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Ohio Statutes, Title 13

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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

1,479 sections·Filtered byTitle 13✕

Ohio Rev. Code Ann. § 1304.13 Effect of instructions - UCC 4-203
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Subject to Chapter 1303. of the Revised Code concerning conversion of instruments and restrictive indorsements, only a collecting bank's transferor can give instructions that affect the bank or constitute notice to it and a collecting bank is not liable to prior parties for any a…
Ohio Rev. Code Ann. § 1304.14 Methods of sending and presenting - sending directly to payor bank - UCC 4-204
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(A) A collecting bank shall send items by a reasonably prompt method taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collection involved, and the method generally used by it or others to present those items.(…
Ohio Rev. Code Ann. § 1304.15 Depositary bank holder of unindorsed item - UCC 4-205
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If a customer delivers an item to a depositary bank for collection, both of the following apply:(A) The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not th…
Ohio Rev. Code Ann. § 1304.16 Transfer between banks - UCC 4-206
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Any agreed method that identifies the transferor bank is sufficient for the item's further transfer to another bank.

Ohio Rev. Code Ann. § 1304.17 Transfer warranties - UCC 4-207

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(A) A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants all of the following to the transferee and to any subsequent collecting bank:(1) The warrantor is a person entitled to enforce the item.(2) All signatures on the ite…

Ohio Rev. Code Ann. § 1304.18 Presentment warranties - UCC 4-208

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(A) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance, at the time of presentment, and a previous transferor of the draft, at the time of transfer, warrant all of the fo…

Ohio Rev. Code Ann. § 1304.19 Encoding and retention warranties - UCC 4-209

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(A) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a depositary bank encodes, that bank also makes the warrant…

Ohio Rev. Code Ann. § 1304.20 Security interest of collecting bank in items, accompanying documents and proceeds - UCC 4-210

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(A) A collecting bank has a security interest in an item and any accompanying documents or the proceeds of the item or documents in any of the following manners: (1) In the case of an item deposited in an account, to the extent to which credit given for the item has been withdraw…

Ohio Rev. Code Ann. § 1304.21 When bank gives value for purposes of holder in due course - UCC 4-211

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For the purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item if the bank otherwise complies with the requirements of section 1303.32 of the Revised Code on what constitutes a holder in due course.

Ohio Rev. Code Ann. § 1304.22 Presentment by notice of item not payable by, through, or at bank - liability of drawer or indorser - UCC 4-212

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(A) Unless otherwise instructed, a collecting bank may present an item not payable by, through, or at a bank by sending to the party to accept or pay a record providing notice that the bank holds the item for acceptance or payment. The notice must be sent in time to be received o…

Ohio Rev. Code Ann. § 1304.23 Medium and time of settlement by bank - UCC 4-213

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(A) With respect to settlement by a bank, the medium and time of settlement may be prescribed by federal reserve regulations or circulars, clearing house rules, and similar rules and documents, or agreement. In the absence of prescription in that manner, both of the following app…

Ohio Rev. Code Ann. § 1304.24 Right of charge-back or refund - liability of collecting bank - return of item - UCC 4-214

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(A) If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments by a bank, or otherwise to receive settlement for the item which is or becomes final, the bank may revoke the settlement given by it, cha…

Ohio Rev. Code Ann. § 1304.25 Final payment of item by payor bank - when provisional debits and credits become final - when certain credits become available for withdrawal - UCC 4-215

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(A) An item is finally paid by a payor bank when the bank has done any of the following:(1) Paid the item in cash;(2) Settled for the item without having a right to revoke the settlement under statute, clearing house rule, or agreement;(3) Made a provisional settlement for the it…

Ohio Rev. Code Ann. § 1304.26 Insolvency and preference - UCC 4-216

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(A) If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, the receiver, trustee, or agent in charge of the closed bank shall return the item to the presenting bank or the closed bank's customer.(B…

Ohio Rev. Code Ann. § 1304.27 Deferred posting - recovery of payment by return of items - time of dishonor - return of items by payor bank - UCC 4-301

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(A) If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt, the payor bank may revoke the settlement and recover the settlement if before it has made fi…

Ohio Rev. Code Ann. § 1304.28 Payor bank's responsibility for late return of item - UCC 4-302

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(A) If an item is presented to and received by a payor bank, the bank is accountable for either of the following:(1) The amount of a demand item other than a documentary draft whether properly payable or not if the bank, in any case in which it is not also the depository bank, re…

Ohio Rev. Code Ann. § 1304.29 When items subject to notice, stop-payment order, legal process or setoff - order in which items may be charged or certified - UCC 4-303

