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American College of Mortgage Attorneys — Partner with the Best®

Formed in 1974, the American College of Mortgage Attorneys (ACMA) is comprised of over 500 lawyers in North America who are experts in mortgage law.

United States

Ohio

Several counties continue to follow the registered property system (sometimes referred to as the “Torrens” system) as to a limited number of properties. Under the registered property system, title to real estate is registered in accordance with statutory procedures. (ORC Chapter 5309).

GENERAL

SECURITY INSTRUMENT USED

Mortgagor must sign and acknowledge the mortgage. The signing must be acknowledged before a judge or clerk of court, or a county auditor, county engineer, notary public, or mayor, who must certify the acknowledgment and sign the certificate of the acknowledgment. (ORC &sect;&nbsp;5301.01). Ohio no longer requires witnesses for an instrument to be recordable. Mortgage must be recorded in the office of the recorder in the county where the mortgaged property is situated and takes effect when it is delivered to the recorder for recording. A mortgage that is presented for recording must contain the mortgagee's then current address. (ORC&nbsp;&sect;&nbsp;5301.23(B)). State law requires the top margin of the first page to be at least 3” and the top margin of all other pages be at least 1&frac12;”. The right, left, and bottom margins must all be at least 1”. (ORC &sect;&nbsp;317.114). Many counties have their own individual formatting requirements, so be sure to check with a local practitioner or title company to verify formatting before finalizing recordable instruments for signature.

RECORDING REQUIREMENTS

STATUTES TO BE WAIVED

Residential mortgage obligations (that are secured by a lien contained on 2 or fewer residential units or on which 2 or fewer residential units are to be constructed) contracted for on or after November 4, 1975, may be prepaid or refinanced without penalty at any time after 5 years from the mortgage's execution date. Prior to the end of such 5 years, a prepayment or refinancing penalty may be provided not in excess of 1% of the original principal amount of the residential mortgage. (ORC &sect;&nbsp;1343.011(C)). If a mortgaged property that is being foreclosed is subject to an oil or gas lease, pipeline agreement, or other instrument related to the production or sale of oil or natural gas and such lease, agreement, or other instrument was recorded after the mortgage, and if the lease, agreement, or other instrument is not in default, such lease, agreement, or other instrument has priority over all other liens, claims, or encumbrances so that it is not terminated or extinguished upon the foreclosure sale of the mortgaged property. (ORC &sect;&nbsp;1509.31(D)). 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. (ORC &sect;&nbsp;1319.08 (A)). The definition of “postclosing solvency covenant” does not include a covenant not to file a voluntary bankruptcy or other voluntary insolvency proceedings or not to collude in an involuntary proceeding. (ORC &sect;&nbsp;1319.07 (D)). These provisions apply to any claim made or action taken to enforce a postclosing solvency covenant on or after March 27, 2013 (the effective date of the statute) and to any action to enforce a postclosing solvency covenant that was pending on March 27, 2013, unless a judgment or final order has been entered in that action. (Ohio H.B. 479, &sect;&nbsp;5).

UNUSUAL TREATMENT OF STANDARD PROVISIONS

A mortgage may secure unpaid balances of loan advances made after the mortgage is delivered to the recorder for recording, to the extent that the total unpaid loan indebtedness, exclusive of interest thereon, does not exceed the maximum amount of “loan indebtedness” that the mortgage states may be outstanding at any time. The mortgage must state, in substance or effect, that (i)&nbsp;the parties intend to secure future loan advances, (ii)&nbsp;the maximum amount of unpaid “loan indebtedness”, (iii)&nbsp;exclusive of interest, that may be outstanding at any time, and (iv)&nbsp;contain at the beginning of the instrument the words “OPEN-END MORTGAGE.” “Loan indebtedness” does not include unpaid balances made for the payment of taxes, assessments, insurance premiums, and costs incurred for the protection of the mortgaged premises. Future advances that are “obligatory” are secured by the mortgage even after the holder of the mortgage receives written notice of a lien or encumbrance on the mortgaged property that is subordinate to the lien of the mortgage. (ORC &sect;&nbsp;5301.232).

SECURING FUTURE ADVANCES

A mortgage may secure unpaid balances of advances made with respect to the mortgaged property for the payment of taxes, assessments, insurance premiums, or costs incurred for the protection of the mortgaged premises if the mortgage states that it shall secure such unpaid balances. (ORC&nbsp;&sect;&nbsp;5301.233).

