Ohio Code 1319.08 – Use of postclosing solvency covenant
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(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.
Terms Used In Ohio Code 1319.08
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
(B) A provision in the documents for a nonrecourse loan that does not comply with division (A) of this section is invalid and unenforceable.