 125% of the claim.

County clerk must serve written notice on the lien claimant within 3 business days of deposit; if cash is deposited, the lien is immediately released; if a bond is deposited, the lien claimant has 10 days to file a written objection.

Reduces the forfeiture timeline for unclaimed cash deposits from 10 years to 3 years, after which the county clerk attempts written notification and the deposit plus accrued interest is forfeited to the county general fund.

Takes effect November 1, 2017.