§ 12-1551. Appointment of receiver.

A receiver may be appointed by a Judge of the Supreme Court or a district court judge:

1.  In an action by a vendor to vacate a fraudulent purchase of property, or by a creditor to subject any property or fund to his claim, or between partners or others jointly owning or interested in any property or fund, on the application of the plaintiff, or of any party whose right to or interest in the property or fund, or the proceeds thereof, is probable, and where it is shown that the property or fund is in danger of being lost, removed or materially injured.

2.  In an action by a mortgagee for the foreclosure of his mortgage and sale of the mortgaged property or in connection with a mortgagee foreclosing his mortgage by power of sale under the Oklahoma Power of Sale Mortgage Foreclosure Act:

a.where it appears that the mortgaged property is in danger of being lost, removed or materially injured, or

b.that a condition of the mortgage has not been performed, and that the property is probably insufficient to discharge the mortgage debt, or

c.that a condition of the mortgage has not been performed and the mortgage instrument provides for the appointment of a receiver.

3.  After judgment, to carry the judgment into effect.

4.  After judgment, to dispose of the property according to the judgment, or to preserve it during the pendency of an appeal, or in proceeding in aid of execution, when an execution has been returned unsatisfied, or when the judgment debtor refuses to apply his property in satisfaction of the judgment.

5.  In the cases provided in this Code, and by special statutes, when a corporation has been dissolved, or is insolvent, or in imminent danger of insolvency, or has forfeited its corporate rights.

6.  In all other cases where receivers have heretofore been appointed by the usages of the courts of equity.

R.L. 1910, § 4979.  Amended by Laws 1989, c. 332, § 1, eff. Nov. 1, 1989.