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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 1303.23 | Negotiation subject to rescission - UCC 3-202.

Ohio Revised Code
/
Title 13 Commercial Transactions
/
Chapter 1303 Commercial Paper
 
Effective:
August 19, 1994
Latest Legislation:
Senate Bill 147 - 120th General Assembly
PDF:
Download Authenticated PDF
 

(A) Negotiation is effective even if it is obtained in any of the following manners:

(1) From an infant, a corporation exceeding its powers, or any other person without capacity;

(2) By fraud, duress, or mistake of any kind;

(3) As part of an illegal transaction;

(4) In breach of duty.

(B) To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for the rescission or other remedy.

Available Versions of this Section