Oklahoma § 58-385 - Authority to renew or extend mortgage or execute new

§ 58-385. Authority to renew or extend mortgage or execute new

mortgage.

A. 1. The district court may, upon verified petition supported

by sufficient evidence showing that the best interest of the owners

of the real estate affected requires it, by order, grant authority

to the administrators or executors of the estate of deceased persons

or to the guardians of the estates of minors or incapacitated

persons, to enter into contracts for and to renew or extend the time

of payment of any mortgage, lien, or obligation which may by

operation of law become a lien upon the real estate of the estate or

ward, including homestead, or to execute a new mortgage for the

purpose of paying off and securing the release of any such mortgage,

lien, or obligation which may by operation of law become a lien;

provided, in no case shall such authority be granted to mortgage, or

contract for the renewal or extension of any mortgage, for an amount

greater than may be necessary to pay an obligation which may by

operation of law become a lien, or liens existing at the time an

order is granted including principal, interest, taxes, and

reasonable expenses as may be incident to perfecting the renewal,

extension, or new mortgage.

2. The court, in its discretion, may grant authority to include

in a renewal or new mortgage an amount sufficient to pay for

necessary repairs on real estate when repairs are necessary for the

preservation of the property.

B. 1. The district court may, upon verified petition supported

by sufficient evidence showing that the best interest of the

affected owners of the real estate requires it, by order, grant

authority to the guardians of the estates of incapacitated persons

to execute a new mortgage known as a home equity conversion mortgage

or rising debt loan for the purpose of meeting the requirements for

Oklahoma Statutes - Title 58. Probate Procedure

the health and safety of the ward, obtaining necessary services to

meet those requirements, and protecting the rights of the ward so as

to maintain the ward in his or her residence; provided, in no case

shall authority be granted to mortgage or contract for the renewal

or extension of any mortgage for an amount greater than two-thirds

(2/3) of the appraised value of the real property of the ward.

2. The court, in its discretion, may grant authority to include

in a renewal or new mortgage an amount sufficient to pay for

necessary repairs on real estate when repairs are necessary for the

preservation of the property.

R.L.1910, § 6364. Amended by Laws 1913, c. 66, p. 103, § 1; Laws

1915, c. 11, § 1; Laws 1935, p. 7, § 1; Laws 1953, p. 237, § 24;

Laws 1968, c. 154, § 1, operative Jan. 13, 1969; Laws 1998, c. 132,

§ 1, eff. Nov. 1, 1998.