Ohio Revised Code Search

...ed by the secured party; (b) The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and (c) The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receive...

... 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, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place that is designated by the secured party and that is reasonabl...

...rivate proceedings, by one or more contracts, as a unit or in parcels, at any time and place, and on any terms. (C) A secured party may purchase collateral: (1) At a public disposition; or (2) At a private disposition, but only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations. (D) A contract for a sale, lease, license, or...

...(A) As used in this section, "notification date" means the earlier of the date on which: (1) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition. or (2) The debtor and any secondary obligor waive the right to notification. (B) Except as provided in division (D) of this section, a secured party who disposes of collateral under section 1309.610 of the Revised Co...

...hin 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...

...ed by the secured party; (2) The satisfaction of obligations secured by the security interest or agricultural lien under which the disposition is made; (3) The satisfaction of obligations secured by any subordinate security interest in or other subordinate lien on the collateral if: (a) The secured party receives from the holder of the subordinate security interest or other lien an authenticated demand for proceed...

...itional information concerning the transaction is available. (2) "Request" means a record: (a) Authenticated by a debtor or consumer obligor; (b) Requests that the recipient provide an explanation; and (c) Sent after disposition of the collateral under section 1309.610 of the Revised Code. (B) In a consumer-goods transaction in which the debtor is entitled to a surplus or a consumer obligor is liable for a defic...

...the Revised Code. (B) A transferee who acts in good faith takes free of the rights and interests described in division (A) of this section, even if the secured party fails to comply with this chapter or the requirements of any judicial proceeding. (C) If a transferee does not take free of the rights and interests described in division (A) of this section, the transferee takes the collateral subject to: (1) The deb...

...(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...

...ept 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 person to whom the secured party was required to send a proposal under section 1309.62...

...ept 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 acceptance, held a security interest in or o...

... 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 subordinate lien; and (4) Terminates an...

...ed of collateral or entered into a contract for its disposition under section 1309.610 of the Revised Code; or (3) Has accepted collateral in full or partial satisfaction of the obligation it secures under section 1309.622 of the Revised Code.

...t. (C) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under section 1309.623 of the Revised Code only by an agreement to that effect entered into and authenticated after default.

...rt of a pattern, or consistent with a practice, of noncompliance; or (6) Fails to comply with division (B)(2) of section 1309.616 of the Revised Code. (F) A debtor or consumer obligor may recover damages under division (B) of this section and, in addition, five hundred dollars in each case from a person who, without reasonable cause, fails to comply with a request under section 1309.210 of the Revised Code. A recip...

...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 ...

...(A) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner. (B) A disposition of collateral is...

...iciency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on: (1) A debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or (2) An o...

...chapter, this chapter applies to a transaction or lien within the scope of this chapter even if the transaction or lien was entered into or created before July 1, 2001. (B) Except as otherwise provided in division (C) of this section and sections 1309.703 to 1309.709 of the Revised Code: (1) Transactions or liens that were not governed by this chapter as it existed before July 1, 2001, were validly entered into or...

...s chapter are satisfied without further action. (B) Except as otherwise provided in section 1309.705 of the Revised Code, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person who becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this chapter are not satisfied on July 1, 2001, the securit...

...Becomes perfected: (1) Without further action on July 1, 2001, if the applicable requirements for perfection under this chapter are satisfied before or on that date; or (2) When the applicable requirements for perfection are satisfied if the requirements are satisfied after July 1, 2001.

...(A) If action, other than the filing of a financing statement, is taken before July 1, 2001, and if the action would have resulted in priority of a security interest over the rights of a person who becomes a lien creditor had the security interest become enforceable before that date, the action is effective to perfect a security interest that attaches under this chapter within one year after that date. An attached se...