SECURING ADDITIONAL ADVANCES TO PROTECT THE COLLATERAL

TRUSTEE UNDER DEED OF TRUST: N/A.

TRUSTEE UNDER DEED OF TRUST N/A.

Ohio recognizes only judicial foreclosures of real property. (ORC &sect;&sect;&nbsp;2329.01 et seq.). Foreclosure process will typically be 10 to 12 months if uncontested and as long as 2 to 3 years if contested. Foreclosures in Cuyahoga County (Cleveland and surrounding municipalities) typically will take longer, as Cuyahoga County has a substantial foreclosure case load and handles them through a mandatory magistrate system. The courts require the foreclosing party to be the “real party in interest,” i.e., the holder of the note and the mortgage (with any mortgage assignment already recorded), prior to the date the foreclosure claims are filed. Many Ohio counties have instituted mandatory mediation procedures that, primarily in residential situations, can result in delays of between 3 to 12 months or more; and mediation can (but is not required to) be invoked for commercial foreclosure cases.

BRIEF DESCRIPTION OF PROCEDURE

The mortgagor has until the confirmation of the sale to redeem property that has been foreclosed, provided the mortgagor deposits the amount of the judgment, with all costs, including poundage and interest at the rate of 8% per annum on the purchase money from the day of sale to the time of such deposit. (ORC &sect;&nbsp;2329.33). Ohio has a minimum bid requirement of 2/3 of the property's appraised value. (ORC &sect;&nbsp;2329.20).

REDEMPTION PERIOD AND PRICE

In Ohio, redemption may not be waived and the redemption period may not be contractually reduced.

WAIVER OF REDEMPTION; REDUCTION OF REDEMPTION PERIOD

Ohio recognizes the rights of a judgment creditor to pursue a judgment debtor for a deficiency judgment arising out of the foreclosure action. A deficiency judgment can be used in Ohio to obtain a judgment lien on other real property in Ohio owned by the judgment debtor. An unsatisfied judgment obtained on a debt secured by a mortgage on real property, upon which is located a dwelling for not more than 2 families and used in whole or in part as a home or farm dwelling or that at any time was held as a homestead by the person who executed or assumed the mortgage, or that has been held by such person as a home site, becomes unenforceable as to any deficiency remaining after 2 years from the date of the confirmation of the judicial sale of the real estate. This limitation may be waived by an instrument executed by the judgment debtor within such 2-year period and filed within such 2-year period in the office of the clerk of the court in which the judgment was rendered. (ORC &sect;&nbsp;2329.08).

DEFICIENCIES

While it is generally asserted that Ohio follows the minority rule that the foreclosure of a prior mortgage terminates a subordinate lease absent an agreement between the mortgagee and the tenant to the contrary, there are several cases to the contrary (see First Federal Savings and Loan Association of Zanesville v. Rio Oil Company, Inc. (1983), 1983 WL 7013, and Davis v. Boyajian, Inc., 11 Ohio Misc. 97 (1967)).

EFFECT OF FORECLOSURE UPON LEASES

Maximum rate permitted on bond, bill, promissory note, or other instrument of writing for the forbearance or payment of money at a future time is 8% per annum unless the transaction is otherwise exempt. (ORC &sect;&nbsp;1343.01(A)). Persons engage in criminal usury (punishable as a 4th degree felony) if they charge, as interest, more than 25% per annum unless the transaction is otherwise exempt. (ORC &sect;&sect;&nbsp;2905.21 and 2905.22).

USURY CEILING

Exceptions to the 8% maximum rate exist for: (1)&nbsp;bonds, bills, promissory notes and other written instruments when the original amount of principal indebtedness exceeds $100,000; (2)&nbsp;mortgage loans approved, insured, guaranteed, or purchased by the federal government or any federal agency or instrumentality thereof or by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Farmer's Home Administration; (3)&nbsp;any other mortgage loans and land installment contracts not otherwise exempted from usury under ORC &sect;&nbsp;1343.01(B), provided the interest rate must not exceed 8% in excess of the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank in the Fourth Federal Reserve District at the time the mortgage is executed; (4)&nbsp;instruments payable on demand or in one installment that are not secured by household furnishings or other goods used for personal, family, or household purposes; and (5)&nbsp;loans for commercial, agricultural, or industrial enterprises carried on for investment or profit. (ORC &sect;&nbsp;1343.01(B)). It is not criminal usury for the creditor to charge the debtor more than 25% interest if they are immediate family members or if the rate is otherwise authorized by law. (ORC &sect;&nbsp;2905.21(H)). Ohio has not opted out of federal preemption of usury. Usury laws do not apply to corporate obligors. (ORC &sect;1701.68).

