Appellant’s mortgage so you can appellee touches the term an attraction-bearing financing below R

Appellant’s mortgage so you can appellee touches the term an attraction-bearing financing below R

The fresh contract conveys the debt since the dominant number, and notice was computed dependent the main equilibrium a good everyday, according to the definition of “interest-bearing loan” inside Roentgen

<¶>When statutory language is unambiguous, we will apply it as written, without resort to additional rules of statutory interpretation or considerations of public policy. Zumwalde v. Madeira & Indian Hill Joint Fire Dist., 128 Ohio St.3d 492, 2011–Ohio–1603, 946 N.E.2d 748, ¶ 23–24, 26. We biguous language only when a definitive meaning proves elusive, despite a thorough and objective examination of the statutory language. State v. Porterfield, 106 Ohio St.3d payday loans without checking account in Lockport, NY 5, 2005–Ohio–3095, 829 N.E.2d 690, ¶ 11. “Otherwise, allegations of ambiguity become self-fulfilling.” Id.

<¶>The appellate-court majority found the statutory definition of “interest-bearing loan”-and specifically the requirement that “interest is computed, charged, and collected on unpaid principal balances outstanding from time to time”-ambiguous:

C. (F) is not confusing, you to “from time to time” modifies “a great,” and this an “interest-hit financing” need not wanted numerous payments

Predicated on [appellant], “sometimes” modifies “delinquent prominent balances a good[,]” and you may, hence, that loan could be attention-hit even in the event it had been amassed in one cost. But not, “sometimes” you will just as readily customize “calculated, billed, and amassed [,]” which could need interest getting gathered for the several payments. Find R.C. (F). To phrase it differently, new law are ambiguous.

<¶>In determining whether a statute is ambiguous, we objectively and thoroughly examine the statute, consider each provision in context, and apply ordinary rules of grammar. Porterfield at ¶ 11, 829 N.E.2d 690, citing Westfield Ins. Co. v. Galatis, 100 Ohio St.3d 216, 2003–Ohio–5849, 797 N.E.2d 1256, ¶ 11; Hedges v. Nationwide Mut. Ins. Co., 109 Ohio St.3d 70, 2006–Ohio–1926, 846 N.E.2d 16, ¶ 24. When we do that here, we discern no ambiguity in R.C. (F).

<¶>It is an accepted rule of construction that in the absence of an expressed contrary intention, referential and qualifying words and phrases refer solely to the last antecedent. Hedges at ¶ 24. Applying that rule, the phrase “from time to time” is an adverbial phrase that modifies the antecedent adjective “outstanding,” which in turn modifies “unpaid principal balances.” The appellate-court majority states that the phrase “from time to time” may also be read as modifying the earlier verbs “computed, charged, and collected,” and, therefore requires that a lender collect interest at different times and thus in multiple installments. That reading, however, not only imposes a forced construction on the statute, but also ignores this accepted rule of construction. Had the General Assembly intended to require multiple installments for interest-bearing loans, it could have rearranged the statutory language in R.C. (F) to provide that “interest is computed, charged, and collected from time to time on unpaid principal balances outstanding,” but that is not how the enacted language is organized, and we may not rewrite the statute in that manner. The General Assembly could also have included a separate provision in the MLA that specifically requires that interest-bearing loans be repayable in multiple installments, just as it did with precomputed loans by requiring monthly installments. See R.C. (D)(1). Again, it did not do so. Reading the statute according to the natural and most obvious import of the statutory language, we conclude that R.

Your pledge to blow all of us $ (the main Amount of that it mortgage) plus desire for a price regarding 25% per year for the dominating outstanding towards the time a great out of the day in the Customer Contract up to paid-in full. Focus shall be determined everyday through to the main harmony a great by the utilizing the simple focus method, incase a beneficial 365–big date season.

C. (F). Simultaneously, the fresh formula interesting are similar to the conditions relevant in order to interest-hit MLA funds significantly less than R.C. (C).

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