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Introduced in the Senate on March 23, 2023, and referred to committee on March 29, 2023, Ohio Senate Bill 94, known in short form as the Bill that “regards the Treasurer of State, recorded instruments, liens, etc.,” sponsored by Senators Andrew O. Brenner (R) and Al Landis (R), seeks to amend numerous sections of the Ohio Revised Code related to recorded instruments, but also to enact section §5301.234, thereby codifying the doctrine of Equitable Subrogation. The legal doctrine of equitable subrogation permits one mortgagee to replace another mortgagee in lien priority and is typically claimed refinancing lenders who pay off the original mortgage and want to have the same priority as that lender. The doctrine seeks to prevent unjust enrichment and promote equity. Proposed §5301.234 codifies this doctrine as follows:
“(A) A mortgage encumbering real property granted to secure the repayment of funds used to satisfy a mortgage or lien on such real property shall be subrogated to the priority of the mortgage or lien that was satisfied to the extent of the amount satisfied if both of the following apply:
The text of SB 94 in its current version can be found here. Comments are closed.
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