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Stone v. Davis

66 Ohio St. 2d 74, 419 N.E.2d 1094 (1981)

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Stone v. Davis

Ohio Supreme Court
66 Ohio St. 2d 74, 419 N.E.2d 1094 (1981)

AR

Facts

Davis (defendant) bought a dairy farm from Stone (plaintiff) with a mortgage loan from Ashtabula County Savings & Loan Company. Davis had never received a mortgage before. When Davis applied for the loan, Ashtabula gave disclosure documents required by the Truth in Lending Act and Federal Reserve Regulation Z. These documents informed Davis of the existence of mortgage insurance, which would continue to pay Davis’s mortgage should Davis suffer an accident or loss of income. Davis stated that he wanted mortgage insurance, but Ashtabula did nothing further to procure such insurance or inform Davis that he had to procure it himself. Davis later died in a motorcycle accident, and Stone and Ashtabula sued Davis to foreclose on the mortgage. Davis’s wife argued that Ashtabula violated the act when Ashtabula failed to help Davis procure mortgage insurance after Davis indicated he wanted it. The trial court ruled in Davis’s favor, and the appeals court affirmed. Ashtabula appealed to the Ohio Supreme Court.

Rule of Law

Issue

Holding and Reasoning (Corrigan, J.)

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