Friday, January 08, 2010

New Ohio Laws

There have been at least three laws passed in the State of Ohio which haven’t gotten maybe as much media coverage as is warranted, but which we’ve been being asked about.

SB 124 Transfers on Death Affidavits , Signed by Gov. Strickland on Dec. 28, 2009, to become effective in 90 days

"… changes the transfer on death (TOD) designation instrument from a deed to an affidavit, to allow real property owners holding title in survivorship tenancy to execute such an affidavit, to clarify the status of a trustee of a trust as a TOD beneficiary and the dower rights of the spouse of the property owner, to make other changes pertaining to the transfer on death of real property, to modify the mortgage lending laws, to temporarily authorize a treasurer or prosecuting attorney of a county with a population of more than 800,000 but less than 900,000 to designate that part of any surplus balance in the county's Delinquent Tax and Assessment Collection Fund be used to pay operating expenses of the respective office in lieu of county general fund money, to allow a county recorder to accept for filing certain nonconforming documents without charging the fees otherwise required to be collected for nonconforming documents …."

The bill also describes the manner in which documents have to be prepared to comply with new recording standards.

Text of Bill Legislative Service’s Analysis


SB 106 Signed by Governor Strickland on December 22 and not to become effective until March 23, 2010

"… to exclude from the application of the savings statute certain estate and trust proceedings that have limitation periods, to raise the threshold amount for the termination or avoidance of guardianships of small estates of wards, to raise the threshold amount for the avoidance of guardianship upon the settlement of claims of minors or adult incompetents, to clarify that termination of marriage revokes any trust provision conferring a beneficial interest on the former spouse, to modify the period within which a plaintiff in a wrongful death action may commence a new action after the reversal of a judgment for the plaintiff or the plaintiff's failure otherwise than upon the merits, and to modify the residency qualifications for a person's appointment as a guardian.."

Text of Bill Legislative Service’s Analysis


HB 332 (2008) Bill was signed by Gov. Strickland on August 6, 2008, but some provisions didn’t become effective until January 1, 2010

"…adopting the Revised Uniform Partnership Act to be known as the ‘Ohio Uniform Partnership Act (1997),’ to establish that on and after January 1, 2009, the act governs new partnerships and partnerships that elect to be governed by the act, to establish that effective January 1, 2010, the act governs all partnerships in Ohio, and to establish that effective January 1, 2010, the existing Ohio Partnership Law no longer governs partnerships."

Ohio Revised Code Chapters 1775, 1777, and 1779 repealed, being revised & replaced by Chapter 1776, etc.

Text of Bill Legislative Service’s Analysis

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