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One notable individual from Dayton is astronaut John Glenn, the first American to orbit Earth. His contributions have significantly shaped the nation's space exploration efforts. Understanding the local heritage can enhance community pride, which is often a factor in business activities like the Dayton Ohio Request for Release of Funds - Corporation.

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Ohio Request for Release of Funds - Corporation

Dayton Ohio Request for Release of Funds - Corporation

Category:

Liens - Construction - Mechanics

State:

Ohio

City:

Dayton

Control #:

OH-18-09

Format:

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Description

This sworn affidavit is filed with the county recorder by the corporate original contractor and attests to the fact that the corporate original contractor has paid in full for all labor and work performed and for all materials furnished by the original contractor and all subcontractors, materialmen, and laborers prior to the date of the closing of the purchase or during and prior to the payment period, except such unpaid claims as set forth specifically by claimant and amount claimed. Further, it attests that there are no other claims than those listed in the affidavit. Successful filing of this affidavit by the original contractor allows the lending institution to make payment to the original contractor pursuant to Ohio Revised Code Section 1311.011(B)(4).

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How to fill out Ohio Request For Release Of Funds - Corporation?

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FAQ

The rules for unclaimed property in Ohio stipulate that businesses must report and remit unclaimed funds after a specific dormancy period. These rules are in place to protect consumers and ensure they can reclaim lost assets. Engaging with services like the Dayton Ohio Request for Release of Funds - Corporation can simplify the process of understanding and navigating these regulations, making asset recovery more efficient for you.

In Ohio, the dormancy period for unclaimed property can range from one to five years, depending on the type of property involved. It is important to be aware of this period to avoid losing your claim to your funds. By filing a Dayton Ohio Request for Release of Funds - Corporation before the dormancy period expires, you secure your opportunity to reclaim your assets.

The dormancy period refers to the time that elapses when an asset or property has no owner-initiated activity. Once the dormancy period is reached, the unclaimed property is transferred to the state, where it is held until the rightful owner claims it. This is an essential factor in the process of the Dayton Ohio Request for Release of Funds - Corporation, as it defines your timeframe for claiming your assets.

Generally, unclaimed funds in Ohio may be subject to taxation, depending on various factors. When you claim these funds, it's essential to report them as income if they are considered taxable by the IRS. Therefore, it’s advisable to consult with a tax professional about the implications of the Dayton Ohio Request for Release of Funds - Corporation. This step will help ensure that you fulfill your obligations while maximizing your benefits.

When unclaimed property remains unclaimed, it often gets turned over to the state after a certain period. In Ohio, this property is held for a set amount of time, allowing rightful owners to reclaim it. After this time, the state may sell the property, but they will still hold the proceeds for the original owner. Utilizing tools like the Dayton Ohio Request for Release of Funds - Corporation can help you locate and claim these funds.

The state of Ohio typically holds unclaimed funds for an indefinite period until they are claimed by the rightful owner. For corporations and individuals, it is essential to initiate a request as soon as possible. For guidance in navigating this process, consider using resources like uslegalforms for the Dayton Ohio Request for Release of Funds - Corporation.

Dayton is predominantly in Montgomery County, but it also borders Greene and Warren counties. This information can be particularly useful when engaging in community projects or corporate transactions. When dealing with the Dayton Ohio Request for Release of Funds - Corporation, knowing the exact county can streamline your paperwork.

One notable individual from Dayton is astronaut John Glenn, the first American to orbit Earth. His contributions have significantly shaped the nation's space exploration efforts. Understanding the local heritage can enhance community pride, which is often a factor in business activities like the Dayton Ohio Request for Release of Funds - Corporation.

Downtown Dayton is also located in Montgomery County. This area serves as the city’s central business district and plays a significant role in the local economy. If you are dealing with corporate matters such as the Dayton Ohio Request for Release of Funds - Corporation, familiarity with downtown’s location can be advantageous.

Dayton, Ohio, is mainly situated in Montgomery County. This is an important detail for residents and businesses looking to navigate local regulations effectively. For those involved in the Dayton Ohio Request for Release of Funds - Corporation, knowing the county is crucial for compliance and process initiation.

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Request for Release of Funds - Corporation

Note: This summary is not intended to be an all inclusive summary of the law of construction liens in Ohio, but does contain basic and other provisions.

Definitions relative to Ohio Mechanics' Liens as used in sections 1311.01 to 1311.22 of the Revised Code:

(A) "Owner," "part owner," or "lessee" includes all the interests either legal or equitable, which such person may have in the real estate upon which the improvements are made, including the interests held by any person under contracts of purchase, whether in writing or otherwise.

(B) "Materialman" includes any person by whom any materials are furnished in furtherance of an improvement.

(C) "Laborer" includes any mechanic, workman, artisan, or other individual who performs labor or work in furtherance of any improvement.

(D) "Subcontractor" includes any person who undertakes to construct, alter, erect, improve, repair, demolish, remove, dig, or drill any part of any improvement under a contract with any person other than the owner, part owner, or lessee.

(E) "Original contractor," except as otherwise provided in section 1311.011 [1311.01.1] of the Revised Code, includes a construction manager and any person who undertakes to construct, alter, erect, improve, repair, demolish, remove, dig, or drill any part of any improvement under a contract with an owner, part owner, or lessee.

(F) "Construction manager" means a person with substantial discretion and authority to manage or direct an improvement, provided that the person is in direct privity of contract with the owner, part owner, or lessee of the improvement.

(G) "Notice of commencement" means the notice specified in section 1311.04 of the Revised Code.

(H) "Notice of furnishing" means the notice specified in section 1311.05 of the Revised Code.

