Changes to Ohio’s receivership statute will expand the circumstances under which a receiver may be appointed, as well as authorize “free and clear” sales, which is perhaps the most anticipated aspect of the revision, says Matthew A. Salerno, a director at Kegler, Brown, Hill + Ritter.

Changes to Ohio's receivership statute will go into effect as of March 23, 2015. The changes include, among other things:

• Expansion of the circumstances under which a receiver may be appointed
• "Priority consideration" for the candidate proposed by the party seeking the appointment of a receiver
• Certain clarifications with respect to exercising the equity of redemption

The revised statute also expressly authorizes "free and clear" sales - perhaps the most anticipated change to Ohio's receivership statute.