Effective: July 1, 2001
Latest Legislation: Senate Bill 74 - 124th General Assembly
(A) Notwithstanding any other provision of law, to the extent set forth in the transaction documents relating to a securitization:
(1) Any property, assets, or rights purported to be transferred, in whole or in part, in a securitization shall be deemed to no longer be the property, assets, or rights of the transferor.
(2) A transferor in a securitization, the transferor's creditors, or a bankruptcy trustee, receiver, or similar person in an insolvency proceeding involving the transferor shall have no rights whatsoever to reacquire, reclaim, recover, redeem, or recharacterize as property of the transferor any property, assets, or rights purported to be transferred, in whole or in part, by the transferor.
(3) In the event of the transferor's bankruptcy, receivership, or other insolvency proceedings, the property, assets, or rights purported to have been transferred by the transferor, in whole or in part, in a securitization shall not be deemed to be part of the transferor's property, assets, rights, or estate.
(B) Nothing contained in this section shall be deemed to require any securitization transaction to be treated as a sale for federal or state tax purposes or to preclude the treatment of any securitization transaction as a debt for federal or state tax purposes.
(C) As used in this section, "securitization" means a transfer of financial assets by a financial institution insured by the federal deposit insurance corporation (FDIC) to a special purpose entity established to issue securities supported by the financial assets to investors.
Structure Ohio Revised Code
Title 11 | Banks-Savings and Loan Associations
Chapter 1109 | State Banks - Powers
Section 1109.01 | Bank Powers, Rights and Privileges Generally.
Section 1109.02 | Additional and Incidental Powers.
Section 1109.021 | Election to Operate as a Savings and Loan Association.
Section 1109.03 | Federal Deposit Insurance Corporation and Federal Reserve Requirements.
Section 1109.04 | Good Faith Reliance; Electronic Statements and Notice.
Section 1109.05 | Deposit Contracts.
Section 1109.06 | Designating on Signature Card Deposit Is in Trust for Another.
Section 1109.07 | Deposits Payable to Survivor - Deposits Payable on Death.
Section 1109.08 | Safes, Vaults, Safe Deposit Boxes, Night Depositories.
Section 1109.09 | Accounts and Safe Deposit Box Rentals for Minors.
Section 1109.10 | Claims Adverse to Deposits or Property.
Section 1109.11 | Deposits Entered as u.s. Money.
Section 1109.15 | Permitted Transactions.
Section 1109.151 | No Fiduciary Relationship Created.
Section 1109.16 | Standards for Extensions of Credit.
Section 1109.17 | Accepting Drafts or Bills of Exchange.
Section 1109.18 | Extending Credit Pursuant to Revolving Credit Agreement.
Section 1109.181 | Charges Under Revolving Credit Agreement.
Section 1109.20 | Interest and Finance Charge Rates.
Section 1109.22 | Total Loans and Extensions of Credit to Person Outstanding at Any One Time.
Section 1109.24 | Extending Credit to Executive Officer - Reports.
Section 1109.25 | Bank's Own Stock as Security or Payment.
Section 1109.26 | Owning or Holding Real Estate or Stock Acquired in Satisfaction of Debt.
Section 1109.31 | Real Estate Investments.
Section 1109.32 | Bonds, Notes and Other Debt Securities as Investments.
Section 1109.33 | Investing in Stock of Federally Chartered Banks.
Section 1109.34 | Investing in Securities of Domestic Insurance Company.
Section 1109.36 | Underwriting and Dealing in Guaranteed and Acceptable Debt Securities.
Section 1109.39 | Additional Stock Investments.
Section 1109.40 | Additional Authority for Loans and Investments.
Section 1109.43 | Investing in Bankers' Bank or Holding Company.
Section 1109.44 | Investing in Bank Subsidiary Corporations and Bank Service Corporations.
Section 1109.441 | Additional Investment Authority.
Section 1109.45 | Investing in Clearing Corporation.
Section 1109.47 | Limiting Investing in One Issuer.
Section 1109.48 | Investing in Firms Owned and Controlled by Minorities or Women.
Section 1109.49 | Furnishing Financial Information to Superintendent.
Section 1109.53 | Transactions With Affiliates Definitions.
Section 1109.54 | Conditions for Engage in Covered Transaction With Affiliate.
Section 1109.55 | Permitted Transactions With Affiliate.
Section 1109.56 | Rules for Transactions With Affiliates.
Section 1109.59 | Authority to Borrow.
Section 1109.61 | Paying Management and Consulting Fees.
Section 1109.62 | Selling Insurance.
Section 1109.63 | Coin and Bullion.
Section 1109.64 | Travel Services.
Section 1109.65 | Tax Certificate Purchase.
Section 1109.68 | Using Copying or Reproduction Processes.
Section 1109.69 | Record Retention.