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New Ohio Receivership Laws: A Mixed Bag for Lenders

May 5, 2015 Justin Knappick

Effective March 23, 2015, lenders foreclosing commercial mortgages in Ohio are playing by new rules.  The revisions to Ohio’s receivership law, O.R.C. § 2735.01 et seq., clarify a receiver’s authority and, most importantly, codify a receiver’s authority to sell the property free and clear of all liens.  However, while a receiver can sell property free and clear of a lender’s interest, the new legislation also provides that “the court may require that the receiver solicit and consider additional offers.”  This addition benefits lenders by providing the court a mechanism to ensure the property is sold at the highest price.  For additional details see O.R.C. § 2735.04.

Justin Knappick is an attorney in the law firm of Dressman Benzinger LaVelle, with offices in Cincinnati, Ohio, Crestview Hills, Kentucky, and Louisville, Kentucky.

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