Ohio Code § 2329.71
Ohio Code § 2329.71. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 2329.71.
Any creditor who holds a chattel mortgage or any other lien or encumbrance on the
property of any applicant for trusteeship under section 2329.70 of the Revised Code may participate in a trusteeship. The holder of a chattel mortgage or other encumbrance may elect to participate in
a trusteeship, subject to the terms of a written agreement with the debtor, filed
with and approved by the court in which the application for trusteeship is filed. If the holder of a chattel mortgage elects to participate in the trusteeship, he
shall be estopped to assert his lien or other encumbrance so long as the debtor complies
with the terms of such agreement and with section 2329.70 of the Revised Code . Upon the failure of the debtor to maintain such agreement, the creditor may be released
from the trusteeship, upon written request to the court, to pursue his chattel property
or other remedies as provided by law, which are not in violation of section 2329.70 of the Revised Code . Upon the receipt of a notice of the filing of an application for trusteeship as provided
in section 2329.70 of the Revised Code , a secured creditor shall file with the court, in writing, his election to participate
and his agreement with the debtor, if such has been created, or his objection to being
included. Failure of a secured creditor to answer such notice as provided in section 2329.70 of the Revised Code within ten days after receiving such notice, shall be held by the court as an election
to participate in the trusteeship, and such creditor shall be estopped to assert his
lien for so long as the debtor maintains his trusteeship agreement, as provided by section 2329.70 of the Revised Code .
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 2329.71
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
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