David owns a home in Oklahoma City as his primary residence on a standard city lot. He falls behind on a personal credit card debt, and the credit card company obtains a judgment against him. Under Oklahoma's constitutional homestead protection, which of the following best describes the protection available to David?
Correct Answer
A) David's home is fully protected from forced sale by the judgment creditor because it qualifies as his urban homestead.
Oklahoma's Constitution, Article XII, provides a homestead exemption that protects a family's primary residence from forced sale by general creditors (such as credit card companies). For property located within a city or town, the homestead is limited to one acre. A standard city lot is well within one acre, so David's home qualifies as his urban homestead and is fully protected from the judgment creditor's forced sale.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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