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2011 Ohio Revised Code
Title [11] XI FINANCIAL INSTITUTIONS
Chapter 1165: SAVINGS BANKS - POSSESSION BY SUPERINTENDENT
1165.25 Rejection, ratification or assignment of executory contracts.

Universal Citation:
OH Rev Code § 1165.25
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

(A) Within one hundred days after the date of the closing of a savings bank, a receiver may reject any executory contract to which the savings bank is a party without any further liability on the part of the savings bank or the receiver. The receiver’s election to reject an executory contract creates no claim for compensation other than compensation accrued to the date of termination or for actual damages.

(B) A receiver may ratify and assign any executory contract to which the savings bank is a party notwithstanding the existence of a provision in the contract permitting the termination of the executory contract, or prohibiting, conditioning, or requiring consent to any assignment of the executory contract, upon the insolvency of the savings bank or the appointment of a receiver.

Added by 128th General Assembly File No. 45, HB 292, § 1, eff. 9/13/2010.

Effective Date: 10-23-1991

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