USURY EXEMPTIONS

A valid financing statement must: (i)&nbsp;identify the debtor's legal name and the name of the secured party or its representative and (ii)&nbsp;describe the collateral covered by such financing statement. The debtor's name must be identical to the name of the debtor as listed in the public records of the debtor's jurisdiction of organization. New rules governing the sufficiency of the debtor's name became effective July 1, 2013, including debtors who are: decedents, trusts that are, and trusts that are not, registered organizations, and individuals with, and individuals without, Ohio driver's licenses or identification cards. (ORC &sect;&nbsp;1309.503). The description of the collateral in the financing statement may indicate that “all assets” or “all personal property” of the debtor are covered (please note, however, that this description is insufficient for a security agreement). The debtor's signature is not required, but a secured party may not file a financing statement against the debtor unless the filing is authorized by an agreement signed by the debtor.

Except as otherwise noted in this paragraph, a financing statement must be filed: (i)&nbsp;if the debtor is a registered organization, in the central filing office of the debtor's jurisdiction of organization (in Ohio, the Ohio Secretary of State's Office), (ii)&nbsp;if the debtor is an individual, in the central filing office of the jurisdiction of the individual's principal residence, and (iii)&nbsp;if the debtor is a non-registered organization and has only one place of business, in the central filing office of the jurisdiction of its place of business, or if such non-registered organization has more than one place of business, in the central filing office of the jurisdiction of its chief executive office. The financing statement for certain types of collateral, such as fixtures, timber to be cut, and as-extracted collateral, must be filed in the local filing office of the jurisdiction where such collateral is located (in Ohio, the County Recorder's Office of the county in which such collateral is located).

LOCATIONS FOR FILING

A mortgage is effective as a financing statement filed as a fixture filing from the date of its recording only if (i)&nbsp;the goods are described in the mortgage, (ii)&nbsp;the goods are or are to become fixtures related to the real estate described in the mortgage, (iii)&nbsp;the mortgage complies with the requirements for a financing statement (except the mortgage need not indicate it is to be filed in the real property records, and if the debtor is an individual, the name need not be the name on an Ohio driver's license or identification card if it is otherwise sufficient (ORC &sect;&nbsp;1309.502(C)(3))), and (iv)&nbsp;the mortgage is duly recorded in the local filing office. (ORC &sect;&nbsp;1309.502(C)).

SECURITY INSTRUMENT USED AS FIXTURE FILING

Ohio recognizes cognovit (confession of judgment) guarantees, but best practice is to make sure the cognovit debtor executes the instrument within the State of Ohio. Ohio does not allow post-closing solvency covenants to be used, directly or indirectly, as a nonrecourse carveout against either the borrower or guarantor. Any provision in the documents of a nonrecourse loan that does not comply with this requirement is invalid and unenforceable. (ORC &sect;&nbsp;1319.08).

UNUSUAL PROVISIONS OR REQUIREMENTS

SPECIAL PROBLEMS IN ENFORCEMENT

Lenders in Ohio may obtain a deficiency judgment, but that judgment is void 2 years after confirmation of the sale of the property by the court. (ORC &sect;&nbsp;2329.08). Property cannot be sold at foreclosure sale for less than 2/3 of the appraised fair market value, which limits the deficiency amount to a maximum of 1/3 of the property's fair market value. (ORC&nbsp;&sect;&sect;&nbsp;2329.20, 2329.17). Lenders may be entitled to collect attorneys' fees from borrowers in a foreclosure action of a commercial mortgage provided that (i)&nbsp;the underlying contract of indebtedness includes a commitment to pay attorneys' fees and (ii)&nbsp;the total amount owed at the time the contract was entered into exceeds $100,000. (ORC&nbsp;&sect;&nbsp;1319.02). The commitment to pay attorneys' fees is enforceable only to the extent it obligates payment of a reasonable amount. (ORC&nbsp;&sect;&nbsp;1319.02(D)). Nothing in Ohio law prohibits a lender from recovering a deficiency judgment following a deed in lieu of foreclosure or a short sale.

