Smith v. Frontier Federal Savings & Loan Ass'n

DOOLIN, Justice:

On February 1, 1978, Jeffrey N. Smith and Kathy L. Smith executed a mortgage to Frontier Federal Savings and Loan Association on a certain piece of property in Enid, Oklahoma. One of the provisions of the mortgage was a “due on sale” clause, under which if the Smiths transferred any interest in the property, then Frontier Federal would have the option to declare the entire indebtedness due and payable. The clause also provided, however, that the option to accelerate payment could be waived if Frontier Federal gave its written consent to the transaction. 1

Two years later the…