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Current as of January 01, 2024 | Updated by Findlaw Staff
(A) Any person with an interest in commercial real estate on which a lien has been perfected pursuant to section 4703.542 of the Revised Code, or named in the affidavit required under that section, may apply to the common pleas court of the county in which the commercial real estate is located to substitute financial security for the lien.
(B) The substitute security shall be in the amount equal to the landscape architect’s claim, and in a form such as an escrow account or surety bond held by the clerk of courts or other party as determined adequate by the court.
(C) The court, in its entry approving the substitute security, shall direct the release of the lien.
(D)(1) The person substituting the security shall file the entry and release for recording in the office of the county recorder of the county in which the commercial real estate is located.
(2) The county recorder shall record the entry and release and charge and collect from the person filing the entry and release for recording the fees set forth in section 317.32 of the Revised Code for the recorder's services.
Cite this article: FindLaw.com - Ohio Revised Code Title XLVII. Occupations Professions § 4703.546 - last updated January 01, 2024 | https://codes.findlaw.com/oh/title-xlvii-occupations-professions/oh-rev-code-sect-4703-546/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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