Ohio Revised Code Search

...ised Code rank according to priority in time of obtaining control. (C) Except as otherwise provided in division (D) of this section, a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party. (D) A security interest perfected by control under division (A)(3) of section 1309.104 of the Revised Code has priority ov...

...he Revised Code, the secured party's becoming the person for which the securities account is maintained; (b) If the secured party obtained control under division (D)(2) of section 1308.24 of the Revised Code, the securities intermediary's agreement to comply with the secured party's entitlement orders with respect to security entitlements carried or to be carried in the securities account; or (c) If the secured par...

...ised Code rank according to priority in time of obtaining control.

...hat is claimed merely as proceeds of inventory subject to a security interest if: (1) In good faith and in the ordinary course of the purchaser's business, the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under section 1309.105 of the Revised Code; and (2) The chattel paper does not indicate that it has been assigned to an identified assignee other than...

...2 of the Revised Code, or a holder to whom a negotiable document of title has been duly negotiated under section 1307.501 of the Revised Code, or a protected purchaser of a security under section 1308.17 of the Revised Code. These holders or purchasers take priority over an earlier security interest, even though perfected, to the extent provided in Chapters 1303., 1307., and 1308. of the Revised Code. (B) Thi...

...red party. (B) A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.

... As used in this section, "possessory lien" means an interest, other than a security interest or an agricultural lien: (1) That secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business; (2) That is created by statute or rule of law in favor of the person; and (3) Whose effectiveness depends on the person's ...

...this section continues for a reasonable time if the debtor's right to remove the goods as against the encumbrancer or owner terminates. (H) A mortgage is a construction mortgage to the extent that it secures an obligation incurred for the construction of an improvement on land, including the acquisition cost of the land, if a recorded record of the mortgage so indicates. Except as otherwise provided in divisions (E)...

...) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. (C) Except as otherwise provided in division (D) of this section, the other provisions of sections 1309.301 to 1309.342 of the Revised Code determine the priority of a security interest in an accession. (D) A security interest in an accession is subordinate to a security interes...

...ity interest that is unperfected at the time the collateral becomes commingled goods. (2) If more than one security interest is perfected under division (D) of this section, the security interests rank equally in proportion to the value of the collateral at the time it became commingled goods.

...he security interest or contain a statement that they may be subject to security interests not shown on the certificate: (A) A buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and (B) The security inter...

... Revised Code that is incorrect at the time the financing statement is filed: (A) The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and (B) A purchaser, other than a secured party, of the collateral takes ...

...hapter precludes subordination by agreement by any person entitled to priority.

...tained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account. (B) Except as otherwise provided in division (C) of this section, the application of this chapter to a security interest in a deposit account does not affect a right of recoupment or set-off of the secured party as to a deposit account maintained with the secured party. (C) The exerc...

...C) The bank's receipt of instructions from the secured party.

...04 of the Revised Code, even if its customer so requests or directs. A bank that has entered into an agreement of the kind described in division (A)(2) of that section is not required to confirm the existence of the agreement to another person unless requested to do so by its customer.

...default does not prevent the transfer from taking effect.

...ntract or tort for the debtor's acts or omissions.

...wise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable by an assignee that takes an assignment: (1) For value; (2) In good faith; (3) Without notice of a claim of a property or possessory right to the property assigned; and (4) Without notice of a defense or cl...

...efense or claim in recoupment arising from the transaction that gave rise to the contract; and (2) Any other defense or claim of the account debtor against the assignor that accrues before the account debtor receives a notification of the assignment authenticated by the assignor or the assignee. (B) Subject to division (C) of this section and except as provided in division (D) of this section, the claim of an accou...

...ied or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This division is subject to divisions (B) to (D) of this section. (B) Division (A) of this section applies to the extent that: (1) The right to payment or a part thereof under an assigned contract has not been fully earned by performance; or (2) The right to payment or a part there...

...assignee, that the amount due or to become due has been assigned and that payment is to be made to the assignee. After receipt of the notification, the account debtor may discharge its obligation by paying the assignee and may not discharge the obligation by paying the assignor. (B) Subject to division (H) of this section, notification under division (A) of this section is not effective: (1) If the notificat...

...f this section, a term in a lease agreement is not effective to the extent that it: (1) Prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods; or (2) Provides that the assignment or trans...

...rm in a promissory note or in an agreement between an account debtor and a debtor that relates to a health-care-insurance receivable or a general intangible, including a contract, permit, license, or franchise, and which term prohibits, restricts, or requires the consent of the person obligated on the promissory note or the account debtor to, the assignment or transfer of, or creation, attachment, or perfection...

...ohibits, restricts, or requires the consent of an applicant, issuer, or nominated person to a beneficiary's assignment of or creation of a security interest in a letter-of-credit right is not effective to the extent that the term or rule or law, statute, regulation, custom, or practice: (1) Would impair the creation, attachment, or perfection of a security interest in the letter-of-credit right; or (2) Provides tha...