Ohio Revised Code Search

...Except as otherwise provided in section 1309.624 of the Revised Code, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the following provisions of the Revised Code; (A) Division (B)(4)(c) of section 1309.207 of the Revised Code, which relates to the use and operation of the collateral by the secured party; (B) Section 1309.2...

...(A) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under section 1309.602 of the Revised Code if the standards are not manifestly unreasonable. (B) Division (A) of this section does not apply to the duty imposed under section 1309.609 of the Revised Code to refrain from breaching the peace.

...(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.

... (C) A secured party shall proceed in a commercially reasonable manner if the secured party: (1) Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and (2) Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor. (D) A secured party may deduct from the collections made pu...

...de unless the failure to do so would be commercially unreasonable. A secured party who applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner. (4) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency. (B) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory note...

...(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,...

... its present condition or following any commercially reasonable preparation or processing. (B) Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured 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 ...

... date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in division (C)(3)(b) of this section; and (2) Before the notification date, the secured party: (a) Did not receive a response to the request for information; or (b) Received a response to the request for information and sent an authenticated no...

...(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.

...(A) Except in a consumer-goods transaction, all of the following rules apply to a notification of disposition of collateral and to a disposition of collateral: (1) The contents of a notification of disposition are sufficient if the notification: (a) Describes the debtor and the secured party; (b) Describes the collateral that is the subject of the intended disposition; (c) States the method of intended dispositio...

...(A) In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide all of the following information: (a) The information specified in division (A)(1) of section 1309.613 of the Revised Code; (b) A description of any liability for a deficiency of the person to whom the notification is sent; (c) A telephone number from which the amount that must be paid to the secured par...

...10 unless the failure to do so would be commercially unreasonable. A secured party who applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner. (D) If the security interest under which a disposition is made secures payment or performance of an obligation, after making the payments and applications required by division (A) of this section and permitted by division (C) of ...

...(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 ...