Ohio Code 4703.206 – Substitution of financial security for architect lien
(A) Any person with an interest in commercial real estate on which a lien has been perfected pursuant to section 4703.202 of the Revised Code, or named in the affidavit required under that section, may apply to the common pleas court of the county in which the commercial real estate is located to substitute financial security for the lien.
Terms Used In Ohio Code 4703.206
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Bond: includes an undertaking. See Ohio Code 1.02
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
(B) The substitute security shall be in the amount equal to the architect’s claim, and in a form such as an escrow account or surety bond held by the clerk of courts or other party as determined adequate by the court.
(C) The court, in its entry approving the substitute security, shall direct the release of the lien.
(D)(1) The person substituting the security shall file the entry and release for recording in the office of the county recorder of the county in which the commercial real estate is located.
(2) The county recorder shall record the entry and release and charge and collect from the person filing the entry and release for recording the fees set forth in section 317.32 of the Revised Code for the recorder’s services.
Last updated July 14, 2021 at 12:32 PM