The Fifth District Court of Appeals has rendered its decision in Phoenix Fin. Solutions, Inc. v. Jackson, 2013-Ohio-5280. In this case, the Defendant entered into a promissory note for the purchase of a motor vehicle. The Defendant defaulted on his payments resulting in the automobile being repossessed and a deficiency on the promissory note. The … Continue reading Court of Appeals Upholds Contractual Rate of Interest
I am not sure who to blame for this. Perhaps it is the fault of lawyers who fail to properly advise clients when a power of attorney is signed. Or, maybe what I am seeing is the result of the information age where forms and documents are readily available and people do not realize they don't … Continue reading “But I’m the power of attorney” — Good for you
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 … Continue reading Changes to Ohio’s Statute of Limitation for Written Contracts
A power of attorney is a document signed by a principal that empowers another person, an agent or attorney-in-fact, to perform acts on behalf of the principal. There are some key limitations to what an agent or attorney-in-fact may do on behalf of the principal. First and foremost, a power of attorney is only valid … Continue reading Power of Attorney Does Not Permit Self-Dealing
You know it is funny, before I went to law school I was mystified and impressed by attorneys' using legalese. While I was in law school, it infuriated me, and I swore I would make every effort possible to avoid using legalese when interacting with clients. Now that I'm an attorney and actually interacting with clients, … Continue reading What is a probate asset?
The Ohio Estate Tax was a 6% tax that applied to estates that had a net value in excess of $338,333. The 6% tax was levied on every dollar over $338,333. Once the value of the estate reached $500,000, the rate changed to a 7% tax. The repeal of the Estate Tax is effective … Continue reading Ohio Eliminates State Estate Tax