reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.529 | Distributions of Fees to County Recorders - Ucc 9-529.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) The secretary of state shall distribute to the county recorders of the counties of this state an amount equal to the fees collected by the secretary of state for filing and indexing financing statements communicated to the office of the secretary of state in writing under division (A) of section 1309.525 of the Revised Code, to the extent that the general assembly appropriates money for that purpose, multiplied by the following percentages:
(1) For the period of July 1, 2001, to June 30, 2002, that amount multiplied by fifty per cent.
(2) For the period of July 1, 2002, to June 30, 2003, that amount multiplied by forty per cent.
(3) For the period of July 1, 2003, to June 30, 2004, that amount multiplied by thirty per cent.
(4) For the period of July 1, 2004, to June 30, 2005, that amount multiplied by twenty per cent.
(5) For the period of July 1, 2005, to June 30, 2006, that amount multiplied by ten per cent.
(B) The secretary of state shall make distributions to the county recorders pursuant to division (A) of this section so that the county recorder of each county receives a share of the aggregate amount so distributed equal to, as nearly as may be, the percentage that the fees collected by that county recorder under sections 1309.38 to 1309.431 of the Revised Code for calendar year 1998 bore to the total of the fees collected by the county recorders of all counties under those sections for that calendar year. The percentage allocations among the county recorders of the counties shall be based upon the fee collection information for calendar year 1998 for each county provided to the secretary of state on or before October 31, 2001, by the association of county recorders of this state. The secretary of state may distribute those amounts from time to time as the secretary of state so determines but no less frequently than annually, and in any case shall commence those distributions not later than September 30, 2002.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.601 | Rights After Default - Judicial Enforcement - Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes - Ucc 9-601.

Effective:
June 29, 2011
Latest Legislation:
House Bill 9 - 129th General Assembly
(A) After default, a secured party has the rights provided in sections 1309.601 to 1309.628 of the Revised Code and, except as otherwise provided in section 1309.602 of the Revised Code, those provided by agreement of the parties. A secured party:
(1) May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(2) If the collateral is documents, proceed either as to the documents or as to the goods they cover.
(B) A secured party in possession of collateral or control of collateral under section 1307.106, 1309.104, 1309.105, 1309.106, or 1309.107 of the Revised Code has the rights and duties provided in section 1309.207 of the Revised Code.
(C) The rights under divisions (A) and (B) of this section are cumulative and may be exercised simultaneously.
(D) Except as otherwise provided in division (G) of this section and section 1309.605 of the Revised Code, after default, a debtor and an obligor have the rights provided in sections 1309.601 to 1309.628 of the Revised Code and by agreement of the parties.
(E) If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
(1) The date of perfection of the security interest or agricultural lien in the collateral;
(2) The date of filing a financing statement covering the collateral; or
(3) Any date specified in a statute under which the agricultural lien was created.
(F) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and after the sale may hold the collateral free of any other requirements of this chapter.
(G) Except as provided in division (C) of section 1309.607 of the Revised Code, sections 1309.601 to 1309.628 of the Revised Code do not impose any duties upon a secured party who is a consignor or a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.602 | Waiver and Variance of Rights and Duties - Ucc 9-602.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
Except as otherwise provided in section 1309.624 of the Revised Code, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the following provisions of the Revised Code;
(A) Division (B)(4)(c) of section 1309.207 of the Revised Code, which relates to the use and operation of the collateral by the secured party;
(B) Section 1309.210 of the Revised Code, which relates to requests for an accounting and requests concerning a list of collateral and statement of account;
(C) Division (C) of section 1309.607 of the Revised Code, which relates to the collection and enforcement of collateral;
(D) Division (A) of section 1309.608 and division (C) of section 1309.615 of the Revised Code to the extent that they relate to the application or payment of noncash proceeds of collection, enforcement, or disposition;
(E) Division (A) of section 1309.608 and division (D) of section 1309.615 of the Revised Code to the extent that they require accounting for or payment of surplus proceeds of collateral;
(F) Section 1309.609 of the Revised Code to the extent that it imposes upon a secured party who takes possession of collateral without judicial process the duty to do so without breach of the peace;
(G) Division (B) of section 1309.610 and sections 1309.611, 1309.613, and 1309.614 of the Revised Code, which relate to the disposition of collateral;
(H) Division (F) of section 1309.615, which relates to the calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor;
(I) Section 1309.616 of the Revised Code, which relates to the explanation of the calculation of a surplus or deficiency;
(J) Sections 1309.620, 1309.621, and 1309.622 of the Revised Code, which relate to the acceptance of collateral in satisfaction of obligation;
(K) Section 1309.623 of the Revised Code, which relates to redemption of collateral;
(L) Section 1309.624 of the Revised Code, which relates to permissible waivers; and
(M) Sections 1309.625 and 1309.626 of the Revised Code, which relate to the secured party's liability for failure to comply with this chapter.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.603 | Agreement on Standards Concerning Rights and Duties - Ucc 9-603.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under section 1309.602 of the Revised Code if the standards are not manifestly unreasonable.
