reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.308 | When Security Interest or Agricultural Lien Is Perfected - Continuity of Perfection - Ucc 9-308.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) Except as otherwise provided in this section and section 1309.309 of the Revised Code, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 1309.310 to 1309.316 of the Revised Code have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.
(B) An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in section 1309.310 of the Revised Code have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.
(C) A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this chapter and is later perfected by another method under this chapter, without an intermediate period when it was unperfected.
(D) Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.
(E) Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.
(F) Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.
(G) Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.309 | Security Interest Perfected Upon Attachment - Ucc 9-309.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
The following security interests are perfected when they attach:
(A) A purchase money security interest in consumer goods, except as otherwise provided in division (B) of section 1309.311 of the Revised Code with respect to consumer goods that are subject to a statute or treaty described in division (A) of section 1309.311 of the Revised Code;
(B) An assignment of accounts or payment intangibles that does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts or payment intangibles;
(C) A sale of a payment intangible;
(D) A sale of a promissory note;
(E) A security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services;
(F) A security interest arising under section 1302.42, 1302.49, division (C) of section 1302.85, or division (E) of section 1310.54 of the Revised Code, until the debtor obtains possession of the collateral;
(G) A security interest of a collecting bank arising under section 1304.20 of the Revised Code;
(H) A security interest of an issuer or nominated person arising under section 1305.18 of the Revised Code;
(I) A security interest arising in the delivery of a financial asset under division (C) of section 1309.206 of the Revised Code;
(J) A security interest in investment property created by a broker or securities intermediary;
(K) A security interest in a commodity contract or a commodity account created by a commodity intermediary;
(L) An assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder; and
(M) A security interest created by an assignment of a beneficial interest in a decedent's estate.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.310 | When Filing Required to Perfect Security Interest or Agricultural Lien - Security Interests and Agricultural Liens to Which Filing Provisions Do Not Apply - Ucc 9-310.

Effective:
June 29, 2011
Latest Legislation:
House Bill 9 - 129th General Assembly
(A) Except as otherwise provided in division (B) of this section and division (B) of section 1309.312 of the Revised Code, a financing statement must be filed to perfect all security interests and agricultural liens.
(B) The filing of a financing statement is not necessary to perfect a security interest:
(1) That is perfected under division (D), (E), (F), or (G) of section 1309.308 of the Revised Code;
(2) That is perfected under section 1309.309 of the Revised Code when it attaches;
(3) In property subject to a statute, regulation, or treaty described in division (A) of section 1309.311 of the Revised Code;
(4) In goods in possession of a bailee which is perfected under division (D)(1) or (2) of section 1309.312 of the Revised Code;
(5) In certificated securities, documents, goods, or instruments which is perfected without filing, control, or possession under division (E), (F), or (G) of section 1309.312 of the Revised Code;
(6) In collateral in the secured party's possession under section 1309.313 of the Revised Code;
(7) In a certificated security perfected by delivery of the security certificate to the secured party under section 1309.313 of the Revised Code;
(8) In deposit accounts, electronic chattel paper, electronic documents, investment property, or letter-of-credit rights perfected by control under section 1309.314 of the Revised Code;
(9) In proceeds which is perfected under section 1309.315 of the Revised Code; or
(10) That is perfected under section 1309.316 of the Revised Code.
(C) If a secured party assigns a perfected security interest or agricultural lien, a filing under this chapter is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.311 | Perfection of Security Interests in Property Subject to Certain Statutes, Regulations, and Treaties - Ucc 9-311.

Effective:
July 1, 2013
Latest Legislation:
Senate Bill 208 - 129th General Assembly
(A) Except as otherwise provided in division (D) of this section, the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:
(1) A statute, regulation, or treaty of the United States whose requirements for a security interest's obtaining priority over the rights of a lien creditor with respect to the property preempt division (A) of section 1309.310 of the Revised Code;
(2) Chapters 1547., 1548., 4505., 4519., and 5309. of the Revised Code;
(3) A statute of another jurisdiction that provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the property.
(B) Compliance with the requirements of a statute, regulation, or treaty described in division (A) of this section for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this chapter. Except as otherwise provided in division (D) of this section, section 1309.313, and divisions (D) and (E) of section 1309.316 of the Revised Code for goods covered by a certificate of title, a security interest in property subject to a statute, regulation, or treaty described in division (A) of this section may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral.
