(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.
Added by 129th General AssemblyFile No.201, HB 479, §1, eff. 3/27/2013.Section: Previous 1319.01 1319.02 1319.02-to-1319.05 1319.06 1319.07 1319.08 1319.09 1319.10 1319.11 1319.12 1319.13-to-1319.15 1319.16 1319.17-to-1319.19-1319.99 Next
Last modified: October 10, 2016