(B) Division (A) of this section does not apply to the duty imposed under section 1309.609 of the Revised Code to refrain from breaching the peace.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.604 | Procedure if Security Agreement Covers Real Property or Fixtures - Ucc 9-604.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) If a security agreement covers both personal and real property, a secured party may proceed:
(1) Under sections 1309.601 to 1309.628 of the Revised Code as to the personal property without prejudicing any rights with respect to the real property; or
(2) As to both the personal property and the real property, in accordance with the rights with respect to the real property, in which case the other provisions of sections 1309.601 to 1309.628 of the Revised Code do not apply.
(B) Subject to division (C) of this section, if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(1) Under sections 1309.601 to 1309.628 of the Revised Code; or
(2) In accordance with the rights with respect to real property, in which case the other provisions of sections 1309.601 to 1309.628 of the Revised Code do not apply.
(C) Subject to the other provisions of sections 1309.601 to 1309.628 of the Revised Code, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(D) A secured party who removes collateral shall reimburse promptly any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.605 | Unknown Debtor or Secondary Obligor - Ucc 9-605.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
A secured party does not owe a duty based on its status as secured party:
(A) To a person who is a debtor or obligor, unless the secured party knows:
(1) That the person is a debtor or obligor;
(2) The identity of the person; and
(3) How to communicate with the person; or
(B) To a secured party or lienholder who has filed a financing statement against a person, unless the secured party knows:
(1) That the person is a debtor; and
(2) The identity of the person.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.606 | Time for Default for Agricultural Lien - Ucc 9-606.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
For purposes of sections 1309.601 to 1309.628 of the Revised Code, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.607 | Collection and Enforcement by Secured Party - Ucc 9-607.

Effective:
July 1, 2013
Latest Legislation:
Senate Bill 208 - 129th General Assembly
(A) If so agreed, and in any event after default, a secured party:
(1) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;
(2) May take any proceeds to which the secured party is entitled under section 1309.315 of the Revised Code;
(3) May enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
(4) If it holds a security interest in a deposit account perfected by control under division (A)(1) of section 1309.104 of the Revised Code, may apply the balance of the deposit account to the obligation secured by the deposit account; and
(5) If it holds a security interest in a deposit account perfected by control under division (A)(2) or (3) of section 1309.104 of the Revised Code, may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(B) If necessary to enable a secured party to exercise the right of a debtor to enforce a mortgage nonjudicially under division (A)(3) of this section, the secured party may record in the office in which a record of the mortgage is recorded:
(1) A copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
(2) The secured party's sworn affidavit in recordable form stating that:
(a) A default has occurred with respect to the obligation secured by the mortgage; and
(b) The secured party is entitled to enforce the mortgage nonjudicially.
(C) A secured party shall proceed in a commercially reasonable manner if the secured party:
(1) Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(2) Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(D) A secured party may deduct from the collections made pursuant to division (C) of this section reasonable expenses of collection and enforcement, including reasonable attorney's fees and legal expenses incurred by the secured party.