(C) Except as otherwise provided in division (D) of this section and divisions (D) and (E) of section 1309.316 of the Revised Code, duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation, or treaty described in division (A) of this section are governed by the statute, regulation, or treaty. In other respects, the security interest is subject to this chapter.
(D) During any period in which collateral subject to a statute specified in division (A)(2) of this section is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.312 | Perfection of Security Interests - Ucc 9-312.

Effective:
June 29, 2011
Latest Legislation:
House Bill 9 - 129th General Assembly
(A) A security interest in chattel paper, negotiable documents, instruments, or investment property may be perfected by filing.
(B) Except as otherwise provided in divisions (C) and (D) of section 1309.315 of the Revised Code for proceeds:
(1) A security interest in a deposit account may be perfected only by control under section 1309.314 of the Revised Code;
(2) And except as otherwise provided in division (D) of section 1309.308 of the Revised Code, a security interest in a letter-of-credit right may be perfected only by control under section 1309.314 of the Revised Code; and
(3) A security interest in money may be perfected only by the secured party's taking possession under section 1309.313 of the Revised Code.
(C) While goods are in the possession of a bailee that has issued a negotiable document covering the goods:
(1) A security interest in the goods may be perfected by perfecting a security interest in the document; and
(2) A security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time.
(D) While goods are in the possession of a bailee that has issued a non-negotiable document covering the goods, a security interest in the goods may be perfected by:
(1) Issuance of a document in the name of the secured party;
(2) The bailee's receipt of notification of the secured party's interest; or
(3) Filing as to the goods.
(E) A security interest in certificated securities, or negotiable documents, or instruments is perfected without filing or the taking of possession or control for a period of twenty days from the time it attaches to the extent that it arises for new value given under an authenticated security agreement.
(F) A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for a period of twenty days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:
(1) Ultimate sale or exchange; or
(2) Loading, unloading, storing, shipping, trans-shipping, manufacturing, processing, or otherwise dealing with them in a manner preliminary to their sale or exchange.
(G) A perfected security interest in an instrument or certificated security remains perfected for twenty days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of:
(1) Ultimate sale or exchange; or
(2) Presentation, collection, enforcement, renewal, or registration of transfer.
(H) After the twenty-day period specified in divisions (E), (F), or (G) of this section expires, perfection depends upon compliance with this chapter.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.314 | Perfection by Control - Ucc 9-314.

Effective:
June 29, 2011
Latest Legislation:
House Bill 9 - 129th General Assembly
(A) A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may be perfected by control of the collateral under section 1307.106, 1309.104, 1309.105, 1309.106, or 1309.107 of the Revised Code.
(B) A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights, or electronic documents is perfected by control under section 1307.106, 1309.104, 1309.105, or 1309.107 of the Revised Code when the secured party obtains control and remains perfected by control only while the secured party retains control.
(C) A security interest in investment property is perfected by control under section 1309.106 of the Revised Code from the time the secured party obtains control and remains perfected by control until:
(1) The secured party does not have control; and
(2) One of the following occurs:
(a) If the collateral is a certificated security, the debtor has or acquires possession of the security certificate;
(b) If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or
(c) If the collateral is a security entitlement, the debtor is or becomes the entitlement holder.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.315 | Secured Party's Rights on Disposition of Collateral and in Proceeds - Ucc 9-315.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) Except as otherwise provided in this chapter and in division (B) of section 1302.44 of the Revised Code:
(1) A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and
(2) A security interest attaches to any identifiable proceeds of collateral.
(B) Proceeds that are commingled with other property are identifiable proceeds:
(1) If the proceeds are goods, to the extent provided by section 1309.336 of the Revised Code; and
(2) If the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this chapter with respect to commingled property of the type involved.
(C) A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.
(D) A perfected security interest in proceeds becomes unperfected on the twenty-first day after the security interest attaches to the proceeds unless:
(1) The following conditions are satisfied:
(a) A filed financing statement covers the original collateral;
(b) The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and
(c) The proceeds are not acquired with cash proceeds.
(2) The proceeds are identifiable cash proceeds; or
(3) The security interest in the proceeds is perfected other than under division (C) of this section when the security interest attaches or within twenty days thereafter.
(E) If a filed financing statement covers the original collateral, a security interest in proceeds that remains perfected under division (D)(1) of this section becomes unperfected at the later of:
(1) When the effectiveness of the filed financing statement lapses under section 1309.515 of the Revised Code or is terminated under section 1309.513 of the Revised Code; or
(2) The twenty-first day after the security interest attaches to the proceeds.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.317 | Interests That Take Priority Over or Take Free of Unperfected Security Interest or Agricultural Lien - Ucc 9-317.

