Ohio Rev. Code Ann. § 1319.08 – Use of postclosing solvency covenant | Midpage
§ 1319.08
Ohio Rev. Code Ann. § 1319.08
Use of postclosing solvency covenant
Effective Mar 27, 2013House 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.