Title Examination Standards
Chapter 1, App.
Chapter 24. Mortgages and Other Liens
§24.8. Unenforceable Mortgages and Marketable Title.

No mortgage, contract for deed or deed of trust barred under the provisions of 46 O.S. § 301 shall constitute a defect in determining marketable record title.

Authority: 46 O.S. § 301. Caveat: The examiner should be aware that the above Standard may not apply to mortgages, which are part of a nationwide federal program, in which the United States Government, or one of its agencies, is the mortgagee. See United States v. Ward , 985 F.2d 500 (10th Cir. 1993). Comment: As a result of the repeal of 12A O.S. § 3-122, paragraph B of this standard was repealed in 1995. It provided that, for a debt payable on demand, the due date of the last maturing obligation for the purposes of 46 O.S. § 301 was the date of execution of the mortgage. Comment: 46 O.S. § 301.B states that if enough information is provided on the face of the mortgage, contract for deed or deed of trust to calculate the final due date of the last maturing obligation of the instrument, even if the final due date is not specifically stated, the lien is unenforceable after the expiration of seven (7) years from the date of the last maturing obligation.

History: The standard was recommended by the 1980 Title Examination Standards Committee, 51 O.B.J. 2726, 2727 (1980). It was approved by the Real Property Section, December 3, 1980, and adopted by the House of Delegates, December 5, 1980. A second paragraph of the standard was recommended by the Report of the 1986 Title Examination Standards Committee, 57 O.B.J. 2677, 2682 (1986). It was approved by the Real Property Section, November 20, 1986, and adopted by the House of Delegates, November 21, 1986. The 1994 Report of the Title Examination Standards Committee recommended adding the Caveat to this standard. 65 O.B.A.J. 3334 (10/22/94). The Committee's recommendation was approved by the Real Property Section on November 17, 1994, and adopted by the House of Delegates on November 18, 1994.

The 1995 Report of the Title Examination Standards Committee recommended repeal of the second paragraph of the standard (which paragraph had been adopted in 1986) due to the repeal of 12A O.S. § 3-122. 66 O.B.J. 3256, 3257-58 (10/21/95). The Real Property Section approved the Committee's recommendation on November 9, 1995; the House of Delegates adopted it on November 10, 1995, 66 O.B.J. 3751 (1995).

The 2004 Report of the Title Examination Standards Committee proposed the addition of a second comment to 24.8 to reflect the amendment of 46 O.S. § 301.B. 75 O.B.J. 2805-2807 (10/23/04). The Real Property Law Section approved the proposal on November 11, 2004 and the House of Delegates adopted it on November 12, 2004. 75 O.B.J. 3099-3100 (11/20/04).xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /