Ohio Revised Code Search

...extent it is a defense to a simple contract; (b) Duress, lack of legal capacity, or illegality of the transaction that, under other law, nullifies the obligation of the obligor; (c) Fraud that induced the obligor to sign the instrument with neither knowledge nor reasonable opportunity to learn of its character or its essential terms; (d) Discharge of the obligor in insolvency proceedings. (2) A defense of the obl...

...ifically denied in the pleadings, in an action with respect to an instrument, the authenticity of, and authority to make, each signature on an instrument is admitted. If the validity of a signature is denied in the pleadings, the burden of establishing validity is on the party claiming validity but the signature is presumed to be authentic and authorized unless the action is to enforce the liability of the purported ...

...its proceeds on the basis that the transaction of the fiduciary is a breach of fiduciary duty, all of the following rules apply: (1) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented person. (2) In the case of an instrument payable to the represented person or to the fiduciary as fiduciary of the represented person, the taker has notice of the breach of fiduciary duty if ...

...son to enforce the instrument. Adequate protection for the person required to pay the instrument may be provided by any reasonable means.

...(A) Unless otherwise agreed, if a certified check, cashier's check, or teller's check is taken for an obligation, the obligation is discharged to the same extent discharge would result if an amount of money equal to the amount of the instrument were taken in payment of the obligation. The discharge of the obligation does not affect any liability that the obligor may have as an indorser of the instrument taken in paym...

...nstrument to the claimant as full satisfaction of the claim, that the amount of the claim was unliquidated or subject to a bona fide dispute, and that the claimant obtained payment of the instrument, all the following apply: (A) Unless division (B) of this section applies, the claim is discharged if the person against whom the claim is asserted proves that the instrument or an accompanying written communication cont...

...t affords the bank a reasonable time to act upon it before the check is paid; (d) The claimant provides reasonable identification if requested by the obligated bank. (2) Delivery of a declaration of loss under division (B) (1) of this section is a warranty of the truth of the statements made in the declaration. If a claim is asserted in compliance with division (B)(1) of this section, all of the following rules ap...

...(A) A person is not liable on an instrument unless the person signed the instrument or the person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person pursuant to section 1303.42 of the Revised Code. (B) A signature may be made manually or by means of a device or machine and by the use of any name, including a trade or assumed name, or by a wor...

...(A) If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or the name of the signer, the represented person is bound by the signature to the same extent the represented person would be bound if the signature were on a simple contract. If the represented person is so bound, the signature of the representative is the "authorized signature ...

...(A) Unless otherwise provided in this chapter or sections 1304.01 to 1304.40 of the Revised Code, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized signature may be ratified for all purposes of this chapter. (B) If the signature of more than one person is required to constitute ...

...trument to the impostor, or to a person acting in concert with the impostor, by impersonating the payee of the instrument or a person authorized to act for the payee, an indorsement of the instrument by any person in the name of the payee is effective as the indorsement of the payee in favor of a person who, in good faith, pays the instrument or takes it for value or for collection. (B) If a person whose intent dete...

...A check or other draft does not of itself operate as an assignment of any funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until he accepts it.

...(A) "Acceptance" means the drawee's signed agreement to pay the draft as presented. It must be written on the draft, and may consist of his signature alone. Acceptance may be made at any time and becomes effective when notification is given pursuant to instructions or the accepted draft is delivered for the purpose of giving rights on the acceptance to any person. (B) A draft may be accepted although it has not bee...

..."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 forged indorsement purporting to be t...

...(A) If the terms of a drawee's acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored in which case the drawee is entitled to cancel his acceptance. (B) The terms of the draft are not varied by an acceptance to pay at any particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at such bank ...

...(A) A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from asserting the alteration or the forgery against a person who, in good faith, pays the instrument or takes it for value or for collection. (B) Under division (A) of this section, if the person asserting the preclusion fails to exerci...

...(A) "Alteration" 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 ...

...(A) As used in this section, "obligated bank" means the acceptor of a certified check or the issuer of a cashier's check or teller's check bought from the issuer. (B) If the obligated bank wrongfully refuses to pay a cashier's check or certified check, wrongfully stops payment of a teller's check, or wrongfully refuses to pay a dishonored teller's check, the person asserting the right to enforce the check is entitle...

...The issuer of a notice or cashier's check or other draft drawn on the drawer is obliged to pay the instrument in accordance with either of the following: (A) 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; (B) If the issuer signed an incomplete instrument, according to its terms when completed in accordance with sections 1303.11 and 13...

...(A) The acceptor of a draft is obliged to pay the draft in accordance with one of the following: (1) According to its terms at the time it was accepted, even though the acceptance states that the draft is payable "as originally drawn" or equivalent terms; (2) If the acceptance varies the terms of the draft, according to the terms of the draft as varied; (3) If the acceptance is of a draft that is an incomplete ins...

...(A) This section does not apply to cashier's checks or other drafts drawn on the drawer. (B) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft in accordance 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 wh...

...(A) Subject to divisions (B), (C), (D), and (E) of this section and to division (D) of section 1303.59 of the Revised Code, if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument according to the terms of the instrument at the time it was indorsed, or, if the indorser indorsed an incomplete instrument, according to its terms when completed, to the extent required by sections 13...

...ng notice of the claim. (D) A cause of action for breach of warranty under this section accrues when the claimant has reason to know of the breach.

...ng notice of the claim. (F) A cause of action for breach of warranty under this section accrues when the claimant has reason to know of the breach.

...ays or accepts the draft and the drawee acted on the mistaken belief that payment of the draft had not been stopped pursuant to section 1304.32 of the Revised Code, or that the signature of the drawer of the draft was authorized, the drawee may recover the amount of the draft from the person to whom or for whose benefit payment was made or, in the case of acceptance, may revoke the acceptance. The rights of the drawe...