ISSUES AND GUIDELINES RELATED TO SEEKING/OBTAINING DEFICIENCY JUDGMENTS

An action to recover the title to or possession of real property must be brought within 21 years after the cause of action accrued. (ORC&nbsp;&sect;&nbsp;2305.04). An action to foreclose a mortgage must be brought within 6 years after the cause of action accrued. (ORC &sect;&nbsp;2305.06).

STATUTE OF LIMITATIONS PERIOD

Within 90 days from the date of the satisfaction of any mortgage, the mortgagee must record a release of the mortgage evidencing the fact of its satisfaction in the appropriate county recorder's office and pay any fees required for the recording. Failure to comply can result in a fine of $100 per day and the mortgagor or the current owner of the real property to which the mortgage pertains may recover $250 from the mortgagee in a civil action if the mortgagee fails to record satisfaction. (ORC &sect;&nbsp;5301.36).

REQUIREMENTS FOR RELEASE OF LIEN

Every person domiciled in Ohio may hold exempt from execution, garnishment, attachment, or sale to satisfy a judgment or order, the person's interest, not to exceed $125,000, in 1 parcel or item of real or personal property that the person or a dependent uses as a residence. (ORC &sect;&nbsp;2329.66(A)(1)(b)).

HOMESTEAD ISSUES

Ohio is not a community property state.

COMMUNITY PROPERTY

MORTGAGE TAX

DOCUMENTARY STAMP TAX

On Foreclosure Sale: In a foreclosure proceeding, most counties in Ohio charge a conveyance fee, which ranges from $1 per $1,000 of sale price to $4 per $1,000 of sale price. Additionally, the sheriff may charge a “poundage” of 1.5% on all moneys actually paid to the sheriff, such as where there is a third-party bidder. (ORC &sect;&nbsp;311.17(B)(4)). On Deed in Lieu of Foreclosure: Most counties in Ohio do not charge a conveyance or transfer fee when a deed-in-lieu is utilized instead of a foreclosure. (ORC &sect;&nbsp;319.54(G)(3)(b)).

TRANSFER TAX

In Ohio, choice of law provisions generally are enforceable. Ohio law, however, will govern the enforcement of mortgages in suits involving land situated in Ohio.

ENFORCEABILITY OF AGREEMENTS AS TO CHOICE OF LAW

A receiver may be appointed in an action by a mortgagee, for the foreclosure of his mortgage and sale of the mortgaged property, when it appears that the mortgaged property is in danger of being lost, removed, materially injured, diminished in value, or squandered, or that the condition of the mortgage has not been performed, and either the property probably is insufficient to discharge the mortgage debt or the mortgagor has consented in writing to the appointment of a receiver. A receiver may also be appointed to enforce a contractual assignment of rents and leases and in all other cases where they have been appointed by the usages of equity. (ORC&nbsp;&sect;&nbsp;2735.01). The receiver shall have the authority to: (i)&nbsp;bring and defend actions in the receiver's own name as receiver, (ii)&nbsp;take and keep possession of real or personal property, (iii)&nbsp;collect rents and other obligations, and compromise demands, (iv)&nbsp;enter into contracts, including, but not limited to contracts of sale, lease, or, so long as existing lien rights will not be impacted, contracts for construction and for the completion of construction work, (v)&nbsp;sell and make transfers of real or personal property, (vi)&nbsp;execute deeds, leases, or other documents of conveyance of real or personal property, (vii)&nbsp;open and maintain deposit accounts in the receiver's name, and (viii)&nbsp;generally do any other act that the court authorizes. (ORC &sect;&nbsp;2735.04(B)). A receiver's powers shall be set forth in the order of the court that appointed the receiver. (ORC &sect;&nbsp;2735.04(A)).

RECEIVERSHIP

ANY PROHIBITION OR SPECIAL RULES REGARDING LOAN APPLICATION, LOAN FEES OR COMMITMENT FEES

Any foreign (as defined in ORC&nbsp;&sect;&nbsp;1703.01(B)) person, bank, or institution who engages in the business of lending money shall obtain a license (ORC &sect;&nbsp;1703.01). If any person conducts operations in this state as a representative or agent of a foreign bank, the foreign bank is deemed to be conducting those operations (ORC&nbsp;&sect;&nbsp;1119.02(C)). If and to the extent federal law prohibits, preempts, or otherwise eliminates the licensing requirement, a federally chartered foreign bank, savings bank, or savings and loan association shall file a notice with the Ohio Secretary of State in the form set forth in ORC&nbsp;&sect;&nbsp;1703.031(A). There presently is no requirement that a mortgage broker for commercial loans register or obtain a license to engage in that business, but there is a requirement that mortgage lenders, mortgage servicers, and mortgage brokers handling residential loans be licensed (ORC &sect;&nbsp;1322.01 et seq.).

