Mtglq Investors v. Witherspoon

Summary

The Oklahoma Supreme Court held that the six‑year statute of limitations on a mortgage note begins when the holder exercises its acceleration option, not when the borrower defaults, and that a voluntary dismissal of a foreclosure action automatically decelerates (abandons) the acceleration as a matter of law. Accordingly, the trial court’s summary‑judgment ruling in favor of the Witherspoons was reversed and the case remanded for further proceedings.