Effective: March 27, 2013
Latest Legislation: House Bill 479 - 129th General Assembly
(A) A postclosing solvency covenant shall not be used, directly or indirectly, as a nonrecourse carveout or as the basis for any claim or action against a borrower or any guarantor or other surety on a nonrecourse loan.
(B) A provision in the documents for a nonrecourse loan that does not comply with division (A) of this section is invalid and unenforceable.
Structure Ohio Revised Code
Title 13 | Commercial Transactions
Chapter 1319 | Miscellaneous Credit Transactions
Section 1319.01 | Liability for Unauthorized Use of Credit Card.
Section 1319.06 | Husband and Wife Must Join in Chattel Mortgage on Household Property.
Section 1319.07 | Definitions for Rc Sections 1319.07 to 1319.09.
Section 1319.08 | Use of Postclosing Solvency Covenant.
Section 1319.09 | Loans Without Nonrecourse Loan Provisions.
Section 1319.11 | Joining or Separating Claims of Creditors.
Section 1319.12 | Taking Assignment of Debts.