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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1319.08 | Use of postclosing solvency covenant.

Ohio Revised Code
/
Title 13 Commercial Transactions
/
Chapter 1319 Miscellaneous Credit Transactions
 
Effective:
March 27, 2013
Latest Legislation:
House Bill 479 - 129th General Assembly
PDF:
Download Authenticated PDF
 

(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.

Available Versions of this Section