Section 1303.63 | Notice of Dishonor – Ucc 3-503.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) The obligation of an indorser set forth in division (A) of section 1303.55 of the Revised Code and the obligation of a drawer set forth in division (D) of section 1303.54 of the Revised Code may not be enforced unless one […]
Section 1303.64 | Excused Presentment and Notice of Dishonor – Ucc 3-504.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) Presentment for payment or acceptance of an instrument is excused under any of the following circumstances: (1) The person entitled to present the instrument cannot with reasonable diligence make presentment. (2) The maker or acceptor has repudiated an obligation to pay […]
Section 1303.65 | Evidence of Dishonor – Ucc 3-505.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: (1) A document regular in form as provided in division (B) of this section that purports to be a protest; (2) A […]
Section 1303.66 | Discharge and Effect of Discharge – Ucc 3-601.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) The obligation of a party to pay the instrument is discharged as stated in this chapter or by an act or agreement with the party that would discharge an obligation to pay money under a simple contract. (B) The discharge of […]
Section 1303.67 | Payment – Ucc 3-602.
Effective: April 6, 2017 Latest Legislation: House Bill 463 – 131st General Assembly (A) Subject to division (E) of this section, an instrument is paid to the extent payment is made by or on behalf of a party obliged to pay the instrument and to a person entitled to enforce the instrument. (B)(1) Subject to […]
Section 1303.68 | Tender of Payment – Ucc 3-603.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract. (B) […]
Section 1303.69 | Discharge by Cancellation or Renunciation – Ucc 3-604.
Effective: April 6, 2017 Latest Legislation: House Bill 463 – 131st General Assembly (A) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument in either of the following ways: (1) By surrender of the instrument to the party, destruction, mutilation, or cancellation […]
Section 1303.70 | Discharge of Secondary Obligors – Ucc 3-605.
Effective: April 6, 2017 Latest Legislation: House Bill 463 – 131st General Assembly (A) If a person entitled to enforce an instrument releases the obligation of a principal obligor in whole or in part, and another party to the instrument is a secondary obligor with respect to the obligation of that principal obligor, the following […]
Section 1303.55 | Obligation of Indorser – Ucc 3-415.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) Subject to divisions (B), (C), (D), and (E) of this section and to division (D) of section 1303.59 of the Revised Code, if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument according to […]
Section 1303.56 | Transfer Warranties – Ucc 3-416.
Effective: April 6, 2017 Latest Legislation: House Bill 463 – 131st General Assembly (A) A person who transfers an instrument for consideration warrants all of the following to the transferee and, if the transfer is by indorsement, to any subsequent transferee: (1) The warrantor is a person entitled to enforce the instrument. (2) All signatures […]