Ohio Revised Code Search

...Destination bills [UCC 7-305] (A) Instead of issuing a bill of lading to the consignor at the place of shipment, a carrier, at the request of the consignor, may procure the bill to be issued at destination or at any other place designated in the request. (B) Upon request of any person entitled as against the carrier to control the goods while in transit and on surrender of possession or control of any outstan...

...Altered bills of lading [UCC 7-306] An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor.

...Lien of carrier [UCC 7-307] (A) A carrier has a lien on the goods covered by a bill of lading or on the proceeds thereof in its possession for charges after the date of the carrier's receipt of the goods for storage or transportation, including demurrage and terminal charges, and for expenses necessary for preservation of the goods incident to their transportation or reasonably incurred in their sale pursuant ...

...ime or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in the goods. The notification must include a statement of the amount due, the nature of the proposed sale, and the time and place of any public sale. The fact that a better price could have been obtained by a sale at a different time or in a method different from that selected by the carrier ...

...Duty of care; contractual limitation of carrier's liability [UCC 7-309] (A) A carrier that issues a bill of lading, whether negotiable or nonnegotiable, shall exercise the degree of care in relation to the goods which a reasonably careful person would exercise under similar circumstances. This division does not affect any statute, regulation, or rule of law that imposes liability upon a common carrier for dam...

...Irregularities in issue of receipt or bill or conduct of issuer [UCC 7-401] The obligations imposed by sections 1307.101 to 1307.603 of the Revised Code on an issuer apply to a document of title even if: (A) The document does not comply with the requirements of sections 1307.101 to 1307.603 of the Revised Code or of any other statute, rule, or regulation regarding its issuance, form, or content; (B) The iss...

...Duplicate document of title; overissue [UCC 7-402] A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except as provided in the case of tangible bills of lading in a set of parts, overissue of documents for fungible goods, substitutes for lost, stolen, or destroyed documents, or substitu...

...Obligation of bailee to deliver; excuse [UCC 7-403] (A) A bailee shall deliver the goods to a person entitled under a document of title if the person complies with divisions (B) and (C) of this section, unless and to the extent that the bailee establishes any of the following: (1) delivery of the goods to a person whose receipt was rightful as against the claimant; (2) damage to or delay, loss, or destructio...

...No liability for good-faith delivery pursuant to document of title [UCC 7-404] A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to sections 1307.101 to 1307.603 of the Revised Code is not liable for the goods even if: (A) The person from which the bailee received the goods did not have authority to procure...

...Form of negotiation and requirements of due negotiation [UCC 7-501] (A) The following rules apply to a negotiable tangible document of title: (1) If the document's original terms run to the order of a named person, the document is negotiated by the named person's indorsement and delivery. After the named person's indorsement in blank or to bearer, any person may negotiate the document by delivery alone. (2)...

...Rights acquired by due negotiation [UCC 7-502] (A) Subject to sections 1307.205 and 1307.503 of the Revised Code, a holder to which a negotiable document of title has been duly negotiated acquires thereby: (1) title to the document; (2) title to the goods; (3) all rights accruing under the law of agency or estoppel, including rights to goods delivered to the bailee after the document was issued; and (4) th...

...Document of title to goods defeated in certain cases [UCC 7-503] (A) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not: (1) Deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor's nominee with: (a) Actual or apparent authority to s...

...Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery [UCC 7-504] (A) A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly negotiated, acquires the title and rights that its transferor had or had actual authority to convey. (B) In the case of a transfer of a nonnegotiable document of title, until but ...

...Indorser not guarantor for other parties [UCC 7-505] The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or previous indorsers.

...Delivery without indorsement: right to compel indorsement [UCC 7-506] The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary indorsement, but the transfer becomes a negotiation only as of the time the indorsement is supplied.

...Warranties on negotiation or delivery of document of title [UCC 7-507] If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under section 1307.508 of the Revised Code, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that: (A) The document is genuine; (B) The t...

...Warranties of collecting bank as to documents of title [UCC 7-508] A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collecting bank or other intermediary has purchased or made advances ag...

...Adequate compliance with commercial contract [UCC 7-509] Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is determined by sections 1302.01 to 1302.98, 1305.01 to 1305.16, and 1310.01 to 1310.78 of the Revised Code.

...Lost, stolen, or destroyed documents of title [UCC 7-601] (A) If a document of title is lost, stolen, or destroyed, a court may order delivery of the goods or issuance of a substitute document and the bailee may without liability to any person comply with the order. If the document was negotiable, a court may not order delivery of the goods or issuance of a substitute document without the claimant's posting s...

...Judicial process against goods covered by negotiable document of title [UCC 7-602] Unless a document of title was originally issued upon delivery of the goods by a person that did not have power to dispose of them, a lien does not attach by virtue of any judicial process to goods in the possession of a bailee for which a negotiable document of title is outstanding unless possession or control of the document ...

...Conflicting claims; interpleader [UCC 7-603] If more than one person claims title to or possession of the goods, the bailee is excused from delivery until the bailee has a reasonable time to ascertain the validity of the adverse claims or to commence an action for interpleader. The bailee may assert an interpleader either in defending an action for nondelivery of the goods or by original action.

...Applicability [UCC 7-703] Sections 1307.101 to 1307.603 of the Revised Code apply to a document of title that is issued or a bailment that arises on or after the effective date of this section. Sections 1307.101 to 1307.603 of the Revised Code do not apply to a document of title that is issued or a bailment that arises before the effective date of this section even if the document of title or bailment would b...

...Savings clause [UCC 7-704] A document of title issued or a bailment that arises before the effective date of sections 1307.101 to 1307.603 of the Revised Code and the rights, obligations, and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by H.B. 9 of the 129th general assembly as if amendment or repeal had not occurred and may be terminated, com...

...(A) In this chapter: (1) "Adverse claim" means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset. (2) "Bearer form," as applied to a certificated security, means a form in which the security is payable to the bearer of the security certificate according to its term...

...(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...