Ohio Revised Code Search

...anged after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section.

... this section, "proceeds of a letter of credit" means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary's drawing rights or documents presented by the beneficiary. (B) A beneficiary may assign its right to part or all of the proceeds of a letter of credit. Th...

...piration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.

...y 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 which the person is located. The person is considered to be located at the a...

...t or demand presented under a letter of credit 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...

... a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation. (B) So long as and to the extent that an issuer or nominated person has not been reimbursed or has not otherwise recovered the value given with respect to a security interest in a document under division (A) of this section, the security interest continues and is subject to Cha...

...ction. (C) "Computer program" means a set of statements or instructions to be used directly or indirectly in an information processing system in order to bring about a certain result. (D) "Contract" means the total legal obligation resulting from the parties' agreement as affected by sections 1306.01 to 1306.23 of the Revised Code and other applicable law. (E) "Electronic" means relating to technology having elect...

... 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., except section 1301.306, and Chapters 1303., 1304., 13...

...06.23 of the Revised Code apply to any electronic record or electronic signature created, generated, sent, communicated, received, or stored on or after the effective date of sections 1306.01 to 1306.23 of the Revised Code.

...evised Code apply only to transactions between parties each of which has agreed to conduct transactions by electronic means. Whether the parties agree to conduct a transaction by electronic means is determined from the context and surrounding circumstances, including the parties' conduct. (C) A party that agrees to conduct a transaction by electronic means may refuse to conduct other transactions by electronic means...

...may be known and cited as the "uniform electronic transactions act" and shall be construed and applied as follows: (A) To facilitate electronic transactions consistent with other applicable law; (B) To be consistent with reasonable practices concerning electronic transactions and with the continued expansion of those practices; (C) To effectuate its general purpose to make uniform the law with respect to the subje...

...A record or signature may not be denied legal effect or enforceability solely because it is in electronic form. (B) A contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation. (C) If a law requires a record to be in writing, an electronic record satisfies the law. (D) If a law requires a signature, an electronic signature satisfies the law.

...be, in an electronic record capable of retention by the recipient at the time of receipt. An electronic record is not capable of retention by the recipient if the sender or its information processing system inhibits the ability of the recipient to print or store the electronic record. (B) If a law other than sections 1306.01 to 1306.23 of the Revised Code requires a record to be posted or displayed in a certain mann...

...y of any security procedure applied to determine the person to which the electronic record or electronic signature is attributable. (B) The effect of an electronic record or electronic signature attributed to a person under division (A) of this section shall be determined from the context and surrounding circumstances at the time of its creation, execution, or adoption, including the parties' agreement, if any, and ...

...tronic record occurs in a transmission between parties to a transaction, both of the following apply: (1) If the parties have agreed to use a security procedure to detect changes or errors and one party has conformed to the procedure, but the other party has not, and the nonconforming party would have detected the change or error had that party also conformed, the conforming party may avoid the effect of the changed...

...on authorized to perform those acts, together with all other information required to be included by other applicable law, is attached to or logically associated with the signature or record.

...quirement is satisfied by retaining an electronic record of the information in the record if 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 recor...

...cord or signature may not be excluded solely because it is in electronic form.

...will cause the electronic agent to complete the transaction or performance. (C) The terms of the contract described in this section are determined by the substantive law applicable to the contract.

...(A) Unless otherwise agreed between the sender and the recipient, an electronic record is sent when it satisfies all of the following: (1) The record is addressed properly or otherwise directed properly to an information processing system that the recipient has designated or uses for the purpose of receiving electronic records or information of the type sent, and from which the recipient is able to retrieve the elec...

...(A) As used in this section, "transferable record" means an electronic record that satisfies both of the following: (1) The transferable record would be a note under Chapter 1303. or a document under Chapter 1307. of the Revised Code, if the electronic record were in writing. (2) The issuer of the electronic record expressly has agreed that it is a transferable record. (B) A person has control of a transfera...

...(A) A provision of a nonelectronic contract involving a consumer and to which a state agency or a county office is not a party that authorizes the conducting of a transaction or any part of a transaction by electronic means is unenforceable against the consumer, unless the consumer separately signs the provision. (B) A consumer's agreement to conduct a transaction or a part of a transaction electronically shall not ...

...eness of a security procedure is to be determined by a court. In making this determination, both of the following apply: (1) A security procedure established by statute or regulation is effective for transactions covered by the statute or regulation. (2) Except as otherwise provided in division (B)(1) of this section, the commercial reasonableness and effectiveness is to be determined in light of the purposes of th...

...ty accepted or relied on the electronic message in good faith and in compliance with the security procedure and any additional agreement with or separate instructions of the other party. (c) The security procedure indicates that the electronic message is from the person to which attribution is sought. (B) If the electronic signature or electronic record is not attributable to a party under section 1306.08 of the Re...

...Sections 1306.17 and 1306.18 of the Revised Code do not apply to transactions to which a consumer is a party.