Ohio § 2329.71
Full text of Ohio Ohio Revised Code § 2329.71, with citation guidance and answers to common questions.
§ 2329.71.
Any creditor who holds a chattel mortgage or any other lien or encumbrance on the
property of any applicant for trusteeship under section 2329.70 of the Revised Code may participate in a trusteeship. The holder of a chattel mortgage or other encumbrance may elect to participate in
a trusteeship, subject to the terms of a written agreement with the debtor, filed
with and approved by the court in which the application for trusteeship is filed. If the holder of a chattel mortgage elects to participate in the trusteeship, he
shall be estopped to assert his lien or other encumbrance so long as the debtor complies
with the terms of such agreement and with section 2329.70 of the Revised Code . Upon the failure of the debtor to maintain such agreement, the creditor may be released
from the trusteeship, upon written request to the court, to pursue his chattel property
or other remedies as provided by law, which are not in violation of section 2329.70 of the Revised Code . Upon the receipt of a notice of the filing of an application for trusteeship as provided
in section 2329.70 of the Revised Code , a secured creditor shall file with the court, in writing, his election to participate
and his agreement with the debtor, if such has been created, or his objection to being
included. Failure of a secured creditor to answer such notice as provided in section 2329.70 of the Revised Code within ten days after receiving such notice, shall be held by the court as an election
to participate in the trusteeship, and such creditor shall be estopped to assert his
lien for so long as the debtor maintains his trusteeship agreement, as provided by section 2329.70 of the Revised Code .
Frequently Asked Questions About Ohio § 2329.71
What does Ohio Revised Code § 2329.71 cover?
Section 2329.71 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 § 2329.71?
A common citation format is "Ohio Revised Code § 2329.71" (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 § 2329.71 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.