Ohio § 1317.071
Full text of Ohio Ohio Revised Code § 1317.071, with citation guidance and answers to common questions.
§ 1317.071.
No retail seller, in connection with a retail installment contract arising out of
a consumer transaction, shall take any security interest other than as authorized
by this section. A seller may take a security interest in the property sold, and in goods upon which
services are performed or in which goods sold are installed or to which they are annexed. A seller may secure the debt arising from the sale by contracting for a security interest
in other property if, as a result of a prior sale, the seller has an existing security
interest in the other property, and he may contract for a security interest in the
property sold in the subsequent sale as security for the previous debt. If debts arising from two or more sales are thus secured or are consolidated into
one debt payable on a single schedule of payments, and the debt is secured by security
interests taken with respect to one or more of the sales, payments received by the
seller after the taking of security interests in the other property or the consolidation
are deemed, for the purpose of determining the amount of the debt secured by the various
security interests, to have been first applied to the payment of the debts arising
from the sales first made. To the extent debts are paid according to this section, security interests in items
of property terminate as the debt originally incurred with respect to each item is
paid. Payments received by the seller upon a revolving charge account are deemed, for the
purpose of determining the amount of the debt secured by the various security interests,
to have been applied first to the payment of credit service charges in the order of
their entry to the account and then to the payment of debts in the order in which
the entries to the account showing the debts were made. If the debts consolidated arose from two or more sales made on the same day, payments
received by the seller are deemed, for the purpose of determining the amount of the
debt secured by the various security interests, to have been applied first to the
payment of the smallest debt.
Frequently Asked Questions About Ohio § 1317.071
What does Ohio Revised Code § 1317.071 cover?
Section 1317.071 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1317.071?
A common citation format is "Ohio Revised Code § 1317.071" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1317.071 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.