Section 1303.45 | Drawee Not Liable on Unaccepted Draft – Ucc 3-408.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly A check or other draft does not of itself operate as an assignment of any funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until he accepts it.
Section 1303.46 | Acceptance of Draft – Certified Check – Ucc 3-409.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) “Acceptance” means the drawee’s signed agreement to pay the draft as presented. It must be written on the draft, and may consist of his signature alone. Acceptance may be made at any time and becomes effective when notification is given pursuant […]
Section 1303.47 | Employer’s Responsibility for Fraudulent Indorsement by Employee – Ucc 3-405.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) As used in this section: (1) “Employee” includes an independent contractor and an employee of an independent contractor retained by the employer. (2) “Fraudulent indorsement” means either of the following: (a) In the case of an instrument payable to the employer, […]
Section 1303.48 | Acceptance Varying Draft – Ucc 3-410.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) If the terms of a drawee’s acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored in which case the drawee is entitled to cancel his acceptance. (B) The […]
Section 1303.49 | Negligence Contributing to Forged Signature or Alteration of Instrument – Ucc 3-406.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from asserting the alteration or the forgery against a person who, in […]
Section 1303.50 | Alteration – Ucc 3-407.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) “Alteration” means either of the following: (1) An unauthorized change in an instrument that purports to modify in any respect the obligation of a party. (2) An unauthorized addition of words or numbers or other change to an incomplete instrument relating […]
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 […]
Section 1303.39 | Effect of Instrument on Obligation for Which Taken – Ucc 3-310.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) Unless otherwise agreed, if a certified check, cashier’s check, or teller’s check is taken for an obligation, the obligation is discharged to the same extent discharge would result if an amount of money equal to the amount of the instrument were […]
Section 1303.40 | Accord and Satisfaction by Use of Instrument – Ucc 3-311.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly If a person against whom a claim is asserted proves that that person in good faith tendered an instrument to the claimant as full satisfaction of the claim, that the amount of the claim was unliquidated or subject to a bona fide […]