Ohio Code 3929.61 – No right of recourse except for fraud
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Except in case of fraud by the company, the Ohio mine subsidence insurance underwriting association shall have no right of recourse against the company.
Terms Used In Ohio Code 3929.61
- Fraud: Intentional deception resulting in injury to another.
- 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