I've been told that there is a penalty/fine assessed against the secured party if a mortgage is not release within a stated period of when the loan was paid off. Can anyone direct me in the right direct for finding this information? I've looked through several sections of Article 9 but I'm just not finding what I am looking for.

Any help would be appreciated!

Oklahoma Statutes Citationized
Title 46. Mortgages
Chapter 1
Section 15 - Holder Must Release - Penalty.

A. Any mortgage on real estate shall be released by the holder of any such mortgage within fifty (50) days of the payment of the debt secured by the mortgage and the holder of the mortgage shall file the release of the mortgage with the county clerk where the mortgage is recorded. If, at the end of the fifty-day period, the holder has failed to release the mortgage, the mortgagor may at any time request in writing the holder of the mortgage to release the mortgage and the holder of the mortgage shall have ten (10) days from the date of the request to release such mortgage. If the holder of the mortgage fails to release the mortgage by the end of such ten-day period, he shall then forfeit and pay to the mortgagor a penalty of one percent (1%) of the principal debt not to exceed One Hundred Dollars ($100.00) per day each day the release is not recorded after the ten-day period has expired and the penalty shall be recovered in a civil action in any court having jurisdiction thereof, but the request for the release shall be in writing and describe the mortgage and premises with reasonable certainty. Provided that, the total penalty shall not exceed one hundred percent (100%) of the total principal debt.

B. For purposes of this section, "mortgagor" shall include any subsequent purchaser of the mortgaged real estate.

Thank you sooooooooooooooooooooooooo much! That is exactly what I am looking for!