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Ohio Statutes, Title 13

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Ohio/Statutes

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Title 13, Title 13. Commercial Transactions

39 chapters · 1,479 sections in this title.

All chapters in Title 131,479 Ch 1309, Chapter 1309 | Secured Transactions143 Ch 1321, Chapter 1321 | Various Loans109 Ch 1302, Chapter 1302 | Sales97 Ch 1310, Chapter 1310 | Leases78 Ch 1311, Chapter 1311 | Liens77 Ch 1304, Chapter 1304 | Bank Deposits And Col…74 Ch 1345, Chapter 1345 | Consumer Sales Practices69 Ch 1333, Chapter 1333 | Trade Practices67 Ch 1303, Chapter 1303 | Commercial Paper66 Ch 1337, Chapter 1337 | Power Of Attorney62 Ch 1349, Chapter 1349 | Consumer Protection61 Ch 1313, Chapter 1313 | Voluntary Assignments56 Ch 1308, Chapter 1308 | Investment Securities49 Ch 1329, Chapter 1329 | Labels And Marks45

66 sections·Filtered byTitle 13✕Ch 1303✕

Ohio Rev. Code Ann. § 1303.01 Definitions - UCC 3-103
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(A) As used in this chapter, unless the context otherwise requires:(1) "Acceptor" means a drawee who has accepted a draft. (2) "Consumer account" means an account established by an individual primarily for personal, family, or household purposes. (3) "Consumer transaction" means …
Ohio Rev. Code Ann. § 1303.02 Subject matter - UCC 3-102
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(A) This chapter applies to negotiable instruments. It does not apply to money, to payment orders governed by sections 1304.51 to 1304.85 of the Revised Code, or to securities governed by Chapter 1308. of the Revised Code.(B) If there is a conflict between this chapter and either…
Ohio Rev. Code Ann. § 1303.03 Negotiable instrument - UCC 3-104
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(A) Except as provided in divisions (C) and (D) of this section, "negotiable instrument" means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it meets all of the following requireme…
Ohio Rev. Code Ann. § 1303.04 Issue of instrument - UCC 3-105(b)
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An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but the failure of the…

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Ohio Rev. Code Ann. § 1303.05 Unconditional promise or order - UCC 3-106

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(A) Except as provided in this section, for the purposes of division (A) of section 1303.03 of the Revised Code, a promise or order is unconditional unless it states any of the following:(1) An express condition to payment; (2) That the promise or order is subject to or governed …

Ohio Rev. Code Ann. § 1303.06 Instrument payable in foreign money - UCC 3-107

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Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollar…

Ohio Rev. Code Ann. § 1303.07 Payable on demand or at definite time - UCC 3-108

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(A) A promise or order is "payable on demand" if it states that it is payable on demand or at sight or otherwise indicates that it is payable at the will of the holder, or if it does not state any time of payment.(B) A promise or order is "payable at a definite time" if it is pay…

Ohio Rev. Code Ann. § 1303.08 Identification of person to whom instrument is payable - UCC 3-110

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(A) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized to sign the instrument, who signs the instrument as, in the name of, or in behalf of the issuer of the instrument. The instrument is payable to the perso…

Ohio Rev. Code Ann. § 1303.09 Place of payment - UCC 3-111

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Except as otherwise provided in this chapter or Chapter 1304. of the Revised Code, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated in an instrument, an instrument is payable at the address of the drawee or maker stated i…

Ohio Rev. Code Ann. § 1303.10 Payable to bearer or to order - UCC 3-109

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(A) A promise or order is "payable to bearer" if any of the following apply:(1) It states that it is payable to the bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or order is entitled to payment.(2) It does not state a payee.(…

Ohio Rev. Code Ann. § 1303.11 Incomplete instrument - UCC 3-115

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(A) "Incomplete instrument" means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be completed by the addition of words or numbers.(B) Subject to division (C) of this…

Ohio Rev. Code Ann. § 1303.12 Interest - UCC 3-112

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(A) Unless otherwise provided in the instrument, both of the following apply:(1) An instrument is not payable with interest.(2) Interest on an interest-bearing instrument is payable from the date of the instrument.(B) Interest may be stated in an instrument as a fixed or variable…

Ohio Rev. Code Ann. § 1303.13 Date of instrument - UCC 3-113

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(A) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in division (C) of section 1304.30 of the Revised Code, an instrument payable on demand is not payable bef…

Ohio Rev. Code Ann. § 1303.14 Joint and several liability - contribution - UCC 3-116

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(A) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, indorsers who indorse as joint payees, or anomalous indorsers are jointly and severally liable in the capacity in which they sign.(B…

Ohio Rev. Code Ann. § 1303.15 Other agreements affecting instrument - UCC 3-117

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Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce t…

Ohio Rev. Code Ann. § 1303.16 Statute of limitations - UCC 3-118

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(A) Except as provided in division (E) of this section, an action to enforce the obligation of a party to pay a note payable at a definite time shall be brought within six years after the due date or dates stated in the note or, if a due date is accelerated, within six years afte…

Ohio Rev. Code Ann. § 1303.17 Contradictory terms of instrument - UCC 3-114

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If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both typewritten and printed terms, and words prevail over numbers.