(E) This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.608 | Application of Proceeds of Collection or Enforcement - Liability for Deficiency and Right to Surplus - Ucc 9-608.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under section 1309.607 of the Revised Code in the following order:
(a) The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party;
(b) The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(c) The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(2) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party is not required to comply with the holder's demand made under division (A)(1)(c) of this section.
(3) A secured party is not required to apply or pay over for application noncash proceeds of collection and enforcement under section 1309.607 of the Revised Code unless the failure to do so would be commercially unreasonable. A secured party who applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(4) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(B) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.609 | Secured Party's Right to Take Possession After Default - Ucc 9-609.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) After default, a secured party:
(1) May take possession of the collateral; and
(2) Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under section 1309.610 of the Revised Code.
(B) A secured party may act under division (A) of this section:
(1) Pursuant to judicial process; or
(2) Without judicial process if it acts without breach of the peace.
(C) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place that is designated by the secured party and that is reasonably convenient to both parties.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.610 | Disposition of Collateral After Default - Ucc 9-610.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
(B) Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, at any time and place, and on any terms.
(C) A secured party may purchase collateral:
(1) At a public disposition; or
(2) At a private disposition, but only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(D) A contract for a sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like that by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(E) A secured party may disclaim or modify warranties under division (D) of this section:
(1) In a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2) By communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(F) A record is sufficient to disclaim warranties under division (E) of this section if it indicates "There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition" or uses words of similar import.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.611 | Notification Before Disposition of Collateral - Ucc 9-611.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) As used in this section, "notification date" means the earlier of the date on which:
(1) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition. or
(2) The debtor and any secondary obligor waive the right to notification.
(B) Except as provided in division (D) of this section, a secured party who disposes of collateral under section 1309.610 of the Revised Code shall send a reasonable authenticated notification of disposition to the persons specified in division (C) of this section.
(C) To comply with division (B) of this section, the secured party shall send an authenticated notification of disposition to:
(1) The debtor;
(2) Any secondary obligor; and
(3) If the collateral is other than consumer goods:
(a) Any other person from whom the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
(b) Any other secured party or lienholder who, ten days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i) Identified the collateral;
(ii) Was indexed under the debtor's name as of that date; and
(iii) Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(c) Any other secured party who, ten days before the notification date, held a security interest in the collateral perfected by compliance with a statute, rule, or treaty described in division (A) of section 1309.311 of the Revised Code.
(D) Division (B) of this section does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(E) A secured party complies with the requirement for notification prescribed by division (C)(3)(b) of this section if:
(1) Not later than twenty days nor earlier than thirty days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in division (C)(3)(b) of this section; and
(2) Before the notification date, the secured party:
(a) Did not receive a response to the request for information; or
(b) Received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.612 | Timeliness of Notification Before Disposition of Collateral - Ucc 9-612.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) Except as otherwise provided in division (B) of this section, whether a notification is sent within a reasonable time is a question of fact.
(B) A notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.613 | Contents and Form of Notification Before Disposition of Collateral - General - Ucc 9-613.

Effective:
November 5, 2004
Latest Legislation:
House Bill 420 - 125th General Assembly
(A) Except in a consumer-goods transaction, all of the following rules apply to a notification of disposition of collateral and to a disposition of collateral:
(1) The contents of a notification of disposition are sufficient if the notification:
(a) Describes the debtor and the secured party;
(b) Describes the collateral that is the subject of the intended disposition;
(c) States the method of intended disposition;
(d) States that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
(e) States the time and place, by identifying the place of business or address or by providing other information that, in each case, reasonably describes the location, of a public disposition or the time after which any other disposition is to be made.
(2) Whether the contents of a notification that lacks any of the information specified in division (A)(1) of this section are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in division (A)(1) of this section are sufficient, even if the notification includes:
(a) Information not specified by that division; or
(b) Minor errors that are not seriously misleading.
(4) A particular phrasing of the notification is not required.
