The Ohio Legislature was busy this year bringing about many changes to the Ohio Revised Code; however, few changes are more important to service providers and lenders than the changes brought about by S.B. 224.
Historically, R.C. 2305.06 provided a fifteen (15) year statute of limitation for the commencement of a legal action on a written contract. However, when the 129th General Assembly passed S.B. 224, R.C. 2305.06 was amended and changes took effect on September 28, 2012.
R.C. 2305.06 now provides, “[A]n action upon a specialty or an agreement, contract, or promise in writing shall be brought within eight years after the cause of action accrued.”
To make sure you are not sleeping on your rights, it will be important to review outstanding legal obligations and take steps to commence civil action within this new timeframe where approriate.
If you have questions regarding how this change in law impacts a specific situation, please feel free to contact our office to discuss your matter.