Appellant’s loan to appellee meets the term an attraction-results financing under R

Appellant’s loan to appellee meets the term an attraction-results financing under R

The fresh new contract conveys your debt once the prominent matter, in addition to interest is determined based upon the principal equilibrium an excellent daily, in accordance with the concept of “interest-bearing mortgage” during the 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 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 unclear, you to definitely “occasionally” modifies “an excellent,” which an “interest-results loan” shouldn’t have to wanted numerous installment payments

Considering [appellant], “occasionally” modifies “unpaid principal stability the[,]” and you will, thus, that loan could be attention-results though it actually was built-up in a single repayment. But not, “periodically” you will definitely exactly as readily modify “determined, energized, and you will gathered [,]” that will want attention to get built-up when you look at the several payments. Discover R.C. (F). To phrase it differently, the brand new law is confusing.

<¶>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 guarantee to spend all of us $ (the main Level of that it mortgage) and focus for a price out-of 25% per year to your prominent a great for the go out a good from new time of this Customers Agreement up until paid-in complete. Interest will be computed each and every day up on the main harmony an excellent because of the utilising the effortless attract means, and if an excellent 365–time year.

C. (F). Likewise, the fresh formula of interest are consistent with the requirements relevant so you can interest-hit MLA funds significantly less than Roentgen.C. (C).