Ohio Revised Code Search

...Severability [UCC 1-105] If any provision or clause of Chapter 1301., 1302., 1303., 1304., 1305., 1307., 1308., 1309., or 1310. of the Revised Code or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of Chapter 1301., 1302., 1303., 1304., 1305., 1307., 1308., 1309., or 1310. of the Revised Code which can be given effect without the ...

...Use of singular and plural; gender [UCC 1-106] In Chapters 1301., 1302., 1303., 1304., 1305., 1307., 1308., 1309., and 1310. of the Revised Code, unless the statutory context otherwise requires: (A) Words in the singular number include the plural, and those in the plural include the singular; and (B) Words of any gender also refer to any other gender.

...Section captions [UCC 1-107] Section captions are part of Chapters 1301. and 1307. of the Revised Code.

...atures in Global and National Commerce Act [UCC 1-108] This chapter modifies, limits, and supersedes the federal "Electronic Signatures in Global and National Commerce Act," 15 U.S.C. section 7001 et seq., except that nothing in this chapter modifies, limits, or supersedes section 7001(c) of that act or authorizes electronic delivery of any of the notices described in section 7003(b) of that act.

...bdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. (28) "Present value" means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain by use of either an interest rate specified by the parties if that rate is not manifestly unreasonable at the time the transaction is entered into or, if an interest rate is not so...

...s section, a person has "notice" of a fact if the person: (1) Has actual knowledge of it; (2) Has received a notice or notification of it; or (3) From all the facts and circumstances known to the person at the time in question, has reason to know that it exists. (B) "Knowledge" means actual knowledge. "Knows" has a corresponding meaning. (C) "Discover", "learn", or words of similar import refer to knowledge ...

...erest [UCC 1-203] (A) Whether a transaction in the form of a lease creates a lease or security interest is determined by the facts of each case. (B) A transaction in the form of a lease creates a security interest if the consideration that the lessee is to pay the lessor for the right to possession and use of the goods is an obligation for the term of the lease and is not subject to termination by the lesse...

...urity for, or in total or partial satisfaction of, a preexisting claim; (C) By accepting delivery under a preexisting contract for purchase; or (D) In return for any consideration sufficient to support a simple contract.

...205] (A) Whether a time for taking an action required by Chapters 1301., 1302., 1303., 1304., 1305., 1307., 1308., 1309., and 1310. of the Revised Code is reasonable depends on the nature, purpose, and circumstances of the action. (B) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.

...tes a "presumption" with respect to a fact, or provides that a fact is "presumed," the trier of fact must find the existence of the fact unless and until evidence is introduced that supports a finding of its nonexistence.

... provided in this section, when a transaction bears a reasonable relation to this state and also to another state or nation the parties may agree that the law either of this state or of such other state or nation shall govern their rights and duties. (B) In the absence of an agreement effective under division (A) of this section, and except as provided in division (C) of this section, Chapters 1301., 1302., 13...

...r 1310. of the Revised Code requires an action to be taken within a reasonable time, a time that is not manifestly unreasonable may be fixed by agreement. (C) The presence in certain provisions of Chapter 1301., 1302., 1303., 1304., 1305., 1307., 1308., 1309., or 1310. of the Revised Code of the phrase "unless otherwise agreed", or words of similar import, does not imply that the effect of other provisions may...

...etween the parties to a particular transaction that exists if: (1) The agreement of the parties with respect to the transaction involves repeated occasions for performance by a party; and (2) The other party, with knowledge of the nature of the performance and opportunity for objection to it, accepts the performance or acquiesces in it without objection. (B) A "course of dealing" is a sequence of conduct conce...

... of good faith [UCC 1-304] Every contract or duty within Chapters 1301., 1302., 1303., 1304., 1305., 1307., 1308., 1309., and 1310. of the Revised Code imposes an obligation of good faith in its performance and enforcement.

... of the Revised Code is enforceable by action unless the provision declaring it specifies a different and limited effect.

...Waiver or renunciation of claim or right after breach [UCC 1-306] A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in an authenticated record.

...ent authorized or required by the contract to be issued by a third party is prima facie evidence of its own authenticity and genuineness and of the facts stated in the document by the third party.

... does not apply to an accord and satisfaction.

...Option to accelerate at will [UCC 1-309] A term providing that one party or that party's successor in interest may accelerate payment or performance or require collateral or additional collateral "at will" or when the party "deems itself insecure," or in words of similar import, means that the party has power to do so only if that party in good faith believes that the prospect of payment or performance is impa...

...Subordinated obligations [UCC 1-310] An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated. Subordination does not create a security interest as against either the common debtor or a subordinated cre...

...Transactions entered into before 7-1-62 [UCC 10-102(2)] Transactions validly entered into before July 1, 1962, and the rights, duties, and interests flowing from them remain valid after that date and may be terminated, completed, consummated, or enforced as required or permitted by any statute or other law amended or repealed by Amended Senate Bill No. 5 of the 104th General Assembly as though that repeal or ...

...ent as a public record and of any transaction referred to in that public record, including, but not limited to, any transfer, conveyance, or assignment reflected in that record. (C) Any person contesting the validity or effectiveness of any transaction referred to in a public record is considered to have discovered that public record and any transaction referred to in the record as of the time that the record ...

..."Buyer" means a person who buys or contracts to buy goods. (2) "Good faith" has the same meaning as in section 1301.201 of the Revised Code. (3) "Receipt" of goods means taking physical possession of them. (4) "Seller" means a person who sells or contracts to sell goods. (5) "Merchant" means a person who deals in goods of the kind or otherwise by the person's occupation holds the person out as having knowle...

...ive, of the Revised Code, apply to transactions in goods; they do not apply to any transaction which although in the form of an unconditional contract to sell or present sale is intended to operate only as a security transaction nor do sections 1302.01 to 1302.98, inclusive, of the Revised Code impair or repeal any statute regulating sales to consumers, farmers, or other specified classes of buyers.

... of the Revised Code relating to realty records, and the contract for sale may be executed and recorded as a document transferring an interest in land, as provided in section 5301.25 of the Revised Code, and shall then constitute notice to third parties of the buyer's rights under the contract for sale.