Ohio Revised Code Search

...le under division (A) or (B) of section 1303.08 of the Revised Code does not intend the person identified as payee to have any interest in the instrument or if the person identified as payee of an instrument is a fictitious person, the following rules apply until the instrument is negotiated by special indorsement: (1) Any person in possession of the instrument is its holder. (2) An indorsement by any person in the...

...(A) As used in this section: (1) "Employee" includes an independent contractor and an employee of an independent contractor retained by the employer. (2) "Fraudulent indorsement" means either of the following: (a) In the case of an instrument payable to the employer, a forged indorsement purporting to be that of the employer; (b) In the case of an instrument with respect to which the employer is the issuer, a for...

...ation" means either of the following: (1) An unauthorized change in an instrument that purports to modify in any respect the obligation of a party. (2) An unauthorized addition of words or numbers or other change to an incomplete instrument relating to the obligation of a party. (B) Except as provided in division (C) of this section, an alteration fraudulently made discharges a party whose obligation is affected b...

...curs because of any of the following: (1) The bank suspends payments. (2) The obligated bank asserts a claim or defense of the bank that it has reasonable grounds to believe is available against the person entitled to enforce the instrument. (3) The obligated bank has a reasonable doubt whether the person demanding payment is the person entitled to enforce the instrument. (4) Payment is prohibited by law.

...ordance with either of the following: (1) According to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder; (2) If the drawer signed an incomplete instrument, according to its terms when completed, to the extent required by sections 1303.11 and 1303.50 of the Revised Code. The obligation is owed to a person entitled to enforce the draft or to an indorser who...

...ement, to any subsequent transferee: (1) The warrantor is a person entitled to enforce the instrument. (2) All signatures on the instrument are authentic and authorized. (3) The instrument has not been altered. (4) The instrument is not subject to a defense or claim in recoupment of any party which can be asserted against the warrantor. (5) The warrantor has no knowledge of any insolvency proceeding commence...

...following rules are subject to sections 1304.01 to 1304.40 of the Revised Code, agreement of the parties, clearing-house rules, and similar laws and rules: (1) Presentment may be made at the place of payment of the instrument and must be made at the place of payment if the instrument is payable at a bank in the United States; may be made by any commercially reasonable means, including an oral, written, or electronic...

...r any of the following circumstances: (1) The person entitled to present the instrument cannot with reasonable diligence make presentment. (2) The maker or acceptor has repudiated an obligation to pay the instrument, has died, or is in insolvency proceedings. (3) By the terms of the instrument presentment is not necessary to enforce the obligation of indorsers or the drawer. (4) The drawer or indorser whose oblig...

...and of any notice of dishonor stated: (1) A document regular in form as provided in division (B) of this section that purports to be a protest; (2) A purported stamp or writing of the drawee, payor bank, or presenting bank on or accompanying the instrument stating that acceptance or payment has been refused unless reasons for the refusal are stated and the reasons are not consistent with dishonor; (3) A book or re...

...ment in either of the following ways: (1) By surrender of the instrument to the party, destruction, mutilation, or cancellation of the instrument, cancellation or striking out of the party's signature, the addition of words to the instrument indicating discharge, or any other intentional voluntary act; (2) By agreeing not to sue or otherwise renouncing rights against the party by a signed record. (B) Cancellation...

...he 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 the bank.

...rn, the relevant provisions of sections 1304.01 to 1304.40 of the Revised Code apply even though action of the parties clearly establishes that particular bank has purchased the item and is the owner of it. (B) After an item has been indorsed with the words "pay any bank" or the like, only a bank may acquire the rights of a holder until one of the following occurs: (1) The item has been returned to the customer ini...

...ing bank may do any of the following: (1) Send an item directly to the payor bank; (2) Send an item to a non-bank payor if authorized by its transferer; (3) Send an item other than documentary drafts to a non-bank payor, if authorized by federal reserve regulations or operating circular, clearing house rule, or the like. (C) Presentment may be made by a presenting bank at a place where the payor bank or other pay...

...nd to any subsequent collecting bank: (1) The warrantor is a person entitled to enforce the item. (2) All signatures on the item are authentic and authorized. (3) The item has not been altered. (4) The item is not subject to a defense or claim in recoupment of any party that can be asserted against the warrantor. (5) The warrantor has no knowledge of any insolvency proceeding commenced with respect to the maker,...

...s or accepts the draft in good faith: (1) The warrantor is, or was, at the time the warrantor transferred the draft, a person entitled to enforce the draft or authorized to obtain payment or acceptance of the draft on behalf of a person entitled to enforce the draft. (2) The draft has not been altered. (3) The warrantor has no knowledge that the signature of the purported drawer of the draft is unauthorized. (4)...

...btain refund in accordance with section 1304.27 of the Revised Code governing return of an item received by a payor bank for credit on its books. (D) The right to charge-back is not affected by either of the following: (1) Previous use of a credit given for the item; (2) Failure by any bank to exercise ordinary care with respect to the item, but a bank so failing remains liable. (E) A failure to charge-back or cl...

...ountable 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, retains the item beyond midnight of the banking day of receipt without settling for it or, regardless of whether or not it is also the depository bank, does not pay or return the item or send notice of dishonor until...

... after the earliest of the following: (1) The bank accepts or deposits the item. (2) The bank pays the item in cash. (3) The bank settles for the item without having a right to revoke the settlement under statute, clearing house rule, or agreement. (4) The bank becomes accountable for the amount of the item under division (A)(3) of section 1304.25 and section 1304.28 of the Revised Code dealing with the payor ban...

...eriod stated in division (B) of section 1304.32 of the Revised Code for stop payment orders and must be received at a time and in a manner that affords the bank a reasonable opportunity to act on it before the bank takes any action with respect to the check described in section 1304.29 of the Revised Code. If a bank charges against the account of a customer a check before the date stated in the notice of postdating, ...

...r of the following against the bank: (1) The customer's unauthorized signature or any alteration on the item if the bank also proves that it suffered a loss by reason of that failure; (2) The customer's unauthorized signature or alteration by the same wrongdoer on any other item paid in good faith by the bank if the payment was made before the bank received notice from the customer of the unauthorized signature or...

...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. 2065 (2010), 15 U.S.C. 1693o-1, as am...

...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 written agreement, the receiving bank may limit the extent to which it is entitled to enforce or retain payment of the payment order. (2) The receiving bank may not enforce or retain payment of the payment order if the custo...

...he bank accepts the payment order. (C)(1) After a payment order has been accepted, cancellation or amendment of the order is not effective unless the receiving bank agrees or a funds-transfer system rule allows cancellation or amendment without agreement of the bank. (2) With respect to a payment order accepted by a receiving bank other than the beneficiary's bank, cancellation or amendment is not effective unless ...

...der 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 execution date, a payment order complying with the sender's order and follow the sender's instructions concerning any intermediary bank or funds-transfer system to be used in carrying out the funds transer, or the means by which payment orders...

...(A) This section is subject to sections 1304.60 and 1304.62 of the Revised Code. (B) With respect to a payment order issued to the beneficiary's bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until the payment date of the order. (C) This division is subject to division (E) of this section and to section 1304.70 of the Revised Code. With r...