The fresh new agreement expresses the debt because the prominent amount, and the focus is computed depending the primary harmony a good day-after-day, according to the definition of “interest-bearing loan” inside 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) isn’t ambiguous, you to “periodically” modifies “a good,” which an enthusiastic “interest-influence mortgage” does not have to want several payments

Considering [appellant], “occasionally” modifies “unpaid principal balance a fantastic[,]” and you will, ergo, that loan is interest-results though it was accumulated in one single cost. not, “from time to time” you will just as conveniently customize “calculated, recharged, and compiled [,]” which could need focus are accumulated in several installment payments. Look for Roentgen.C. (F). To put it differently, the latest law was unknown.

<¶>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., payday loans in Atmore 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 hope to blow us $ (the primary Amount of it mortgage) in addition to desire at a rate of twenty five% yearly on principal a fantastic to your big date the regarding the brand new time with the Buyers Agreement up until paid in full. Notice might be determined every day through to the principal balance an excellent because of the utilising the simple attention means, and when an excellent 365–day year.

C. (F). While doing so, the fresh formula of interest are consistent with the conditions applicable so you can interest-results MLA money less than R.C. (C).