Bank of Oklahoma, N.A. v. Red Arrow Marina Sales & Service, Inc.

T1 Certiorari was granted to settle the first-impression question whether a creditor who does not impose liability on a mortgage debtor for the deficiency that remains after a foreclosure sale may maintain a suit against the debtor and other parties for fraud in the inducement of the loan that is secured by mortgage. In short, we are asked to decide whether the mortgage debt's satisfaction under Oklahoma's anti-deficiency statute 2 closes for a defrauded lender all other legal avenues of recovery. We hold that it does not.

12 The statute's protection extends only to mortgage debtors. But even…