The brand new contract conveys your debt once the principal number, therefore the appeal is determined based upon the main balance a good each day, according to the definition of “interest-hit financing” within the R
<¶>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 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) isn’t unknown, you to “from time to time” modifies “outstanding,” and this a keen “interest-bearing financing” does not have to require several installment payments
Based on [appellant], “from time to time” modifies “delinquent principal balance outstanding[,]” and you may, thus, that loan could be appeal-results in the event it actually was built-up in a single installment. Yet not, “periodically” you certainly will just as easily customize “determined, recharged, and amassed [,]” which will wanted attention becoming gathered inside the several installments. Select R.C. (F). Put another way, brand new law try 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. Continue reading