Ohio § 1345.421
Full text of Ohio Ohio Revised Code § 1345.421, with citation guidance and answers to common questions.
§ 1345.421.
If the facility that is the subject of the contract is under construction, and is
not available for service at the time the buyer signs the contract, the seller shall
maintain a surety bond issued by a surety company authorized to do business in this
state the principal sum of which shall be a minimum of ten thousand dollars. The seller is relieved from the obligation to maintain the bond twenty-four months
after completion of the facility and commencement of service. The bond shall be in favor of the state of Ohio for the benefit of any person injured
by having paid moneys for the use of a facility which fails to open within one hundred
eighty days after the date upon which the buyer and seller entered into a contract,
or closes within twenty-four months after completion of a facility and commencement
of service. However, the aggregate liability of the surety to all persons for all breaches of
the conditions of the bond provided herein shall in no event exceed the amount of
the bond. Evidence of the bond shall be available for inspection upon request by the office
of the attorney general, current contract holders, or prospective buyers.
Frequently Asked Questions About Ohio § 1345.421
What does Ohio Revised Code § 1345.421 cover?
Section 1345.421 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 § 1345.421?
A common citation format is "Ohio Revised Code § 1345.421" (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 § 1345.421 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.