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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1302.50 | Rights of financing agency - UCC 2-506.

Ohio Revised Code
/
Title 13 Commercial Transactions
/
Chapter 1302 Sales
 
Effective:
June 29, 2011
Latest Legislation:
House Bill 9 - 129th General Assembly
PDF:
Download Authenticated PDF
 

(A) A financing agency by paying or purchasing for value a draft which relates to a shipment of goods acquires to the extent of the payment or purchase and in addition to its own rights under the draft and any document of title securing it any rights of the shipper in the goods including the right to stop delivery and the shipper's right to have the draft honored by the buyer.

(B) The right to reimbursement of a financing agency which has in good faith honored or purchased the draft under commitment to or authority from the buyer is not impaired by subsequent discovery of defects with reference to any relevant document which was apparently regular.

Available Versions of this Section