Ohio Rev. Code Ann. § 1303.18 Notice of right to defend action - UCC 3-119

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In an action for breach of an obligation for which a third person is answerable over pursuant to this chapter or sections 1304.01 to 1304.40 of the Revised Code, the defendant may give the third person notice of the litigation in a record, and the person notified may then give si…

Ohio Rev. Code Ann. § 1303.21 Negotiation - UCC 3-201

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(A) "Negotiation" means a voluntary or involuntary transfer of possession of an instrument by a person other than the issuer to a person who by the transfer becomes the holder of the instrument.(B) Except for negotiation by a remitter, if an instrument is payable to an identified…

Ohio Rev. Code Ann. § 1303.22 Transfer of instrument - rights acquired by transfer - UCC 3-203

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(A) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument.(B) Transfer of an instrument, whether or not the transfer is a negotiation, vests in the transfe…

Ohio Rev. Code Ann. § 1303.23 Negotiation subject to rescission - UCC 3-202

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(A) Negotiation is effective even if it is obtained in any of the following manners:(1) From an infant, a corporation exceeding its powers, or any other person without capacity;(2) By fraud, duress, or mistake of any kind;(3) As part of an illegal transaction;(4) In breach of dut…

Ohio Rev. Code Ann. § 1303.24 Indorsement - UCC 3-204

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(A)(1) "Indorsement" means a signature, other than that of a signer as maker, drawer, or acceptor, that alone or accompanied by other words is made on an instrument for any of the following purposes:(a) To negotiate the instrument;(b) To restrict payment of the instrument;(c) To …

Ohio Rev. Code Ann. § 1303.25 Special indorsement - blank indorsement - anomalous indorsement - UCC 3-205

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(A) A "special indorsement" means an indorsement that is made by the holder of an instrument, whether payable to an identified person or payable to the bearer, and that identifies a person to whom it makes the instrument payble. An instrument, when specially indorsed, becomes pay…

Ohio Rev. Code Ann. § 1303.26 Restrictive indorsement - UCC 3-206

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(A) An indorsement limiting payment to a particular person or otherwise prohibiting further transfer or negotiation of the instrument is not effective to prevent further transfer or negotiation of the instrument.(B) An indorsement stating a condition to the right of the indorsee …

Ohio Rev. Code Ann. § 1303.27 Reacquisition - UCC 3-207

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"Reacquisition of an instrument" occurs if it is transferred by negotiation or otherwise to a former holder. A former holder who reacquires the instrument may cancel any indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the…

Ohio Rev. Code Ann. § 1303.31 Person entitled to enforce instrument - UCC 3-301

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(A) "Person entitled to enforce" an instrument means any of the following persons:(1) The holder of the instrument;(2) A nonholder in possession of the instrument who has the rights of a holder;(3) A person not in possession of the instrument who is entitled to enforce the instru…

Ohio Rev. Code Ann. § 1303.32 Holder in due course - UCC 3-302

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(A) Subject to division (C) of this section and division (D) of section 1303.05 of the Revised Code, "holder in due course" means the holder of an instrument if both of the following apply:(1) The instrument when issued or negotiated to the holder does not bear evidence of forger…

Ohio Rev. Code Ann. § 1303.33 Value and consideration - UCC 3-303

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(A) An instrument is issued or transferred for value if any of the following apply:(1) The instrument is issued or transferred for a promise of performance, to the extent the promise has been performed.(2) The transferee acquires a security interest or other lien in the instrumen…

Ohio Rev. Code Ann. § 1303.34 Overdue instrument - UCC 3-304

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(A) An instrument payable on demand becomes overdue at the earliest of the following times:(1) On the day after the day during which demand for payment is duly made;(2) If the instrument is a check, ninety days after its date;(3) If the instrument is not a check, when the instrum…

Ohio Rev. Code Ann. § 1303.35 Defenses and claims in recoupment - UCC 3-305

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(A) Except as otherwise stated in this section, the right to enforce the obligation of a party to pay an instrument is subject to all of the following:(1) A defense of the obligor based on any of the following:(a) Infancy of the obligor to the extent it is a defense to a simple c…

Ohio Rev. Code Ann. § 1303.36 Proof of signatures and status as holder in due course - UCC 3-308 - claims to an instrument - UCC 3-306

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(A) Unless specifically denied in the pleadings, in an action with respect to an instrument, the authenticity of, and authority to make, each signature on an instrument is admitted. If the validity of a signature is denied in the pleadings, the burden of establishing validity is …

Ohio Rev. Code Ann. § 1303.37 Notice of breach of fiduciary duty - UCC 3-307

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(A) As used in this section:(1) "Fiduciary" means an agent, trustee, partner, corporate officer, corporate director, or other representative owing a fiduciary duty with respect to an instrument.(2) "Represented person" means the principal, beneficiary, partnership, corporation, o…

Ohio Rev. Code Ann. § 1303.38 Enforcement of lost, destroyed or stolen instrument - UCC 3-309

