Ohio § 1345.67
Full text of Ohio Ohio Revised Code § 1345.67, with citation guidance and answers to common questions.
§ 1345.67.
(A) Every invention developer rendering or offering to render invention development services
in this state shall maintain a bond in the amount of ten thousand dollars issued by
a surety company that is authorized to do business in this state. The invention developer shall file a copy of the bond with the secretary of state
prior to the time the invention developer first commences business in this state. (B) The bond required by division (A) of this section shall be payable in favor of the
state for the benefit of any person who, after entering into a contract for invention
development services with an invention developer, is damaged by fraud, dishonesty,
or the failure of the invention developer to provide the invention development services
required in performance of the contract. Any person claiming against the bond may maintain an action against the invention
developer and the surety. The aggregate liability of the surety to all persons for all breaches of conditions
of the bond provided in this section shall not exceed the amount of the bond. (C) In lieu of furnishing the bond as required by this section, the invention developer
may deposit with the secretary of state a deposit in an amount equal to the required
amount of the bond. The deposit may be satisfied by any of the following: (1) Certificates of deposit payable to the secretary of state issued by banks doing business
in this state and insured by the federal deposit insurance corporation; (2) Investment certificates of share accounts assigned to the secretary of state and
issued by a savings and loan association doing business in this state and insured
by the federal savings and loan insurance corporation; (3) Cash. (D) The bond or deposit required by this section shall be canceled or returned to the
invention developer two years after he ceases doing business in this state so long
as no lawsuits by Ohio customers are pending against it at the time. The secretary of state shall cancel or return the bond or deposit as required by
this section no later than sixty days after the invention developer gives notice of
his eligibility for the cancellation and return of the bond or deposit.
Frequently Asked Questions About Ohio § 1345.67
What does Ohio Revised Code § 1345.67 cover?
Section 1345.67 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 § 1345.67?
A common citation format is "Ohio Revised Code § 1345.67" (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 § 1345.67 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.