The assurance fund provided for in section 5310.05 of the Revised Code shall not be liable in any action to pay for any loss, damage, or deprivation occasioned by a breach of trust, whether express, implied, or constructive, by any registered owner who is a trustee.

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Terms Used In Ohio Code 5310.11

  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • state: means the state of Ohio. See Ohio Code 1.59
  • Trustee: A person or institution holding and administering property in trust.

Final judgment shall not be entered against the treasurer of state in any action to recover from the assurance fund more than the fair market value of the real estate at the time the plaintiff suffered the loss, damage, or deprivation thereof.

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