Ohio Code 2117.29 – Beneficiary taking subject to mortgage
Current as of: 2024 | Check for updates
|
Other versions
When the only debts of an estate remaining unpaid are secured by liens on property of the estate, the devisees, legatees, or heirs entitled to receive such property may be permitted to take the same subject to such liens, if all the lienholders consent and waive recourse to all the other assets of the estate in the event such property so taken is insufficient to pay the debts secured by such liens.
Terms Used In Ohio Code 2117.29
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: means real and personal property. See Ohio Code 1.59
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC