Kevin owns a 5-acre parcel in a small Oklahoma town (incorporated municipality) as his primary residence. A judgment creditor obtains a $200,000 judgment against Kevin and seeks to force a sale of the property to satisfy the debt. The property is appraised at $350,000. Kevin claims the entire 5-acre parcel is protected under Oklahoma's homestead exemption. Which of the following most accurately describes the creditor's rights?
Correct Answer
D) The creditor can force a sale of only the 4 acres that exceed the one-acre urban homestead limit, with Kevin retaining the protected one-acre homestead.
Under the Oklahoma Constitution, Article XII, the urban homestead is limited to one acre within a city or town. Kevin's 5-acre parcel exceeds this limit by 4 acres. The creditor can force a sale of the excess 4 acres that are NOT protected by the homestead exemption. Kevin retains the one-acre homestead, which is fully protected from the judgment creditor. The court would need to determine which acre constitutes the homestead (typically the acre on which the dwelling sits), and the remaining 4 acres would be available to satisfy the judgment. This is a nuanced but important application of Oklahoma's urban homestead acreage limit.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
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.
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