LENDER QUALIFICATION AND/OR LICENSURE

There are no special requirements or statutory provisions applicable to loan modifications and forbearance agreements. However, all amendments, supplements, modifications or extensions of mortgages, or modifications or extensions of the debt secured by mortgages, that have been executed in the manner for a recordable mortgage shall be recorded and shall take effect at the time they are delivered to the recorder for record. (ORC &sect;&nbsp;5301.231(A)).

MODIFICATION

Several provisions of Ohio law authorize liens when the state undertakes or pays for response costs. Monies used from a fund to clean up sites that stored or disposed of polychlorinated biphenyls constitute a lien against the property cleaned up (ORC&nbsp;&sect;&nbsp;3734.122). When the state completes cleanup, it must file a record of the cost in the county in which the site is located, which cost, when recorded, is a lien. (ORC &sect;&nbsp;3734.122). Similarly, when the Director of Environmental Protection believes that a hazardous waste site poses a substantial threat to the public health or safety, he or she may use money from the “Hazardous Waste Cleanup Fund” to clean up the site. The director is required to record the cost of cleanup in the county in which the property is located and the cost then becomes a lien against the previously contaminated property. (ORC &sect;&nbsp;3734.20). The director is required to attempt to reach an agreement with the responsible persons causing the director to perform cleanup and requiring the reimbursement for cleanup costs, which will be credited to the cleanup fund. (ORC &sect;&nbsp;3734.22). If the reimbursement provision is breached, the director is required to record the costs that have not been reimbursed in the county where the property is located and this recording creates a lien against the property. (ORC&nbsp;&sect;&nbsp;3734.22). Other sections of the Ohio environmental laws create liens as well (ORC&nbsp;&sect;&sect;&nbsp;3734.22 and 3734.26(C)(2)).

ENVIRONMENTAL LIEN LAW ISSUES

Ohio does not currently have a state bar opinion report articulating standard opinion practices in the state. LABOR AND MATERIALMEN'S LIEN CLAIMS - PRIORITY ISSUES: &nbsp;INCEPTION OF LIEN: To obtain priority, the mortgage must be recorded in the office of the recorder of the county where the mortgaged property is located before “the first visible work or labor is performed or the first materials are furnished” and Notice of Commencement is recorded by the owner in the recorder's office (ORC &sect;&sect;&nbsp;1311.13(A)(1) and 1311.04). A Mechanic's Lien filed by a contractor, laborer or supplier dates back for priority purposes to the earlier of the date of the commencement of construction or the date of the filing of the Notice of Commencement. Generally for commercial construction projects, an Affidavit for Mechanic's Lien should be filed with the recorder within 75 days from the date on which the last of the labor or work was performed or material was furnished by the person claiming the lien (ORC &sect;&nbsp;1311.06(B)(3)) and within 60 days from the date on which the last of labor or work was performed or material furnished for a 1- or 2-family dwelling or a residential condominium unit (ORC &sect;&nbsp;1311.06(B)(1)).

LEGAL OPINIONS

Priority of a mechanic's lien for lienable fixtures would be subject to the same provisions and relation-back doctrine as other lienable items.

PRIORITY AS TO REMOVABLE FIXTURES

TITLE INSURANCE (NOTE: OHIO IS A FILED RATE STATE)

TITLE INSURANCE (NOTE

2006 ALTA Lender's Form, usually with the creditor's rights and arbitration clauses removed. ALTA Expanded Coverage Residential Loan Policy (7-26-10), ALTA Residential Limited Coverage Junior Loan Policy (8-1-12), ALTA Short Form Expanded Coverage Residential Loan Policy (1 to 4 Family) (7-26-10), ALTA Short-Form Residential Loan Policy (1 to 4 Family) (6-16-07), and ALTA Short Form Residential Limited Coverage Junior Loan Policy (10-19-96) are also available.