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(A) Any knowledge, notice, or stop payment order received by, legal process served upon or setoff exercised by a payor bank comes too late to terminate, suspend, or modify the bank's right or duty to pay an item or to charge its customer's account for the item if the knowledge, n…

Ohio Rev. Code Ann. § 1304.30 When bank may charge customer's account - UCC 4-401

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(A) A bank may charge against the account of a customer an item that is properly payable from that account even though the charge creates an overdraft. An item is properly payable if it is authorized by the customer and is in accordance with any agreement between the customer and…

Ohio Rev. Code Ann. § 1304.31 Bank's liability to customer for wrongful dishonor - time of determining insufficiency of account - UCC 4-402

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(A) Except as otherwise provided in sections 1304.01 to 1304.40 of the Revised Code, a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, but a bank may dishonor an item that would create an overdraft unless it has agreed to pay the overdraf…

Ohio Rev. Code Ann. § 1304.32 Customer's right to stop payment - burden of proof of loss - UCC 4-403

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(A) A customer, or any person authorized to draw on the account if there is more than one person, may stop payment of any item drawn on the customer's account or close the account by an order to the bank describing the item or account with reasonable certainty received at a time …

Ohio Rev. Code Ann. § 1304.33 Bank not obliged to pay check more than six months old - UCC 4-404

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A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, that is presented more than six months after its date, but it may charge its customer's account for a payment made in good faith after its date.

Ohio Rev. Code Ann. § 1304.34 Death or incompetence of customer - UCC 4-405

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(A) A payor or collecting bank's authority to accept, pay, or collect an item or to account for proceeds of its collection if otherwise effective is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is …

Ohio Rev. Code Ann. § 1304.35 Customer's duty to discover and report unauthorized signature or alteration - UCC 4-406

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(A) A bank that sends or makes available to a customer a statement of account showing payment of items for the account shall either return or make available to the customer the items paid or provide information in the statement of account sufficient to allow the customer reasonab…

Ohio Rev. Code Ann. § 1304.36 Payor bank's right to subrogation on improper payment - UCC 4-407

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If a payor bank has paid an item over the order of the drawer or maker to stop payment, after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent…

Ohio Rev. Code Ann. § 1304.37 Handling of documentary drafts - duty to send for presentment and to notify customer of dishonor - UCC 4-501

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A bank that takes a documenatary draft for collection shall present or send the draft and accompanying documents for presentment and upon learning that the draft has not been paid or accepted in due course shall seasonably notify its customer of the fact even though it may have d…

Ohio Rev. Code Ann. § 1304.38 Presentment of on arrival drafts - UCC 4-502

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If a draft or the relevant instructions require presentment "on arrival," "when goods arrive," or at a similar time related to the arrival of goods, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay o…

Ohio Rev. Code Ann. § 1304.39 Responsibility of presenting bank for documents and goods - report of reasons for dishonor - referee in case of need - UCC 4-503

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Unless otherwise instructed and except as provided in sections 1305.01 to 1305.16 of the Revised Code, both of the following apply to a bank presenting a documentary draft:(A) The bank must deliver the documents to the drawee on acceptance of the draft if it is payable more than …

Ohio Rev. Code Ann. § 1304.40 Privilege of presenting bank to deal with goods - security interest for expenses - UCC 4-504

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(A) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner.(B) For its reasonable expenses incurred …

Ohio Rev. Code Ann. § 1304.51 Definitions - UCC 4A-103, 4A-104, 4A-105

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(A) As used in sections 1304.51 to 1304.85 of the Revised Code: (1) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an …

Ohio Rev. Code Ann. § 1304.52 Application of provisions - UCC 4A-102

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Except as otherwise provided in section 1304.55 of the Revised Code, sections 1304.51 to 1304.85 of the Revised Code apply to funds transfers as defined in section 1304.51 of the Revised Code.

Ohio Rev. Code Ann. § 1304.53 Time payment order is received - UCC 4A-106

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(A) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice as provided in section 1301.202 of the Revised Code. A receiving bank may fix a cut-off time or times on a funds-transfer…

Ohio Rev. Code Ann. § 1304.54 Federal reserve regulations and operating circulars - UCC 4A-107

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Regulations of the board of governors of the federal reserve system and operating circulars of the federal reserve banks supersede any inconsistent provision of sections 1304.51 to 1304.85 of the Revised Code to the extent of the inconsistency.

