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SettlePou Secured Summary Judgment Win on Issues of First Impression in Oklahoma
Author: Eric A. Jacocks
SettlePou secured a favorable settlement after defeating a borrower’s summary judgment motion based upon Oklahoma’s statute of limitations and statute of repose. In a case styled LSF9 Master Participation Trust v. Woodward, Case No. CJ-2016-01305 in the District Court of Tulsa County the trial court denied borrower’s motion and in doing so implicitly recognized additional grounds of abandoning acceleration and thereby extending limitations in Oklahoma.
In this 2016 judicial foreclosure the borrower filed a motion for summary judgment pointing to the Note’s 2006 maturity date as a starting point for the statute of limitations and statute of repose. Borrower relied upon Oklahoma’s applicable statute of limitations and Oklahoma’s general statute of repose.
SettlePou argued that borrower ignored later accelerations and a court judgment that reset the statutes. In support of its position, SettlePou raised numerous arguments of first impression in Oklahoma. The Court denied the borrower’s motion for summary judgment, finding that a clear controversy existed as to the date of acceleration. Implicit in the ruling was the Court’s consideration of the various issues of first impression SettlePou raised that related to abandonment of acceleration and the date the statute of limitations and statute of repose should start.