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(A) A person not in possession of an instrument is entitled to enforce the instrument if all of the following apply:(1) The person seeking to enforce the instrument was entitled to enforce the instrument when loss of possession occurred or has directly or indirectly acquired owne…

Ohio Rev. Code Ann. § 1303.39 Effect of instrument on obligation for which taken - UCC 3-310

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(A) Unless otherwise agreed, if a certified check, cashier's check, or teller's check is taken for an obligation, the obligation is discharged to the same extent discharge would result if an amount of money equal to the amount of the instrument were taken in payment of the obliga…

Ohio Rev. Code Ann. § 1303.40 Accord and satisfaction by use of instrument - UCC 3-311

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If a person against whom a claim is asserted proves that that person in good faith tendered an instrument to the claimant as full satisfaction of the claim, that the amount of the claim was unliquidated or subject to a bona fide dispute, and that the claimant obtained payment of …

Ohio Rev. Code Ann. § 1303.401 Lost, destroyed or stolen cashier's check, teller's check or certified check - UCC 3-312

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(A) As used in this section:(1) "Check" means a cashier's check, teller's check, or certified check.(2) "Claimant" means a person who claims the right to receive the amount of a check that was lost, destroyed, or stolen. (3) "Declaration of loss" means a statement made in a recor…

Ohio Rev. Code Ann. § 1303.41 Signature - UCC 3-401

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(A) A person is not liable on an instrument unless the person signed the instrument or the person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person pursuant to section 1303.42 of the Revised Code.(B) A si…

Ohio Rev. Code Ann. § 1303.42 Signature by representative - UCC 3-402

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(A) If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or the name of the signer, the represented person is bound by the signature to the same extent the represented person would be bound if the s…

Ohio Rev. Code Ann. § 1303.43 Unauthorized signature - UCC 3-403

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(A) Unless otherwise provided in this chapter or sections 1304.01 to 1304.40 of the Revised Code, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unaut…

Ohio Rev. Code Ann. § 1303.44 Impostors - fictitious payees - UCC 3-404

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(A) If an impostor, by use of the mails or otherwise, induces the issuer of an instrument to issue the instrument to the impostor, or to a person acting in concert with the impostor, by impersonating the payee of the instrument or a person authorized to act for the payee, an indo…

Ohio Rev. Code Ann. § 1303.45 Drawee not liable on unaccepted draft - UCC 3-408

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A check or other draft does not of itself operate as an assignment of any funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until he accepts it.

Ohio Rev. Code Ann. § 1303.46 Acceptance of draft - certified check - UCC 3-409

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(A) "Acceptance" means the drawee's signed agreement to pay the draft as presented. It must be written on the draft, and may consist of his signature alone. Acceptance may be made at any time and becomes effective when notification is given pursuant to instructions or the accepte…

Ohio Rev. Code Ann. § 1303.47 Employer's responsibility for fraudulent indorsement by employee - UCC 3-405

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(A) As used in this section:(1) "Employee" includes an independent contractor and an employee of an independent contractor retained by the employer.(2) "Fraudulent indorsement" means either of the following:(a) In the case of an instrument payable to the employer, a forged indors…

Ohio Rev. Code Ann. § 1303.48 Acceptance varying draft - UCC 3-410

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(A) If the terms of a drawee's acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored in which case the drawee is entitled to cancel his acceptance.(B) The terms of the draft are not varied by an acceptance…

Ohio Rev. Code Ann. § 1303.49 Negligence contributing to forged signature or alteration of instrument - UCC 3-406

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(A) A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from asserting the alteration or the forgery against a person who, in good faith, pays the instrum…

Ohio Rev. Code Ann. § 1303.50 Alteration - UCC 3-407

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(A) "Alteration" means either of the following:(1) An unauthorized change in an instrument that purports to modify in any respect the obligation of a party.(2) An unauthorized addition of words or numbers or other change to an incomplete instrument relating to the obligation of a…

Ohio Rev. Code Ann. § 1303.51 Refusal to pay cashier's checks, teller's checks and certified checks - UCC 3-411

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(A) As used in this section, "obligated bank" means the acceptor of a certified check or the issuer of a cashier's check or teller's check bought from the issuer.(B) If the obligated bank wrongfully refuses to pay a cashier's check or certified check, wrongfully stops payment of …

Ohio Rev. Code Ann. § 1303.52 Obligation of issuer of note or cashier's check - UCC 3-412

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The issuer of a notice or cashier's check or other draft drawn on the drawer is obliged to pay the instrument in accordance with either of the following: (A) According to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder;…

Ohio Rev. Code Ann. § 1303.53 Obligation of acceptor - UCC 3-413

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(A) The acceptor of a draft is obliged to pay the draft in accordance with one of the following:(1) According to its terms at the time it was accepted, even though the acceptance states that the draft is payable "as originally drawn" or equivalent terms;(2) If the acceptance vari…

Ohio Rev. Code Ann. § 1303.54 Obligation of drawer - UCC 3-414

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(A) This section does not apply to cashier's checks or other drafts drawn on the drawer.(B) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft in accordance with either of the following:(1) According to its terms at the time it was issued or, if not issu…