Ohio Revised Code Search

...(A) If a security agreement covers both personal and real property, a secured party may proceed: (1) Under sections 1309.601 to 1309.628 of the Revised Code as to the personal property without prejudicing any rights with respect to the real property; or (2) As to both the personal property and the real property, in accordance with the rights with respect to the real property, in which case the other provisions of s...

...A secured party does not owe a duty based on its status as secured party: (A) To a person who is a debtor or obligor, unless the secured party knows: (1) That the person is a debtor or obligor; (2) The identity of the person; and (3) How to communicate with the person; or (B) To a secured party or lienholder who has filed a financing statement against a person, unless the secured party knows: (1) That the perso...

...For purposes of sections 1309.601 to 1309.628 of the Revised Code, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.

...(A) If so agreed, and in any event after default, a secured party: (1) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; (2) May take any proceeds to which the secured party is entitled under section 1309.315 of the Revised Code; (3) May enforce the obligations of an account debtor or other person o...

...(A) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under section 1309.607 of the Revised Code in the following order: (a) The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibite...

...(A) After default, a secured party: (1) May take possession of the collateral; and (2) Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under section 1309.610 of the Revised Code. (B) A secured party may act under division (A) of this section: (1) Pursuant to judicial process; or (2) Without judicial process if it acts without breach of the peace. (C) If so agreed,...

...ured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, at any time and place, and on any terms. (C) A secured party may purchase collateral: (1) At a public disposition; or (2) At a private disposition, but only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotati...

...(A) As used in this section, "notification date" means the earlier of the date on which: (1) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition. or (2) The debtor and any secondary obligor waive the right to notification. (B) Except as provided in division (D) of this section, a secured party who disposes of collateral under section 1309.610 of the Revised Co...

...(A) Except as otherwise provided in division (B) of this section, whether a notification is sent within a reasonable time is a question of fact. (B) A notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.

...reasonably describes the location, of a public disposition or the time after which any other disposition is to be made. (2) Whether the contents of a notification that lacks any of the information specified in division (A)(1) of this section are nevertheless sufficient is a question of fact. (3) The contents of a notification providing substantially the information specified in division (A)(1) of this section are s...

...roke promises in our agreement. (For a public disposition) We will sell (describe collateral) at public sale. A sale could include a lease or license. The sale will be held as follows: Day and date:_______________ Time:_______________________ Place:______________________ You may attend the sale and bring bidders if you want. (For a private disposition) We will sell (describe collateral) at private sale someti...

...(A) A secured party shall apply or pay over for application the cash proceeds of disposition under section 1309.610 of the Revised Code in the following order to: (1) The reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party; (2...

...(A) As used in this section: (1) "Explanation" means a writing that: (a) States the amount of the surplus or deficiency; (b) Provides an explanation in accordance with division (C) of this section of how the secured party calculated the surplus or deficiency; (c) States, if applicable, that future debits, credits, charges, including additional credit service charges or interest, rebates, and expenses may affect t...

...(A) A secured party's disposition of collateral after default: (1) Transfers to a transferee for value all of the debtor's rights in the collateral; (2) Discharges the security interest under which the disposition is made; and (3) Discharges any subordinate security interest or other subordinate lien other than the liens specified in division (D) of section 1309.109 of the Revised Code. (B) A transferee who acts ...

...(A) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) Receives an assignment of a secured obligation from the secured party; (2) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or (3) Is subrogated to the rights of a secured party with respect...

...(A) As used in this section, "transfer statement" means a record authenticated by a secured party that states: (1) The debtor has defaulted in connection with an obligation secured by specified collateral; (2) The secured party has exercised its post-default remedies with respect to the collateral; (3) By reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and (4) The nam...

...(A) Except as otherwise provided in division (G) of this section, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (1) The debtor consents to the acceptance under division (C) of this section; (2) The secured party, within the time prescribed in division (D) of this section, does not receive a notification of objection to the proposal authenticated by: (a)...

...(A) A secured party who desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) Any person from whom the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral; (2) Any other secured party or lienholder who, ten days before the debtor consented to the accept...

...(A) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) Discharges the obligation to the extent consented to by the debtor; (2) Transfers to the secured party all of a debtor's rights in the collateral; (3) Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordin...

...(A) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (B) To redeem collateral, a person shall tender: (1) Fulfillment of all obligations secured by the collateral; and (2) The reasonable expenses and attorney's fees described in division (A)(1) of section 1309.615 of the Revised Code. (C) A redemption may occur at any time before a secured party: (1) Has collected ...

...(A) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 1309.611 of the Revised Code only by an agreement to that effect entered into and authenticated after default. (B) A debtor may waive the right to require disposition of collateral under division (E) of section 1309.620 of the Revised Code only by an agreement to that effect entered into and authenticated...

...(A) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (B) Subject to divisions (C), (D), and (F) of this section, a person is liable for damages in the amount of any loss caused by a failure to comply with this chapter. Loss caused by a failure to comply ...

...In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply: (A) A secured party is not required to prove compliance with sections 1309.601 to 1309.628 of the Revised Code relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue. (B) If the secured party's ...

...(A) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner. (B) A disposition of collateral is...

...(A) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person: (1) The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and (2) The failure of the secured party to comply with this chapter does not affe...