Patricia owns a 300-acre cattle ranch in rural Oklahoma as her primary residence. She has two types of debts: a mortgage on the ranch and an unsecured personal loan from a finance company. Which of the following correctly describes how Oklahoma's constitutional homestead protection applies to her situation?
Correct Answer
B) The homestead exemption protects 160 acres of the ranch from the personal loan creditor, but does not prevent the mortgage lender from foreclosing on the entire property.
Oklahoma's constitutional homestead exemption (Art. XII) protects up to 160 acres of a rural primary residence from forced sale by general (unsecured) creditors. However, the homestead exemption does NOT protect against voluntary liens such as a purchase-money mortgage or a deed of trust/mortgage that the owner voluntarily placed on the property. The mortgage lender has a consensual lien that the homeowner granted, which takes priority over the homestead protection. Therefore, 160 acres are shielded from the personal loan creditor, but the mortgage lender can foreclose on the entire mortgaged property.
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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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