Analysis of Ohio's Amended Receivership Law | Page 15

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(3)

The Sale Order

Standard for Approval of Sale

If the Sale Application requests that the sale be free and clear of
liens, the court may order the sale to be free and clear of all liens,
except the lien of the county treasurer for real estate taxes and
assessments, if the court finds that the sale is in the “best interests of
the receivership estate.” (R.C. § 2735.04(D)(3)(a))
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The court must issue an order for sale of the real property (“Sale
Order”) that either sets forth the required sale procedures (this
would apply to a sale without an acceptable offer in hand under
Section 2735.04(D)(2)(a)(i)) or the terms of sale. This would apply
to a sale with an offer in hand under Section 2735.04(D)(2)(a)(ii).
Essentially, then, the Sale Order may either approve procedures for
sale, or, if the Receiver seeks approval of a private sale under an
offer or contract in hand, approve the sale itself. The Sale Order is a
final, appealable order with respect to the matters contained therein.
(R.C. § 2735.04(D)(2)(d)) If the Sale Order authorizes a sale with
an offer in hand under Section 2735.04(D)(2)(a)(ii), it may be the
final order approving the sale, and no separate order confirming the
sale is required. (R.C. § 2735.04(D)(5)) However, as described
further below, the Receiver must file a post-closing certificate and
report of sale. If the Sale Order authorizes a sale without an offer in
hand under Section 2735.04(D)(2)(a)(i), it cannot be the final order
approving the sale, and the Receiver or the first mortgagee must
request a separate order confirming the sale process and approving
the sale. (R.C. § 2735.04(D)(6)) The Sale Order must establish
a deadline for the exercise of the equity of redemption, discussed
below. (R.C. § 2735.04(D)(7))
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