Effective: April 6, 2017 Latest Legislation: House Bill 463 – 131st General Assembly (A) As used in this chapter, unless the context otherwise requires: (1) “Acceptor” means a drawee who has accepted a draft. (2) “Consumer account” means an account established by an individual primarily for personal, family, or household purposes. (3) “Consumer transaction” means […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) This chapter applies to negotiable instruments. It does not apply to money, to payment orders governed by sections 1304.51 to 1304.85 of the Revised Code, or to securities governed by Chapter 1308. of the Revised Code. (B) If there is a […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) Except as provided in divisions (C) and (D) of this section, “negotiable instrument” means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or […]
Effective: April 6, 2017 Latest Legislation: House Bill 463 – 131st General Assembly (A) Except as provided in this section, for the purposes of division (A) of section 1303.03 of the Revised Code, a promise or order is unconditional unless it states any of the following: (1) An express condition to payment; (2) That the […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) A promise or order is “payable on demand” if it states that it is payable on demand or at sight or otherwise indicates that it is payable at the will of the holder, or if it does not state any time […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized to sign the instrument, who signs the instrument as, in the name of, or in behalf of the issuer of […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly Except as otherwise provided in this chapter or Chapter 1304. of the Revised Code, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated in an instrument, an instrument is payable at […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) A promise or order is “payable to bearer” if any of the following apply: (1) It states that it is payable to the bearer or to the order of bearer or otherwise indicates that the person in possession of the promise […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) “Incomplete instrument” means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be completed by the addition of words […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) Unless otherwise provided in the instrument, both of the following apply: (1) An instrument is not payable with interest. (2) Interest on an interest-bearing instrument is payable from the date of the instrument. (B) Interest may be stated in an instrument […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in division (C) of section 1304.30 of the Revised Code, an instrument […]
Effective: April 6, 2017 Latest Legislation: House Bill 463 – 131st General Assembly (A) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, indorsers who indorse as joint payees, or anomalous indorsers are jointly and severally liable in the capacity in […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) Except as provided in division (E) of this section, an action to enforce the obligation of a party to pay a note payable at a definite time shall be brought within six years after the due date or dates stated in […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both typewritten and printed terms, and words prevail over numbers.
Effective: April 6, 2017 Latest Legislation: House Bill 463 – 131st General Assembly In an action for breach of an obligation for which a third person is answerable over pursuant to this chapter or sections 1304.01 to 1304.40 of the Revised Code, the defendant may give the third person notice of the litigation in a […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) “Negotiation” means a voluntary or involuntary transfer of possession of an instrument by a person other than the issuer to a person who by the transfer becomes the holder of the instrument. (B) Except for negotiation by a remitter, if an […]
Effective: August 19, 1994 Latest Legislation: Senate Bill 147 – 120th General Assembly (A) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument. (B) Transfer of an instrument, whether or not the transfer […]