Effective:
July 1, 2013
Latest Legislation:
Senate Bill 208 - 129th General Assembly
(A) A security interest or agricultural lien is subordinate to the rights of:
(1) A person entitled to priority under section 1309.322 of the Revised Code; and
(2) Except as otherwise provided in division (E) of this section, a person who becomes a lien creditor before the earlier of the time:
(a) The security interest or agricultural lien is perfected; or
(b) One of the conditions specified in division (B)(3) of section 1309.203 of the Revised Code is met and a financing statement covering the collateral is filed.
(B) Except as otherwise provided in division (E) of this section, a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
(C) Except as otherwise provided in division (E) of this section, a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
(D) A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.
(E) Except as otherwise provided in sections 1309.320 and 1309.321 of the Revised Code, if a person files a financing statement with respect to a purchase money security interest before or within twenty days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee, or lien creditor that arise between the time the security interest attaches and the time of filing.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.318 | No Interest Retained in Right to Payment That Is Sold - Rights and Title of Seller of Account or Chattel Paper With Respect to Creditors and Purchasers - Ucc 9-318.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the collateral sold.
(B) For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.319 | Rights and Title of Consignee With Respect to Creditors and Purchasers - Ucc 9-319.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) Except as otherwise provided in division (B) of this section, for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer.
(B) For purposes of determining the rights of a creditor of a consignee, law other than this chapter determines the rights and title of a consignee while goods are in the consignee's possession if, under sections 1309.301 to 1309.342 of the Revised Code, a perfected security interest held by the consignor would have priority over the rights of the creditor.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.320 | Buyer of Goods - Ucc 9-320.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) Except as otherwise provided in division (E) of this section, a buyer in the ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer's seller even if the security interest is perfected and the buyer knows of its existence.
(B) Except as otherwise provided in division (E) of this section, a buyer of goods from a person who used or bought the goods for use primarily for personal, family, or household purposes takes free of a security interest, even if perfected, if the buyer buys:
(1) Without knowledge of the security interest;
(2) For value;
(3) Primarily for the buyer's personal, family, or household purposes; and
(4) Before the filing of a financing statement covering the goods.
(C) To the extent that it affects the priority of a security interest over a buyer of goods under division (B) of this section, the period of effectiveness of a filing made in the jurisdiction in which the seller is located is governed by divisions (A) and (B) of section 1309.316 of the Revised Code.
(D) A buyer in the ordinary course of business buying oil, gas, or other minerals at the wellhead or minehead or after extraction takes free of an interest arising out of an encumbrance.
(E) Divisions (A) and (B) of this section do not affect a security interest in goods in the possession of the secured party under section 1309.313 of the Revised Code.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.321 | Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business - Ucc 9-321.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) As used in this section, "licensee in the ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course of business from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course of business if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor's own usual or customary practices.
(B) A licensee in the ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence.
(C) A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.323 | Future Advances - Ucc 9-323.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) Except as otherwise provided in division (C) of this section, for purposes of determining the priority of a perfected security interest under division (A)(1) of section 1309.322 of the Revised Code, perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:
(1) Is made while the security interest is perfected only:
(a) Under section 1309.309 of the Revised Code when it attaches; or
(b) Temporarily under division (E), (F), or (G) of section 1309.312 of the Revised Code.
(2) Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under section 1309.309 or division (E), (F), or (G) of section 1309.312 of the Revised Code.
(B) Except as otherwise provided in division (C) of this section, a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures advances made more than forty-five days after the person becomes a lien creditor unless the advance is made:
(1) Without knowledge of the lien; or
(2) Pursuant to a commitment entered into without knowledge of the lien.
(C) Divisions (A) and (B) of this section do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.
(D) Except as otherwise provided in division (E) of this section, a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:
(1) The time the secured party acquires knowledge of the buyer's purchase; or
(2) Forty-five days after the purchase.
(E) Division (D) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the forty-five-day period.
(F) Except as otherwise provided in division (G) of this section, a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:
(1) The time the secured party acquires knowledge of the lease; or
(2) Forty-five days after the lease contract becomes enforceable.
(G) Division (F) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five-day period.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.325 | Priority of Security Interests in Transferred Collateral - Ucc 9-325.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) Except as otherwise provided in division (B) of this section, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:
(1) The debtor acquired the collateral subject to the security interest created by the other person;
(2) The security interest created by the other person was perfected when the debtor acquired the collateral; and
(3) There is no period thereafter when the security interest is unperfected.
