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Business Restructuring and Bankruptcy Alert: Recent legislative amendments impact Ohio’s property exemption statute, Fraudulent Transfers…

On December 20, 2012, Governor Kasich signed into law Am. Sub. H.B. 479 (Act), which becomes effective on March 27, 2013. The Act, among other things, makes certain changes to Ohio’s exempt property statute, modifies the Ohio Uniform Fraudulent Transfers Act, clarifies the secured transactions recording law, and prohibits a post-closing solvency covenant from being used as a nonrecourse carveout in nonrecourse loans.

Revisions to Ohio Revised Code section 2329.66

Section 2329.66 of the Ohio Revised Code lists types of property that persons domiciled in Ohio may hold exempt from execution, garnishment, attachment, or sale to satisfy a judgment or order.1 Most of the property exemptions are created within section 2329.66, but a few of the exemptions are created in other revised code sections or in federal statutes and incorporated by cross-reference in section 2329.66. Under section 2329.662 of the Ohio Revised Code, the property exemptions are applicable in bankruptcy proceedings to persons domiciled in Ohio who are debtors. The following chart illustrates revisions to section 2329.66(A) impacting property used as a residence: 

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