Ohio Revised Code Search

...(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 payable on elapse of a definite period of time after sight or acceptance, at a fixed date or dates, or at a time or times readily ascertainab...

...(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. (3) It states that it is payable to "cash" or to the order of "cash" or otherwise indicates that it is not payable to an identified per...

...(A) To the extent that items within sections 1304.01 to 1304.40 of the Revised Code are also within the scope of Chapter 1303. and Chapter 1308. of the Revised Code, they are subject to those chapters. In the event of conflict, the provisions of sections 1304.01 to 1304.40 of the Revised Code govern those of Chapter 1303., but the provisions of Chapter 1308. of the Revised Code govern those of sections 1304.01 to 130...

...(A) The effect of the provisions of this chapter may be varied by agreement, but the parties to the agreement cannot disclaim a bank's responsibility for its lack of good faith or failure to exercise ordinary care or limit the measure of damages for the lack or failure. However, the parties may determine by agreement the standards by which the bank's responsibility is to be measured if those standards are not manifes...

...A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notices or orders shall be given under Chapter 1303. and sections 1304.01 to 1304.40 of the Revised Code.

...(A) If an item states that it is "payable through" a bank identified in the item, both of the following apply: (1) The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item. (2) The item may be presented for payment only by or through the bank. (B) If an item states that it is "payable at" a bank identified in the item, the item is equivalent to a draft drawn on th...

...(A) For the purpose of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of two p.m. or later as a cut-off hour for the handling of money and items and the making of entries on its books. (B) An item or deposit of money received on any day after a cut-off hour so fixed or after the close of the banking d...

...(A) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank, and with or without the approval of any person involved, may waive, modify, or extend time limits imposed or permitted by Chapters 1301., 1302., 1303., 1304., 1305., 1307., 1308., 1309., and 1310. of the Revised Code for a period not exceeding two additional banking days ...

...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.

...(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 business day for the receipt and processing of payment orders and communications canceling or amending payment orders. Different cut-...

...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.

...(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 1304.51 to 1304.85 of the Revised Code apply to a remittance transfer as defined in the "Electronic Fund Transfer Act," 124 Stat. 2...

...A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated by a signature or in accordance with the agreement of the parties or the standard practice referred to in division (E) of section 1305.07 of the Revised Code.

...Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.

...(A) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides. (B) After a letter of credit is issued, rights and obligations of a beneficiary, applicant, confirmer, and issuer are not affected by an amendment or cancellat...

...(A) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had issued the letter of credit at the request and for the account of the issuer. (B) A nominated person who is not a confirmer is not obligated to honor o...

...(A) If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit, but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant: (1) The issuer shall honor the presentation, if honor is demanded by (a) a nominated person who has given value in good ...

...(A) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security. (B) An "investment company security" is a security. "Investment company security" means a share or similar equity interest issued by an entity that is registered as an investment company under the federal investment company laws, an interest in a unit investment trust that is s...

...(A) A person acquires a security or an interest therein, under this chapter, if: (1) The person is a purchaser to whom a security is delivered pursuant to section 1308.27 of the Revised Code; or (2) The person acquires a security entitlement to the security pursuant to section 1308.51 of the Revised Code. (B) A person acquires a financial asset, other than a security, or an interest therein, under this chapter, if...

...(A) A person has notice of an adverse claim if: (1) The person knows of the adverse claim; (2) The person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the existence of the adverse claim; or (3) The person has a duty, imposed by statute or rule, to investigate whether an adverse claim exists, a...

...(A) A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an indorser, if the transfer is by indorsement, warrants to any subsequent purchaser, that: (1) The certificate is genuine and has not been materially altered; (2) The transferor or indorser does not know of any fact that might impair the validity of the security; (3) There is no adverse claim to the security...

...(A) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: (1) The entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on behalf of the appropriate person; and (2) There is no adverse claim to the security entitlement. (B) A person who delivers a security certificate to...

...(A) "Appropriate person" means: (1) With respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to be entitled to the security; (2) With respect to an instruction, the registered owner of an uncertificated security; (3) With respect to an entitlement order, the entitlement holder; (4) If the person designated in division (A)(1), (2), or (3) of this section...

...(A) A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser. (B) A purchaser has "control" of a certificated security in registered form if the certificated security is delivered to the purchaser, and: (1) The certificate is indorsed to the purchaser or in blank by an effective indorsement; or (2) The certificate is registered in the name of th...

...(A) This chapter may be cited as "Uniform Commercial Code, secured transactions." (B) This chapter uses the numbering system of the national conference of commissioners on uniform state laws. The digits to the right of the decimal point are sequential and not supplemental to any preceding Revised Code section.