(I) "Materials" means all products and substances including, without limitation, any gasoline, lubricating oil, petroleum products, powder, dynamite, blasting supplies and other explosives, tools, equipment, or machinery furnished in furtherance of an improvement.

(J) "Improvement" means constructing, erecting, altering, repairing, demolishing, or removing any building or appurtenance thereto, fixture, bridge, or other structure, and any gas pipeline or well including, but not limited to, a well drilled or constructed for the production of oil or gas; the furnishing of tile for the drainage of any lot or land; the enhancement or embellishment of real property by seeding, sodding, or the planting thereon of any shrubs, trees, plants, vines, small fruits, flowers, or nursery stock of any kind; and the grading or filling to establish a grade.

(K) "Wages" means the basic hourly rate of pay and all other contractually owed benefits.

(L) "Home construction contract" means a contract entered into between an original contractor and an owner, part owner, or lessee for the improvement of any single- or double family dwelling or portion of the dwelling or a residential unit of any condominium property that has been submitted to the provisions of Chapter 5311. of the Revised Code; an addition to any land; or the improvement of driveways, sidewalks, swimming pools, porches, garages, carports, landscaping, fences, fallout shelters, siding, roofing, storm windows, awnings, and other improvements that are adjacent to single- or double family dwellings or upon lands that are adjacent to single- or double family dwellings or residential units of condominium property, if the dwelling, residential unit of condominium property, or land is used or is intended to be used as a personal residence by the owner, part owner, or lessee.

(M) "Home purchase contract" means a contract for the purchase of any single- or double family dwelling or residential unit of a condominium property that has been subjected to the provisions of Chapter 5311. of the Revised Code if the purchaser uses or intends to use the dwelling, a unit of a double dwelling, or the condominium unit as his personal residence.

(N) "Lending institution" means any person that enters into a contract with the owner, part owner, purchaser, or lessee to provide financing for a home construction contract or a home purchase contract, which financing is secured, in whole or in part, by a mortgage on the real estate upon which the improvements contemplated by the home construction contract are to be made or upon the property that is the subject of the home purchase contract, and that makes direct disbursements under the contract to any original contractor or the owner, part owner, purchaser, or lessee.

(O) "Original contractor" includes any person with whom the owner, part owner, lessee, or purchaser under a home purchase contract or a home construction contract has directly contracted.

Who My File a Lien?

Pursuant to Ohio statutes, a contractor, subcontractor, or materialman who has provided labor or materials to a construction project may file a lien against the property for the value of the labor performed or materials supplied by filing an Affidavit of Mechanic's Lien. A lien may not be obtained against property when the party claiming the lien has been paid in full before the property owner has received a copy of the lien claimant's Affidavit of Mechanic's Lien. O.R.C. 1311.01(B).

How Long Does a Lien Claimant Have to File a Lien?

An Affidavit for a Mechanic's Lien must be filed within sixty days from the last day of work performed by the party claiming the lien, if the project is a one or two family residential dwelling. Otherwise, the lien claimant has seventy-five (75) days to file for a lien. An exception is liens involving oil and gas leases, which may be filed within one hundred and twenty (120) days. O.R.C.1311.06(B).

What is a Notice of Commencement?

Prior to beginning work on a project which may give rise to a mechanic's lien, the property owner should file a Notice of Commencement with the county recorder in the county where the property is located. A Notice of Commencement is an affidavit which describes the improvements to be made to the property, the legal description of the property, and the names and addresses of all parties involved in the contract, along with some statutory notices, that put potential buyers or lenders on notice that improvements that may cause a lien to be filed are being made. O.R.C. 1311.04(A)(1).

A subcontractor, materialman, or laborer, may make a written request for a copy of the Notice of Commencement, to which the owner is obligated to respond within ten days. O.R.C. 1311.04(D).

What is a Notice of Furnishing?

As a counterpart to the owner's Notice of Commencement is the Notice of Furnishing that must be served by a subcontractor or materialsman on the property owner. A Notice of Furnishing serves to put the owner on notice that the party furnishing labor and materials may be entitled to a lien against the property. O.R.C. 1311.05(A)

If the Notice to Commencement has been filed, a party who wants to preserve their right to file a lien must file their Notice of Furnishing within twenty-one days of the Notice of Commencement being served. O.R.C. 1311.04(I).

How is a Lien Released?

When an Affidavit has been filed and the lien claimant has subsequently been paid, the property owner may file an affidavit attesting to the fact that the lien has been satisfied. The lienholder has thirty days from receipt of this affidavit to file a lien release or be subject to pay the property owner damages as a result. O.R.C. 1311.01(B)(3).

Lending institutions may not release funds to a contractor until that contractor has filed an affidavit stating that the contractor has paid all subcontractors, laborers, and materialmen in full, and that there are no further claims pending against the project. A property owner may issue written demand that the contractor issue this affidavit and may withhold payment until the affidavit is received. O.R.C. 1311.01(B)(4).

If there is a dispute between subcontractors and the principal contractor regarding payment, such that the subcontractor will not release his lien, under Ohio statutes, the property owner is entitled to withhold payment to the principal contractor in the amount of the lien. In response, the principal contractor and lending institution may demand that the lien holder provide them with information regarding the amount of the lien and the dates upon which work was performed. The owner or lending institution may only release payment to the original contractor when the lien holder has given notice that he has been paid, the subcontractor issues a lien release, the original contractor provides a bond, or the time under which a lien may be filed has expired. O.R.C. 1311.01(B)(8).

How Else May a Property Owner Respond to a Lien?

After a lien has been filed, a property owner may serve a Notice to the Lien holder to Commence Suit. Within thirty days of serving the notice the property owner must file the notice with an affidavit indicating how service was accomplished. The lien holder has sixty days after being served to file suit or his lien will be rendered void. O.R.C. 1311.11(B)(3)