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 […]
Section 1303.57 | Presentment Warranties – Ucc 3-417.
Effective: April 6, 2017 Latest Legislation: House Bill 463 – 131st General Assembly (A) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance, at the time of presentment, and a previous transferor of the draft, at the […]
Section 1303.58 | Payment or Acceptance by Mistake – Ucc 3-418.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) Except as provided in division (C) of this section, if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that payment of the draft had not been stopped pursuant to section 1304.32 […]
Section 1303.59 | Instruments Signed for Accommodation – Ucc 3-419.
Effective: April 6, 2017 Latest Legislation: House Bill 463 – 131st General Assembly (A) If an instrument is issued for value given for the benefit of a party to the instrument and another party to the instrument signs the instrument for the purpose of incurring liability on the instrument without being a direct beneficiary of […]
Section 1303.60 | Conversion of Instrument – Ucc 3-420.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) The law applicable to conversion of personal property applies to instruments. An instrument also is converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or if a bank makes or […]
Section 1303.61 | Presentment – Ucc 3-501.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) “Presentment” means a demand made by or on behalf of a person entitled to enforce an instrument to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or […]
Section 1303.62 | Dishonor – Ucc 3-502.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) Dishonor of a note is governed by the following rules: (1) If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment. […]
Section 1303.51 | Refusal to Pay Cashier’s Checks, Teller’s Checks and Certified Checks – Ucc 3-411.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) As used in this section, “obligated bank” means the acceptor of a certified check or the issuer of a cashier’s check or teller’s check bought from the issuer. (B) If the obligated bank wrongfully refuses to pay a cashier’s check or […]
Section 1303.52 | Obligation of Issuer of Note or Cashier’s Check – Ucc 3-412.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly The issuer of a notice or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument in accordance with either of the following: (A) According to its terms at the time it was issued or, if not […]