(B) The following form of notification and the form appearing in division (B) of section 1309.614 of the Revised Code, when completed, each provides sufficient information:
"NOTIFICATION OF DISPOSITION OF COLLATERAL
To: (Name of debtor, obligor, or other person to whom the notification is sent)
From: (Name, address, and telephone number of secured party)
Name of Debtor(s): (Include only if debtor(s) are not an addressee)
(FOR A PUBLIC DISPOSITION:)
We will sell (or lease or license, as applicable) the (describe collateral) to the highest qualified bidder in public as follows:
Day and Date:_____________
Time:_____________________
Place:____________________
(FOR A PRIVATE DISPOSITION:)
We will sell (or lease or license, as applicable) the (describe collateral) privately sometime after (day and date).
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell (or lease or license, as applicable) (for a charge of $_________). You may request an accounting by calling us at (telephone number)."
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.617 | Rights of Transferee of Collateral - Ucc 9-617.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) A secured party's disposition of collateral after default:
(1) Transfers to a transferee for value all of the debtor's rights in the collateral;
(2) Discharges the security interest under which the disposition is made; and
(3) Discharges any subordinate security interest or other subordinate lien other than the liens specified in division (D) of section 1309.109 of the Revised Code.
(B) A transferee who acts in good faith takes free of the rights and interests described in division (A) of this section, even if the secured party fails to comply with this chapter or the requirements of any judicial proceeding.
(C) If a transferee does not take free of the rights and interests described in division (A) of this section, the transferee takes the collateral subject to:
(1) The debtor's rights in the collateral;
(2) The security interest or agricultural lien under which the disposition is made; and
(3) Any other security interest or other lien.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.618 | Rights and Duties of Certain Secondary Obligors - Ucc 9-618.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(1) Receives an assignment of a secured obligation from the secured party;
(2) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(3) Is subrogated to the rights of a secured party with respect to collateral.
(B) An assignment, transfer, or subrogation described in division (A) of this section:
(1) Is not a disposition of collateral under section 1309.610 of the Revised Code; and
(2) Relieves the secured party of further duties under this chapter.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.619 | Transfer of Record or Legal Title - Ucc 9-619.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) As used in this section, "transfer statement" means a record authenticated by a secured party that states:
(1) The debtor has defaulted in connection with an obligation secured by specified collateral;
(2) The secured party has exercised its post-default remedies with respect to the collateral;
(3) By reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(4) The name and mailing address of the secured party, debtor, and transferee.
(B) A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate of title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(1) Accept the transfer statement;
(2) Promptly amend its records to reflect the transfer; and
(3) If applicable, issue a new appropriate certificate of title in the name of the transferee.
(C) A transfer of the record or legal title to collateral to a secured party under division (B) of this section or otherwise is not of itself a disposition of collateral under this chapter and does not of itself relieve the secured party of its duties under this chapter.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.621 | Notification of Proposal to Accept Collateral - Ucc 9-621.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) A secured party who desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(1) Any person from whom the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;
(2) Any other secured party or lienholder who, ten days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(a) Identified the collateral;
(b) Was indexed under the debtor's name as of that date;
(c) Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(3) Any other secured party who, ten days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in division (A) of section 1309.311 of the Revised Code.
(B) A secured party who desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in division (A) of this section.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.622 | Effect of Acceptance of Collateral - Ucc 9-622.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
(1) Discharges the obligation to the extent consented to by the debtor;
(2) Transfers to the secured party all of a debtor's rights in the collateral;
(3) Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and
(4) Terminates any other subordinate interest.
(B) A subordinate interest is discharged or terminated under division (A) of this section even if the secured party fails to comply with this chapter.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.623 | Right to Redeem Collateral - Ucc 9-623.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(B) To redeem collateral, a person shall tender:
(1) Fulfillment of all obligations secured by the collateral; and
(2) The reasonable expenses and attorney's fees described in division (A)(1) of section 1309.615 of the Revised Code.
