Ohio Revised Code Search

...bligation under division (A) of section 1304.76 of the Revised Code occurs when and to the extent the beneficiary is notified of the right to withdraw the credit, the bank lawfully applies the credit to a debt of the beneficiary, or funds with respect to the order are otherwise made available to the beneficiary by the bank. (B) If the beneficiary's bank does not credit an account of the beneficiary of a payment orde...

...(A) Subject to division (E) of section 1304.66 and divisions (D) and (E) of section 1304.77 of the Revised Code, the originator of a funds transfer shall pay the beneficiary of the originator's payment order at the time a payment order for the benefit of the beneficiary is accepted by the beneficiary's bank in the funds transfer and in an amount equal to the amount of the order accepted by the beneficiary's bank, but...

... rule" means either of the following: (1) A rule of an association of banks that governs transmission of payment orders by means of a funds-transfer system of the association or rights and obligations with respect to those orders; (2) A rule of an association of banks to the extent that it governs rights and obligations between banks that are parties to a funds transfer in which a federal reserve bank, acting as an...

...the bank, all of the following apply: (1) The bank may credit the beneficiary's account. The amount credited may be set off against an obligation owed by the beneficiary to the bank or may be applied to satisfy creditor process served on the bank regarding the account. (2) The bank may credit the beneficiary's account and allow withdrawal of the amount credited unless creditor process with respect to the account is...

...(A) As used in this chapter: (1) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended. (2) "Applicant" means a person at whose request or for whose account a letter of credit is issued. The term includes a person who requests an issuer to issue a lette...

...is honored, the beneficiary warrants: (1) To the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in division (A) of section 1305.08 of the Revised Code; and (2) To the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of ...

...Except as otherwise provided in section 1305.12 of the Revised Code, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred. (B) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if: (1) The transfer would violate applicable law...

...rties in the manner provided in section 1305.03 of the Revised Code or by a provision in the person's letter of credit, confirmation, or other undertaking. The jurisdiction whose law is chosen need not bear any relation to the transaction. (B) Unless division (A) of this section applies, the liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction in whic...

...redit is subrogated to the rights of: (1) The issuer against the applicant to the same extent as if the nominated person were a secondary obligor of the obligation owed to the issuer by the applicant; (2) The beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary; and (3) The applicant to the same extent as if the nominated person were the seco...

...est continues and is subject to Chapter 1309. of the Revised Code, but: (1) A security agreement is not necessary to make the security interest enforceable under division (B)(3) of section 1309.203 of the Revised Code; (2) If the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and (3) If the document is presented in a written or other tangible me...

...division (B) of this section, sections 1306.01 to 1306.23 of the Revised Code apply to electronic records and electronic signatures relating to a transaction. (B) Sections 1306.01 to 1306.23 of the Revised Code do not apply to a transaction to the extent it is governed by any of the following: (1) A law governing the creation and execution of wills, codicils, or testamentary trusts; (2) Chapter 1301., excep...

... both of the following are satisfied: (1) The electronic record accurately and completely reflects the information set forth in the record after it was first generated in its final form as an electronic record or otherwise. (2) The electronic record remains accessible for later reference. (B) A requirement to retain a record in accordance with division (A) of this section does not apply to any information the sole...

...t. (D) For purposes of this section: (1) "Consumer" means an individual who is involved in a transaction primarily for personal, family, or household purposes. (2) "State agency" means every organized body, office, or agency established by the laws of the state for the exercise of any function of state government. (3) "County office" means any officer, department, board, commission, agency, court, or other instru...

...itions and index of definitions [UCC 7-102] (A) As used in sections 1307.101 to 1307.603 of the Revised Code, unless the context otherwise requires: (1) "Bailee" means a person that by a warehouse receipt, bill of lading, or other document of the title acknowledges possession of goods and contracts to deliver them. (2) "Carrier" means a person that issues a bill of lading. (3) "Consignee" means a person name...

...of electronic document of title [UCC 7-106] (A) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred. (B) A system satisfies division (A) of this section, and a person is deemed to have control of an electronic doc...

...to a person injured by its omission: (1) A statement of the location of the warehouse facility where the goods are stored; (2) The date of issue of the receipt; (3) The unique identification code of the receipt; (4) A statement whether the goods received will be delivered to the bearer, to a named person, or to a named person or its order; (5) The rate of storage and handling charges, unless goods are store...

...curity interest is governed by Chapter 1309. of the Revised Code. (C) A warehouse's lien for charges and expenses under division (A) of this section or a security interest under division (B) of this section is also effective against any person that so entrusted the bailor with possession of the goods that a pledge of them by the bailor to a good faith purchaser for value would have been valid. However, the lie...

...Enforcement of warehouse's lien [UCC 7-210] (A) Except as otherwise provided in division (B) of this section, a warehouse's lien may be enforced by public or private sale of the goods, in bulk or in packages, at any time 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, th...

...and count"; improper handling [UCC 7-301] (A) A consignee of a nonnegotiable bill of lading which has given value in good faith, or a holder to which a negotiable bill has been duly negotiated, relying upon the description of the goods in the bill or upon the date shown in the bill, may recover from the issuer damages caused by the misdating of the bill or the nonreceipt or misdescription of the goods, except...

...the bill or other document occurred: (1) The amount it may be required to pay to any person entitled to recover on the bill or other document for the breach, as may be evidenced by any receipt, judgment, or transcript of judgment; and (2) The amount of any expense reasonably incurred by the issuer in defending any action commenced by any person entitled to recover on the bill or other document for the breach.

...or misdelivery, on instructions from: (1) the holder of a negotiable bill; (2) the consignor on a nonnegotiable bill, even if the consignee has given contrary instructions; (3) the consignee on a nonnegotiable bill in the absence of contrary instructions from the consignor, if the goods have arrived at the billed destination or if the consignee is in possession of the tangible bill or in control of the electro...

...terest 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 ship, store, or sell; (b) Power to obtain delivery under section 1307.403 of the Revised Code; or (c) Power of disposition under division (C) of section 1309.321 or section 1302.44, 1309.320, 1310.32, or 1310.33 of the...

...ts of the transferee may be defeated: (1) By those creditors of the transferor which could treat the transfer as void under section 1302.43 or 1310.36 of the Revised Code; (2) By a buyer from the transferor in ordinary course of business if the bailee has delivered the goods to the buyer or received notification of the buyer's rights; (3) By a lessee from the transferor in ordinary course of business if the b...

...rity, "issuer" includes a person who: (1) Places or authorizes the placing of its name on a security certificate, otherwise than as authenticating trustee, registrar, transfer agent, or the like, to evidence a share, participation, or other interest in its property or in an enterprise, or to evidence its duty to perform an obligation represented by the certificate; (2) Creates shares, participations, or other inter...

...ithout actual knowledge of it unless: (1) The security is certificated and the restriction is noted conspicuously on the security certificate; or (2) The security is uncertificated and the registered owner has been notified of the restriction. (B) A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the issuer to the lien is noted conspicuously on the security...