FIRST AMERICAN BANK v. INDUS. FINANCE AUTH.

No. 87070.

951 P.2d 625 (1997)

1997 OK 155

FIRST AMERICAN BANK AND TRUST COMPANY OF PURCELL, Oklahoma, a banking corporation, Plaintiff, v. OKLAHOMA INDUSTRIAL FINANCE AUTHORITY, Appellee/Defendant, and County Treasurer of Oklahoma County and Board of County Commissioners of Oklahoma County, Appellants/Defendants, and B & B Wholesale Meat Company, Inc., an Oklahoma corporation; United States of America; Chrysler Capital Corporation, f/k/a E.F. Hutton Credit Corporation; Cash Flow Management, Inc., Defendants. The OKLAHOMA INDUSTRIAL FINANCE AUTHORITY, Third Party Plaintiff, v. Larry BEASLER, an individual; and Louise Beasler, an individual, Third Party Defendants.

Supreme Court of Oklahoma.

As Corrected April 3, 1998.


Attorney(s) appearing for the Case

W.A. Drew Edmondson, Attorney General, and John Crittenden, Assistant Attorney General, Oklahoma City, for Appellee.

Gretchen Crawford, Assistant District Attorney, Oklahoma City, for Appellants.


LAVENDER, Justice.

¶ 1 We hold the tax exemption afforded State-owned property found in OKLA. CONST. art. 10, § 6 did not have the effect of extinguishing all Oklahoma County ad valorem real estate taxes assessed and owing against certain property when appellee, Oklahoma Industrial Finance Authority (OIFA), a State agency, acquired the property. In place of a sale of the property, the Legislature intended...

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