(C) A redemption may occur at any time before a secured party:
(1) Has collected collateral under section 1309.607 of the Revised Code;
(2) Has disposed of collateral or entered into a contract for its disposition under section 1309.610 of the Revised Code; or
(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under section 1309.622 of the Revised Code.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.624 | Waiver - Ucc 9-624.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 1309.611 of the Revised Code only by an agreement to that effect entered into and authenticated after default.
(B) A debtor may waive the right to require disposition of collateral under division (E) of section 1309.620 of the Revised Code only by an agreement to that effect entered into and authenticated after default.
(C) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under section 1309.623 of the Revised Code only by an agreement to that effect entered into and authenticated after default.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.626 | Action in Which Deficiency or Surplus Is in Issue - Ucc 9-626.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply:
(A) A secured party is not required to prove compliance with sections 1309.601 to 1309.628 of the Revised Code relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.
(B) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with sections 1309.601 to 1309.628 of the Revised Code.
(C) Except as provided in section 1309.628 of the Revised Code, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with sections 1309.601 to 1309.628 of the Revised Code relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:
(1) The proceeds of the collection, enforcement, disposition, or acceptance; or
(2) The amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with sections 1309.601 to 1309.628 of the Revised Code relating to collection, enforcement, disposition, or acceptance.
(D) For purposes of division (C)(2) of this section, the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum.
(E) If a deficiency or surplus is calculated under division (F) of section 1309.615 of the Revised Code, the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.627 | Determination of Whether Conduct Was Commercially Reasonable - Ucc 9-627.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(B) A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(1) In the usual manner on any recognized market;
(2) At the price current in any recognized market at the time of the disposition; or
(3) Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(C) A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(1) In a judicial proceeding;
(2) By a bona fide creditors' committee;
(3) By a representative of creditors; or
(4) By an assignee for the benefit of creditors.
(D) Approval under division (C) of this section does not have to be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.628 | Nonliability and Limitation on Liability of Secured Party - Liability of Secondary Obligor - Ucc 9-628.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:
(1) The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and
(2) The failure of the secured party to comply with this chapter does not affect the liability of the person for a deficiency.
(B) A secured party is not liable because of its status as secured party:
(1) To a person that is a debtor or obligor, unless the secured party knows;
(a) That the person is a debtor or obligor;
(b) The identity of the person; and
(c) How to communicate with the person; or
(2) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(a) That the person is a debtor; and
(b) The identity of the person.
(C) A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:
(1) A debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2) An obligor's representation concerning the purpose for which a secured obligation was incurred.
(D) A secured party is not liable to any person under division (C)(2) of section 1309.625 of the Revised Code for its failure to comply with section 1309.616 of the Revised Code.
(E) A secured party is not liable under division (C)(2) of section 1309.625 of the Revised Code more than once with respect to any one secured obligation.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.702 | Savings Clause - Ucc 9-702.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) Except as otherwise provided in this chapter, this chapter applies to a transaction or lien within the scope of this chapter even if the transaction or lien was entered into or created before July 1, 2001.
(B) Except as otherwise provided in division (C) of this section and sections 1309.703 to 1309.709 of the Revised Code:
(1) Transactions or liens that were not governed by this chapter as it existed before July 1, 2001, were validly entered into or created prior to that date, and would be subject to this chapter if they had been entered into or created on or after that date, and the rights, duties, and interests related to those transactions or liens, remain valid on and after July 1, 2001; and
(2) The transactions and liens may be terminated, completed, consummated, or enforced as required or permitted by the law in effect immediately prior to July 1, 2001, or the law in effect on and after that date.
(C) This chapter does not affect an action, case, or proceeding commenced prior to July 1, 2001.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.703 | Security Interest Perfected Before Effective Date - Ucc 9-703.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) A security interest that is enforceable immediately before July 1, 2001, and that would have priority over the rights of a person who becomes a lien creditor at that time is a perfected security interest under this chapter if, on July 1, 2001, the applicable requirements for enforceability and perfection under this chapter are satisfied without further action.