Ohio Rev. Code Ann. § 1304.55 Applicability of ORC provisions for consumer transactions governed by federal law - UCC 4A-108

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(A) Except as otherwise provided in division (B) of this section, sections 1304.51 to 1304.85 of the Revised Code do not apply to a funds transfer any part of which is governed by the "Electronic Fund Transfer Act," 92 Stat. 3728 (1978), 15 U.S.C.A. 1693, as amended. (B) Sections…

Ohio Rev. Code Ann. § 1304.56 Security procedure - UCC 4A-201

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"Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or detecting error in the transmission or the cont…

Ohio Rev. Code Ann. § 1304.57 Authorized and verified payment orders - UCC 4A-202

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(A) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency.(B)(1) If a bank and its customer have agreed that the authenticity of payment ord…

Ohio Rev. Code Ann. § 1304.58 Unenforceability of certain verified payment orders - UCC 4A-203

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(A) If an accepted payment order is not an authorized order of a customer identified as sender under division (A) of section 1304.57 of the Revised Code, but is effective as an order of the customer under division (B) of that section, both of the following apply:(1) By express wr…

Ohio Rev. Code Ann. § 1304.59 Refund of payment and duty of customer to report with respect to unauthorized payment order - UCC 4A-204

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(A) If a receiving bank accepts a payment order issued in the name of its customer as sender which is not authorized and not effective as the order of the customer under section 1304.57 of the Revised Code, or not enforceable, in whole or in part, against the customer under secti…

Ohio Rev. Code Ann. § 1304.60 Erroneous payment orders - UCC 4A-205

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(A) Division (B) of this section applies if an accepted payment order was transmitted pursuant to a security procedure for the detection of error, and any of the following applies:(1) The payment order erroneously instructed payment to a beneficiary not intended by the sender.(2)…

Ohio Rev. Code Ann. § 1304.61 Transmission of payment order through funds-transfer or other communication system - UCC 4A-206

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(A) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. I…

Ohio Rev. Code Ann. § 1304.62 Misdescription of beneficiary - UCC 4A-207

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(A) Subject to division (B) of this section, if, in a payment order received by the beneficiary's bank, the name, bank account number, or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of …

Ohio Rev. Code Ann. § 1304.63 Misdescription of intermediary bank or beneficiary's bank - UCC 4A-208

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(A)(1) Divisions (A)(2) and (3) of this section apply to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number.(2) The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank a…

Ohio Rev. Code Ann. § 1304.64 Acceptance of payment order - UCC 4A-209

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(A) Subject to division (D) of this section, a receiving bank other than the beneficiary's bank accepts a payment order when it executes the order.(B) Subject to divisions (C) and (D) of this section, a beneficiary's bank accepts a payment order at the earliest of the following t…

Ohio Rev. Code Ann. § 1304.65 Rejection of payment order - UCC 4A-210

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(A) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order…

Ohio Rev. Code Ann. § 1304.66 Cancellation and amendment of payment order - UCC 4A-211

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(A) A communication of the sender of a payment order canceling or amending the order may be transmitted to the receiving bank orally, electronically, or in writing. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective …

Ohio Rev. Code Ann. § 1304.67 Liability and duty of receiving bank regarding unaccepted payment order - UCC 4A-212

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If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in sections 1304.51 to 1304.85 of the Revised Code, but does not otherwise have any dut…

Ohio Rev. Code Ann. § 1304.68 Execution and execution date - UCC 4A-301

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(A) A payment order is executed by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary's bank can be accepted but cannot be executed.(B) "Execution date" of a payment order mea…

Ohio Rev. Code Ann. § 1304.69 Obligations of receiving bank in execution of payment order - UCC 4A-302

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(A) Except as provided in divisions (B) to (D) of this section, if the receiving bank accepts a payment order pursuant to division (A) of section 1304.64 of the Revised Code, the bank has the following obligations in executing the order:(1) The receiving bank shall issue, on the …

Ohio Rev. Code Ann. § 1304.70 Erroneous execution of payment order - UCC 4A-303

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(A) A receiving bank that executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender's order, or issues a payment order in execution of the sender's order and then issues a duplicate order, is entitled to payment of the …

Ohio Rev. Code Ann. § 1304.71 Duty of sender to report erroneously executed payment order - UCC 4A-304

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If the sender of a payment order that is erroneously executed as provided in section 1304.70 of the Revised Code receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the sender has a duty to …

Ohio Rev. Code Ann. § 1304.72 Liability for late or improper execution or failure to execute payment order - UCC 4A-305

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(A) If a funds transfer is completed but execution of a payment order by the receiving bank without compliance with section 1304.69 of the Revised Code results in delay in payment to the beneficiary, the bank shall pay interest to either the originator or the beneficiary of the f…