Southwestern Commercial Capital, Inc. v. Cornett Packing Co.

WATT, J.,

FACTS AND PROCEDURAL BACKGROUND

¶ 1 The facts giving rise to this appeal are not in dispute. In 1987, defendants, Cornett Packing Company and others, gave a mortgage on certain real property in Oklahoma County to plaintiff, Southwestern Commercial Capital, Inc., which Southwestern then assigned to the Small Business Administration. The Small Business Administration later reassigned the mortgage to Southwestern. The term “mortgagee” is used throughout this opinion to describe whichever mortgagee held the mortgage at the time being discussed.

¶ 2 Cornett failed to pay the ad valorem…