(B) Except as otherwise provided in section 1309.705 of the Revised Code, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person who becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this chapter are not satisfied on July 1, 2001, the security interest:
(1) Is a perfected security interest until July 1, 2002;
(2) Remains enforceable after the date specified in division (B)(1) of this section only if the security interest becomes enforceable under section 1309.203 of the Revised Code on or before July 1, 2002;
(3) Remains perfected after the date specified in division (B)(1) of this section only if the applicable requirements for perfection under this chapter are satisfied on or before July 1, 2002.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.704 | Security Interest Unperfected Before Effective Date - Ucc 9-704.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
A security interest that is enforceable immediately before July 1, 2001, but that would be subordinate to the rights of a person that becomes a lien creditor at that time:
(A) Remains an enforceable security interest until July 1, 2002;
(B) Remains enforceable after July 1, 2002, if the security interest becomes enforceable under section 1309.203 of the Revised Code on July 1, 2001, or by July 1, 2002; and
(C) Becomes perfected:
(1) Without further action on July 1, 2001, if the applicable requirements for perfection under this chapter are satisfied before or on that date; or
(2) When the applicable requirements for perfection are satisfied if the requirements are satisfied after July 1, 2001.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.705 | Effectiveness of Action Taken Before Effective Date - Ucc 9-705.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) If action, other than the filing of a financing statement, is taken before July 1, 2001, and if the action would have resulted in priority of a security interest over the rights of a person who becomes a lien creditor had the security interest become enforceable before that date, the action is effective to perfect a security interest that attaches under this chapter within one year after that date. An attached security interest becomes unperfected on July 1, 2002, unless the security interest becomes a perfected security interest under this chapter on or before July 1, 2002.
(B) The filing of a financing statement before July 1, 2001, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter on or after July 1, 2001.
(C) This chapter does not render ineffective an effective financing statement that, before July 1, 2001, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former section 1309.03 of the Revised Code. However, except as otherwise provided in divisions (D) and (E) of this section and section 1309.706 of the Revised Code, the financing statement ceases to be effective at the earlier of:
(1) The time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed; or
(2) June 30, 2006.
(D) The filing of a continuation statement after July 1, 2001, does not continue the effectiveness of a financing statement filed before that date. However, upon the timely filing of a continuation statement after July 1, 2001, and in accordance with the law of the jurisdiction governing perfection as provided in sections 1309.301 to 1309.342 of the Revised Code, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2001, continues for the period provided by the law of that jurisdiction.
(E) Division (C)(2) of this section applies to a financing statement that, before July 1, 2001, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in section 1309.03 of the Revised Code, as it existed prior to July 1, 2001, only to the extent that sections 1309.301 to 1309.342 of the Revised Code provide that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(F) A financing statement that includes a financing statement filed before July 1, 2001, and a continuation statement filed after that date is effective only to the extent that it satisfies the requirements of sections 1309.501 to 1309.527 of the Revised Code, as they exist on July 1, 2001, for an initial financing statement.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.706 | When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement - Ucc 9-706.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) The filing of an initial financing statement in the office specified in section 1309.501 of the Revised Code continues the effectiveness of a financing statement filed before July 1, 2001, if:
(1) The filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter.
(2) The financing statement filed before July 1, 2001, was filed in an office in another state or another office in this state; and
(3) The initial financing statement satisfies division (C) of this section.
(B) The filing of an initial financing statement under division (A) of this section continues the effectiveness of the financing statement filed before July 1, 2001:
(1) If the initial financing statement is filed before July 1, 2001, for the period provided in section 1309.40 of the Revised Code, as it existed prior to July 1, 2001, with respect to a financing statement; and
(2) If the initial financing statement is filed after July 1, 2001, for the period provided in section 1309.515 of the Revised Code, as it exists on July 1, 2001, with respect to an initial financing statement.
(C) To be effective for purposes of division (A) of this section, an initial financing statement shall:
(1) Satisfy the requirements of sections 1309.501 to 1309.527 of the Revised Code, as they exist on July 1, 2001, for an initial financing statement;
(2) Identify the financing statement filed before July 1, 2001, by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) Indicate that the financing statement filed before July 1, 2001, remains effective.