Effective: April 6, 2017 Latest Legislation: House Bill 463 – 131st General Assembly (A) As used in sections 1304.01 to 1304.40 of the Revised Code, unless the context requires otherwise: (1) “Account” means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or similar account, other than an […]
Effective: January 1, 1998 Latest Legislation: House Bill 170 – 122nd General Assembly (A) To the extent that items within sections 1304.01 to 1304.40 of the Revised Code are also within the scope of Chapter 1303. and Chapter 1308. of the Revised Code, they are subject to those chapters. In the event of conflict, the […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) The effect of the provisions of this chapter may be varied by agreement, but the parties to the agreement cannot disclaim a bank’s responsibility for its lack of good faith or failure to exercise ordinary care or limit the measure of […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notices or orders shall be given under Chapter […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) If an item states that it is “payable through” a bank identified in the item, both of the following apply: (1) The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) For the purpose of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of two p.m. or later as a cut-off […]
Effective: August 15, 1996 Latest Legislation: Senate Bill 155 – 121st General Assembly (A) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank, and with or without the approval of any person involved, may waive, modify, or extend […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) “Agreement for electronic presentment” means an agreement, clearing house rule, or federal reserve regulation or operating circular providing that presentment of an item may be made by transmission of an image of an item or information describing the item rather than […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly An action to enforce an obligation, duty, or right arising under sections 1304.01 to 1304.40 of the Revised Code shall be brought within three years after the cause of action accrues.
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) Unless a contrary intent clearly appears and prior to the time that a settlement given by a collecting bank for an item is or becomes final, the bank with respect to the item is an agent or subagent of the owner […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) A collecting bank shall exercise ordinary care in doing all of the following: (1) Presenting an item or sending it for presentment; (2) Sending notice of dishonor or non-payment or returning an item other than a documentary draft to the bank’s […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly Subject to Chapter 1303. of the Revised Code concerning conversion of instruments and restrictive indorsements, only a collecting bank’s transferor can give instructions that affect the bank or constitute notice to it and a collecting bank is not liable to prior parties […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) A collecting bank shall send items by a reasonably prompt method taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collection involved, and the method generally used by it or […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly If a customer delivers an item to a depositary bank for collection, both of the following apply: (A) The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly Any agreed method that identifies the transferor bank is sufficient for the item’s further transfer to another bank.
Effective: April 6, 2017 Latest Legislation: House Bill 463 – 131st General Assembly (A) A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants all of the following to the transferee and to any subsequent collecting bank: (1) The warrantor is a person entitled to enforce the item. […]
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 […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a depositary bank […]
Effective: June 29, 2011 Latest Legislation: House Bill 9 – 129th General Assembly (A) A collecting bank has a security interest in an item and any accompanying documents or the proceeds of the item or documents in any of the following manners: (1) In the case of an item deposited in an account, to the […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly For the purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item if the bank otherwise complies with the requirements of section 1303.32 of the […]
