2017 Oklahoma Statutes
Title 58. Probate Procedure
§58-385. Authority to renew or extend mortgage or execute new mortgage.
A. 1. The district court may, upon verified petition supported by sufficient evidence showing that the best interest of the owners of the real estate affected requires it, by order, grant authority to the administrators or executors of the estate of deceased persons or to the guardians of the estates of minors or incapacitated persons, to enter into contracts for and to renew or extend the time of payment of any mortgage, lien, or obligation which may by operation of law become a lien upon the real estate of the estate or ward, including homestead, or to execute a new mortgage for the purpose of paying off and securing the release of any such mortgage, lien, or obligation which may by operation of law become a lien; provided, in no case shall such authority be granted to mortgage, or contract for the renewal or extension of any mortgage, for an amount greater than may be necessary to pay an obligation which may by operation of law become a lien, or liens existing at the time an order is granted including principal, interest, taxes, and reasonable expenses as may be incident to perfecting the renewal, extension, or new mortgage.
2. The court, in its discretion, may grant authority to include in a renewal or new mortgage an amount sufficient to pay for necessary repairs on real estate when repairs are necessary for the preservation of the property.
B. 1. The district court may, upon verified petition supported by sufficient evidence showing that the best interest of the affected owners of the real estate requires it, by order, grant authority to the guardians of the estates of incapacitated persons to execute a new mortgage known as a home equity conversion mortgage or rising debt loan for the purpose of meeting the requirements for the health and safety of the ward, obtaining necessary services to meet those requirements, and protecting the rights of the ward so as to maintain the ward in his or her residence; provided, in no case shall authority be granted to mortgage or contract for the renewal or extension of any mortgage for an amount greater than two-thirds (2/3) of the appraised value of the real property of the ward.
2. The court, in its discretion, may grant authority to include in a renewal or new mortgage an amount sufficient to pay for necessary repairs on real estate when repairs are necessary for the preservation of the property.
R.L.1910, § 6364. Amended by Laws 1913, c. 66, p. 103, § 1; Laws 1915, c. 11, § 1; Laws 1935, p. 7, § 1; Laws 1953, p. 237, § 24; Laws 1968, c. 154, § 1, operative Jan. 13, 1969; Laws 1998, c. 132, § 1, eff. Nov. 1, 1998.
