Section 1319.08 | Use of postclosing solvency covenant.
(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.
Available Versions of this Section
- March 27, 2013 – House Bill 479, 129th General Assembly [ View March 27, 2013 Version ]