Analysis of Ohio's Amended Receivership Law | Page 14
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• 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))
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