Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) This chapter may be cited as “Uniform Commercial Code, secured transactions.” (B) This chapter uses the numbering system of the national conference of commissioners on uniform state laws. The digits to the right of the decimal point are sequential and not […]
Effective: July 1, 2013 Latest Legislation: House Bill 276, Senate Bill 208 – 129th General Assembly (A) As used in this chapter, unless the context requires otherwise: (1) “Accession” means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (2)(a) “Account,” except […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) As used in this section: (1) “Purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and (2) “Purchase-money obligation” means an obligation of an obligor incurred as all or part of the price […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) A secured party has control of a deposit account if: (1) The secured party is the bank with which the deposit account is maintained; (2) The debtor, secured party, and bank have agreed in an authenticated record that the bank will […]
Effective: July 1, 2013 Latest Legislation: Senate Bill 208 – 129th General Assembly (A) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. (B) A system […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 1308.24 of the Revised Code. (B) A secured party has control over a commodity contract if: (1) The secured party is the commodity intermediary […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) Except as provided in divisions (C), (D), and (E) of this section, any description of personal or real property is sufficient whether or not it is specific if it reasonably identifies what is described. (B) Except as otherwise provided in division […]
Effective: September 26, 2003 Latest Legislation: House Bill 95 – 125th General Assembly (A) Except as otherwise provided in divisions (C) and (D) of this section, this chapter applies to the following: (1) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; (2) An agricultural lien; […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly A security interest arising under sections 1302.42 and 1302.49, division (C) of section 1302.85, or division (E) of section 1310.54 of the Revised Code is subject to this chapter. However, until the debtor obtains possession of the goods: (A) The security interest […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) Except as otherwise provided in Chapters 1301., 1302., 1303., 1304., 1305., 1307., 1308., 1309., and 1310. of the Revised Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (B) […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this chapter with regard to rights and obligations apply whether title to collateral is in the secured party or in […]
Effective: June 29, 2011 Latest Legislation: House Bill 9 – 129th General Assembly (A) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. (B) Except as otherwise provided in divisions (C) to (I) of this section, a […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) Except as provided in division (B) of this section, a security agreement may create or provide for a security interest in after-acquired collateral. (B) A security interest does not attach under a term constituting an after-acquired property clause to: (1) Consumer […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) A security interest is not invalid or fraudulent against creditors solely because: (1) The debtor has the right or ability to: (a) Use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods; (b) Collect, compromise, […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) A security interest in favor of a securities intermediary attaches to a person’s security entitlement if: (1) The person buys a financial asset through a securities intermediary in a transaction in which the person is obligated to pay the purchase price […]
Effective: June 29, 2011 Latest Legislation: House Bill 9 – 129th General Assembly (A) Except as otherwise provided in division (D) of this section, a secured party shall use reasonable care in the custody and preservation of collateral in the secured party’s possession. In the case of an instrument or chattel paper, reasonable care includes […]
Effective: June 29, 2011 Latest Legislation: House Bill 9 – 129th General Assembly (A) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. (B) Within ten days after receiving an authenticated demand by the debtor: […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) Except as otherwise provided in division (C) of this section, this section applies if: (1) There is no outstanding secured obligation; and (2) The secured party is not committed to make advances, incur obligations, or otherwise give value. (B) Within ten […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) As used in this section: (1) “Request” means a record of a type described in division (A)(2), (3), or (4) of this section. (2) “Request for an accounting” means a record authenticated by a debtor requesting that the recipient provide an […]