FORM USUALLY REQUIRED BY LENDER

Endorsements typically required by a lender in Ohio are:

ENDORSEMENTS AVAILABLE

provides assurance that the land abuts a dedicated street.

Access Endorsement

provides protection as to private property restrictions, building setback and encroachments.

Comprehensive Endorsement

provides assurance that parcels of land are contiguous and, taken as a tract, constitute 1 parcel of land.

Contiguity Endorsement

, when the lender is a foreign corporation “doing business” in Ohio, provides affirmative assurance of lender's rights under Ohio law to enforce the lien of the insured mortgage against the mortgagor.

Doing Business Endorsement

provides assurance that the land described in the policy is the same land described on the survey.

Survey Endorsement

provides assurance that no part of the land lies within a tax parcel that includes property other than the insured property.

Tax Parcel Endorsement

provides insurance against loss sustained by reason of a final court order that prohibits the use of the land for purposes allowed by the zoning classification on the ground that certain physical characteristics of the land and the structure located thereon violate the ordinances and require removal or modification of the structure.

Zoning Endorsement

provides protection against loss by reason of the invalidity, loss of priority or enforceability of the lien of the insured mortgage resulting from the provisions that provide for changes in the rate of interest.

Variable Rate Endorsement

provides variable rate - negative amortization coverage.

Negative Amortization Endorsement

issued when the indebtedness is secured by multiple mortgages that are insured by multiple policies, often involving properties in several states.

Tie-in Endorsement

issued in construction projects where there are future advances secured by the mortgage.

Pending Disbursement Endorsement

provides protection against loss by reason of a designated improvement not being located on the land and not being known as a particular street address.

Location Endorsement

Current title insurance rates, policy forms, available endorsements, and rates for endorsements can be found at http://www.insurance.ohio.gov.

WEBSITE

Ohio Good Funds Act limits a title company's ability to accept cash, personal or business checks, certified checks, cashier's checks, or money orders to an aggregate amount not exceeding $1,000. While the Good Funds Act only applies to residential transactions, some title companies are beginning to adopt this practice for commercial transactions as well. There is no limit on the amount of funds received via electronic wire transfer.

ESCROW FUNDS

Closing or settlement protection coverage must be made available to sellers, borrowers, and lenders pursuant to ORC &sect;&nbsp;3953.32. OTHER MATTERS OF SIGNIFICANCE:

CLOSING PROTECTION COVERAGE

Ohio law does not require a mortgage to include a stated maturity date; however, best practice dictates including the maturity date. A mortgage with a stated maturity date serves as effective notice that mortgage debt remains on the subject property for 21 years after the maturity date of the corresponding note, rather than 21 years after the date the mortgage was recorded. (ORC &sect;&nbsp;5301.30).

MATURITY DATE

Ohio is one of the few remaining states to recognize dower. In instances where a married individual conveys an interest in real property, a release of dower should to be obtained. (ORC Chapter&nbsp;2103).

DOWER

Ohio authorizes online notarization provided that, among other things, the applicable notary (i) is a resident of Ohio and (ii) is located within the geographical boundaries of Ohio at the time of the online notarization and (iii) the notarization is performed by means of live two-way video and audio conference technology coupled with electronic software that places the official notary seal and signature on the document pursuant to the standards adopted by the Ohio Secretary of State in ORC &sect; 147.64.

ONLINE NOTARIZATION

A manufactured home is considered a motor vehicle (ORC&nbsp;&sect;&nbsp;4505.01). A security interest in a manufactured home is recorded by notation on the certificate of title, unless the manufactured home is held as inventory in which case a financing statement is necessary (ORC &sect;&nbsp;4505.13). A manufactured home ceases to be a motor vehicle upon its annexation to real property, at which time it becomes a fixture. A perfected security interest in fixtures has priority over a conflicting interest of an encumbrancer or owner of the real property if the security interest is created in a manufactured home in a manufactured home transaction and perfected pursuant to a certificate of title statute (i.e., ORC &sect;&nbsp;4505). (ORC &sect;&nbsp;1309.334(E)(4)). &nbsp;

Ohio

Mortgage Law Summary

Continue reading the
Mortgage Law Summary for Ohio

Ohio

Mortgage Law Summary

Continue reading theMortgage Law Summary for Ohio

Continue reading the
Mortgage Law Summary for Ohio