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LINCOLN MORTG. INVESTORS v. COOK

No. 57017.

659 P.2d 925 (1982)

LINCOLN MORTGAGE INVESTORS, a business trust, Appellant, v. J.J. COOK, an individual; John R. Methvin and Kie Methvin, husband and wife; Hoshall F. Thomas and Oleta I. Thomas, husband and wife, Appellees.

Supreme Court of Oklahoma.

As Corrected March 21, 1983.

Rehearing Denied March 22, 1983.

Attorney(s) appearing for the Case

McAfee & Taft by Joseph H. Bocock, Oklahoma City, for appellant.

Spradling, Alpern, Friot & Gum by Paul Walters, Oklahoma City, for appellee, J.J. Cook.

Talley & McIlroy by Robert N. McIlroy, Norman, for appellees, John R. Methvin, Kie Methvin, Hoshall N. Thomas and Oleta I. Thomas.

DOOLIN, Justice:

This case presents an issue of first impression in Oklahoma: the validity of due-on-sale clauses in mortgages when the lender is not a federal lending institution.1 Specifically at issue is whether the due-on-sale clause is invalid per se as a clog on the equity of redemption; if not, whether the due-on-sale clause is unenforceable as an unreasonable restraint on alienation...

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