Opinion ID: 1425716
Heading Depth: 1
Heading Rank: 5

Heading: credit union's right to redeem

Text: Oklahoma's statutory law recognizes and confers a right to redeem as inherent in every mortgage. [12] Any person having an interest in mortgaged real estate may redeem from a mortgage or from a deed absolute on its face [13] which is taken as security for debt. [14] In Oklahoma, where the common-law theory of mortgages stands statutorily abrogated and replaced with an equitable theory, a right to redeem means that upon discharge of the debt within the maximum permissible time, the foreclosed borrower is entitled to have the mortgaged premises released from the lien and his entire estate restored to the extent he would have had if the mortgage transaction had never taken place. [15] We accordingly hold that Credit Union, the purchaser of the property in question at the prior judicial sale, [16] had a right to redeem from Sooner's mortgage.