Analysis of Ohio's Amended Receivership Law

12 • must set forth the proposed sale procedures, if the Receiver does not have an acceptable offer in hand (R.C. § 2735.04(D) (2)(a)(i)); or • must set forth the identity of the buyer and the proposed sale terms, if the Receiver has an acceptable offer in hand. (R.C. § 2735.04(D)(2)(a)(ii)) Note that if the Receiver does not propose that the offer be subject to higher or better offers, a party may request that the court require the Receiver to solicit additional offers under Section 2735.04(D)(1)(c). (2) Notice and Opportunity for a Hearing A minimum of 10 days’ notice of the Sale Application and proposed sale must be given to the property owners, all parties to the action, and all other persons with a recorded or filed lien against the property (collectively, “Notice Parties”). Lienholders must have been identified either in a preliminary judicial report (PJR) or an owner’s title insurance commitment previously filed under R.C. § 2329.191 or, if not previously filed, then a PJR or commitment must be filed with the Sale Application that complies with Section 2329.191. A lienholder need not be noticed if the lien is barred by lis pendens under R.C. § 2703.26. (R.C. § 2735.04(D)(2)(b)) The Notice Parties must be given an opportunity for a hearing on the Sale Application. In the absence of any objection to the proposed sale or a request for hearing, the court may proceed without an actual hearing. (R.C. § 2735.04(D)(2)(c)) © Copyright 2015, Vorys, Sater, Seymour and Pease LLP. All Rights Reserved. vorys.com

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