Ohio Revised Code Search

...e 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 item and failed to revoke the settlement in the time and manner permitted by statute, clearing house rule, or agreement. (B) If a provisional settlement for an item does not become final...

...eadline it does any of the following: (1) It returns the item. (2) It returns an image of the item, if the party to which the return is made has entered into an agreement to accept an image as a return of the item and the image is returned in accordance with that agreement. (3) It sends a record providing notice of dishonor or nonpayment if the item is unavailable for return. (B) If a demand item is received b...

...(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 account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent wi...

... the earliest of the following times: (1) When the bank pays the beneficiary as provided in division (A) or (B) of section 1304.77 of the Revised Code, or notifies the beneficiary of receipt of the order or that the account of the beneficiary has been credited with respect to the order, unless the notice indicates that the bank is rejecting the order or that funds with respect to the order may not be withdrawn or us...

...f the sender's obligation under section 1304.74 of the Revised Code to pay the receiving bank occurs as follows: (1) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a federal reserve bank or through a funds-transfer system. (2) If the sender is a bank, and the sender credited an account of the receiving bank with the sender or caused an account of ...

...cord. (B) If a law other than sections 1306.01 to 1306.23 of the Revised Code requires a record to be posted or displayed in a certain manner, to be sent, communicated, or transmitted by a specified method, or to contain information that is formatted in a certain manner, all of the following apply: (1) The record shall be posted or displayed in the manner specified in the other law. (2) Except as otherwise provide...

...saction, both of the following apply: (1) If the parties have agreed to use a security procedure to detect changes or errors and one party has conformed to the procedure, but the other party has not, and the nonconforming party would have detected the change or error had that party also conformed, the conforming party may avoid the effect of the changed or erroneous electronic record. (2) In an automated transactio...

...(A) This section and section 1306.18 of the Revised Code apply to the attribution of electronic records and electronic signatures among parties that are not state agencies. (B) For purposes of this section and section 1306.18 of the Revised Code, the commercial reasonableness of a security procedure is to be determined by a court. In making this determination, both of the following apply: (1) A security procedure e...

...lee 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 destruction of the goods for which the bailee is not liable; (3) previous sale or other disposition of the goods in lawful enforcement of a lien or on a warehouse's lawful termination of storage; (4) the exercise by a seller of its right to stop deliv...

...quirements 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) If the document's origina...

... [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) the direct obligation of the issuer ...

...(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...

... as otherwise provided in divisions (A)(1) and (2) of this section, the provisions of this chapter which validate a security or compel its issue or reissue do not apply to the extent that validation, issue, or reissue would result in overissue. (1) If an identical security which does not constitute an overissue is reasonably available for purchase, the person entitled to issue or validation may compel the issuer to ...

...asserts that a security is not valid: (1) A security, other than one issued by a government or governmental subdivision, agency, or instrumentality, even though issued with a defect going to its validity, is valid in the hands of a purchaser for value and without notice of the particular defect unless the defect involves a violation of a constitutional provision. In that case, the security is valid in the hands of a...

... security to a purchaser occurs when: (1) The purchaser acquires possession of the security certificate; (2) Another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser; or (3) A securities intermediary acting on behalf of the purchas...

...xchange or otherwise through brokers: (1) The selling customer fulfills his duty to transfer at the time he: (a) Places a certificated security in the possession of the selling broker or of a person designated by the broker; (b) Causes an uncertificated security to be registered in the name of the selling broker or a person designated by the broker; (c) If requested, causes an acknowledgment to be made to the sel...

...nstruction is genuine and authorized: (1) In all cases, a guaranty of the signature of the person making an indorsement or originating an instruction including, in the case of an instruction, reasonable assurance of identity; (2) If the indorsement is made or the instruction is originated by an agent, appropriate assurance of actual authority to sign; (3) If the indorsement is made or the instruction is originated...

...transfer a notification stating that: (1) The certificated security has been presented for registration of transfer or the instruction for registration of transfer of the uncertificated security has been received; (2) A demand that the issuer not register transfer had previously been received; and (3) The issuer will withhold registration of transfer for a period of time stated in the notification in order to prov...

...overed by the priority rules in Chapter 1309. of the Revised Code or the rules stated in division (C) of this section, an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest in a security entitlement, from an ...

...ess the context requires otherwise: (1) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (2)(a) "Account," except as used in "account for," means a right to payment of a monetary obligation, whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned, or otherwise dis...

...o a person's security entitlement if: (1) The person buys a financial asset through a securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and (2) The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary. (B) The security inter...

...his section and division (B) of section 1309.312 of the Revised Code, a financing statement must be filed to perfect all security interests and agricultural liens. (B) The filing of a financing statement is not necessary to perfect a security interest: (1) That is perfected under division (D), (E), (F), or (G) of section 1309.308 of the Revised Code; (2) That is perfected under section 1309.309 of the Revised...

...lateral created by another person if: (1) The debtor acquired the collateral subject to the security interest created by the other person; (2) The security interest created by the other person was perfected when the debtor acquired the collateral; and (3) There is no period thereafter when the security interest is unperfected. (B) Division (A) of this section subordinates a security interest only if the security ...

...ol of investment property under section 1309.106 of the Revised Code has priority of a security interest held by a secured party that does not have control of the investment property. (B) Except as otherwise provided in divisions (C) and (D) of this section, conflicting security interests held by secured parties each of which has control under section 1309.106 of the Revised Code rank according to priority in time o...

...ry subject to a security interest if: (1) In good faith and in the ordinary course of the purchaser's business, the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under section 1309.105 of the Revised Code; and (2) The chattel paper does not indicate that it has been assigned to an identified assignee other than the purchaser. (B) A purchaser of chattel ...