Oklahoma § 46-301 - Foreclosure - Limitations - Cessation of lien - Extension

§ 46-301. Foreclosure - Limitations - Cessation of lien - Extension

agreements - Notice - Record marketable title - Application of act.

A. Before November 1, 2001, no suit, action or proceeding to

foreclose or otherwise enforce the remedies in any mortgage,

contract for deed or deed of trust shall be had or maintained after

the expiration of ten (10) years from the date the last maturing

obligation secured by such mortgage, contract for deed or deed of

trust becomes due as set out therein, and such mortgage, contract

for deed or deed of trust shall cease to be a lien, unless the

holder of such mortgage, contract for deed or deed of trust either:

1. Before October 1, 1981, has filed or caused to be filed of

record a written Notice of Extension as provided in paragraph 1 of

subsection D of this section; or

2. After October 1, 1981, and within the above described tenyear period, files or causes to be filed of record a written Notice

of Extension as provided in paragraph 1 of subsection D of this

section.

B. Beginning November 1, 2001, no suit, action or proceeding to

foreclose or otherwise enforce the remedies in any mortgage,

contract for deed or deed of trust shall be had or maintained after

the expiration of seven (7) years from the date the last maturing

obligation secured by such mortgage, contract for deed or deed of

Oklahoma Statutes - Title 46. Mortgages

trust becomes due as set out therein, and such mortgage, contract

for deed or deed of trust shall cease to be a lien, unless the

holder of such mortgage, contract for deed or deed of trust, within

the seven-year period, files or causes to be filed of record a

written Notice of Extension as provided in paragraph 1 of subsection

D of this section.

C. No suit, action or proceeding to foreclose or otherwise

enforce the remedies in any mortgage, contract for deed or deed of

trust filed of record in the office of the county clerk, in which

the due date of the last maturing obligation secured by such

mortgage, contract for deed or deed of trust cannot be ascertained

from the written terms thereof, shall be had or maintained after the

expiration of thirty (30) years from the date of recording of the

mortgage, contract for deed or deed of trust, and said mortgage,

contract for deed or deed of trust shall cease to be a lien, unless

the holder of such mortgage, contract for deed or deed of trust

either:

1. Before October 1, 1981, has filed or caused to be filed of

record a written Notice of Maturity Date as provided in paragraph 2

of subsection D of this section; or

2. After October 1, 1981, and within the above described

thirty-year period, files or causes to be filed of record a written

Notice of Maturity Date as provided in paragraph 2 of subsection D

of this section.

D. 1. The Notice of Extension required under subsection A or B

of this section, to be effective for the purpose of this section,

shall show the date of recording, the book and page and the legal

description of the property covered by the mortgage, contract for

deed or deed of trust and the time for which the payment of the

obligation secured thereby is extended, and shall be duly verified

by oath and acknowledged by the holder of the mortgage, contract for

deed or deed of trust.

2. The Notice of Maturity Date required under subsection C of

this section, to be effective for the purpose of this section, shall

show the date of recording, the book and page and the legal

description of the property covered by the mortgage, contract for

deed or deed of trust and the maturity date to which the last

maturing obligation secured thereby is extended, and shall be duly

verified by oath and acknowledged by the holder of the mortgage,

contract for deed or deed of trust.

E. Any mortgage, contract for deed or deed of trust barred

under this section shall not be a defect in determining marketable

record title.

F. The notice required to be filed of record by this section

must be recorded in the office of the county clerk of the county or

counties where the mortgage is recorded.

Oklahoma Statutes - Title 46. Mortgages

G. Nothing contained in this section shall be construed to

revive the lien of any mortgage, contract for deed or deed of trust

which has expired by limitation before the effective date of this

section.

Added by Laws 1980, c. 294, § 1, eff. Oct. 1, 1980. Amended by Laws

2001, c. 126, § 1, eff. Nov. 1, 2001.