Title Examination Standards
Chapter 1, App.
Chapter 7. Marital Interests
§7.3. Marital Interests Purchase Money Mortgages.

The homestead interest of a spouse who is not in title to homestead property is inferior to the lien of a purchase money mortgage. Therefore, the validity of a purchase money mortgage is not affected by the failure of a non-title-holding spouse to execute a purchase money mortgage on homestead property.

Authority:

Cimarron Federal Savings Association v. Jones, 1991 OK CIV APP 67, 832 P.2d 426, approved for publication and given precedential effect, Cimarron Federal Savings Association v. Jones, 1992 OK 55, 832 P.2d 420.

History: Adopted November 4, 1983, by House of Delegates on recommendation of the 1983 Committee on Title Examination Standards, 54 O.B.J. 2379-80 (1983), and approved by the Real Property Section, November 3, 1983. Section B added to the standard by recommendation in the Report of the 1986 Title Examination Standards Committee, 57 O.B.J. 2677-78 (1986), approval of the Real Property Section, November 20, 1986, and adoption by the House of Delegates, November 21, 1986. The 2003 Report of the Title Examination Standards Committee, 74 O.B.J. 2801 (2003) recommended amending this standard for clarification and to reflect the finding in Melton v. Sneed, 1940 OK 502, 109 P.2d 509. The Real Property Law Section approved the amendment on November 13, 2003, and the House of Delegates adopted the amendment on November 14, 2003, 74 O.B.J. 3231 (2003).

The 2010 Report of the Title Examination Standards Committee proposed amendments to the comment to this section to more accurately reflect the legal authority on which the standard is based. The Real Property Law Section approved the proposed amendments on November 18, 2010 and the House of Delegates adopted the amendment on November 19, 2010. 81 O.B.J. 32 (2010).

The 2013 Report of the Title Examination Standards Committee recommended amending this Standard to indicate that the validity of purchase money mortgage is not affected by the failure of a non-titled spouse to execute the purchase money mortgage. The Real Property Section approved the amendment on November 14, 2013 and the House of Delegates adopted the amendment on November 15, 2013.