To amend section 2305.06 of the Revised Code to shorten the period of limitations for actions upon a contract in writing.

Section 1. That section 2305.06 of the Revised Code be amended to read as follows:

Sec. 2305.06.  Except as provided in sections 126.301 and 1302.98 of the Revised Code, an action upon a specialty or an agreement, contract, or promise in writing shall be brought within fifteen eight years after the cause thereof of action accrued.

Section 2. That existing section 2305.06 of the Revised Code is hereby repealed.

Section 3. Section 2305.06 of the Revised Code, as amended by this act, applies to actions in which the cause of action accrues on or after the effective date of this act.

Section 4. For causes of action that are governed by section 2305.06 of the Revised Code and accrued prior to the effective date of this act, the period of limitations shall be eight years from the effective date of this act or the expiration of the period of limitations in effect prior to the effective date of this act, whichever occurs first.