Legal Opinion
Apache Lanes, Inc. v. National Educators Life Insurance Co.
Supreme Court of Oklahoma
Decided September 10, 1974No. 45446, 45440PublishedCited by 18 opinions
1Opinion of the Court
HODGES, Justice.
This is an appeal from the trial court which awarded judgment to the creditor against six individual guarantors based on a contract of guaranty after a mortgage foreclosure action which had resulted in a deficiency.
The issue to be decided is whether the failure of a creditor in a foreclosure proceeding to seek a deficiency judgment against the debtor also bars an action against a guarantor. The focal point of contention is our interpretation of 12 O.S. 1971, § 686. We find the action is barred, and the judgment of the trial court should be reversed.
The controversy arises out…
2Cases cited1 opinion
- Dupree v. JordanSupreme Court of Oklahoma · 1926
3Cited by18 opinions
- First Interstate Bank of Nevada v. ShieldsNevada Supreme Court · 1986
- Bank of Oklahoma, N.A. v. Red Arrow Marina Sales & Service, Inc.Supreme Court of Oklahoma · 2009
- Riverside National Bank v. ManolakisSupreme Court of Oklahoma · 1980
- National Educators Life Insurance Co. v. Apache Lanes, Inc.Supreme Court of Oklahoma · 1976
- International Paper Co. v. WhitsonCourt of Appeals for the Tenth Circuit · 1979
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