(B) Division (A) of this section subordinates a security interest only if the security interest:
(1) Otherwise would have priority solely under division (A) of section 1309.322 or section 1309.324 of the Revised Code; or
(2) Arose solely under division (C) of section 1302.85 or division (E) of section 1310.54 of the Revised Code.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.326 | Priority of Security Interests Created by New Debtor - Ucc 9-326.

Effective:
July 1, 2013
Latest Legislation:
Senate Bill 208 - 129th General Assembly
(A) Subject to division (B) of this section, a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be ineffective to perfect the security interest but for the application of division (I)(1) of section 1309.316 of the Revised Code or section 1309.508 of the Revised Code is subordinate to a security interest in the same collateral that is perfected other than by such a filed financing statement.
(B) Sections 1309.301 to 1309.342 of the Revised Code determine the priority among conflicting security interests in the same collateral perfected by filed financing statements described in division (A) of this section. However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor's having become bound.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.327 | Priority of Security Interests in Deposit Account - Ucc 9-327.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
The following rules govern priority among conflicting security interests in the same deposit account:
(A) A security interest held by a secured party having control of the deposit account under section 1309.104 of the Revised Code has priority over a conflicting security interest held by a secured party that does not have control.
(B) Except as otherwise provided in divisions (C) and (D) of this section, security interests perfected by control under section 1309.314 of the Revised Code rank according to priority in time of obtaining control.
(C) Except as otherwise provided in division (D) of this section, a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party.
(D) A security interest perfected by control under division (A)(3) of section 1309.104 of the Revised Code has priority over a security interest held by the bank with which the deposit account is maintained.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.328 | Priority of Security Interests in Investment Property - Ucc 9-328.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
The following rules govern priority among conflicting security interests in the same investment property:
(A) A security interest held by a secured party having control of investment property under section 1309.106 of the Revised Code has priority of a security interest held by a secured party that does not have control of the investment property.
(B) Except as otherwise provided in divisions (C) and (D) of this section, conflicting security interests held by secured parties each of which has control under section 1309.106 of the Revised Code rank according to priority in time of:
(1) If the collateral is a security, obtaining control;
(2) If the collateral is a security entitlement carried in a securities account and:
(a) If the secured party obtained control under division (D)(1) of section 1308.24 of the Revised Code, the secured party's becoming the person for which the securities account is maintained;
(b) If the secured party obtained control under division (D)(2) of section 1308.24 of the Revised Code, the securities intermediary's agreement to comply with the secured party's entitlement orders with respect to security entitlements carried or to be carried in the securities account; or
(c) If the secured party obtained control through another person under division (D)(3) of section 1308.24 of the Revised Code, the time on which priority would be based under this paragraph if the other person were the secured party; or
(3) If the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in division (B)(2) of section 1309.106 of the Revised Code with respect to commodity contracts carried or to be carried with the commodity intermediary.
(C) A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party.
(D) A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party.
(E) A security interest in a certificated security in registered form that is perfected by taking delivery under division (A) of section 1309.313 of the Revised Code and not by control under section 1309.314 of the Revised Code has priority over a conflicting security interest perfected by a method other than control.
(F) Conflicting security interests created by a broker, a securities intermediary, or a commodity intermediary that are perfected without control under section 1309.106 of the Revised Code rank equally.
(G) In all other cases, priority between conflicting security interests in investment property is governed by sections 1309.322 and 1309.323 of the Revised Code.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.329 | Priority of Security Interests in Letter-of-Credit Right - Ucc 9-329.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
The following govern priority among conflicting security interests in the same letter-of-credit right:
(A) A security interest held by a secured party having control of the letter-of-credit right under section 1309.107 of the Revised Code has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(B) Security interests perfected by control under section 1309.314 of the Revised Code rank according to priority in time of obtaining control.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.330 | Priority of Purchases of Chattel Paper or Instrument - Ucc 9-330.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) A purchaser of chattel paper has priority over a security interest in the chattel paper that is claimed merely as proceeds of inventory subject to a security interest if:
(1) In good faith and in the ordinary course of the purchaser's business, the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under section 1309.105 of the Revised Code; and
(2) The chattel paper does not indicate that it has been assigned to an identified assignee other than the purchaser.
(B) A purchaser of chattel paper has priority over a security interest in the chattel paper that is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under section 1309.105 of the Revised Code in good faith, in the ordinary course of the purchaser's business, and without knowledge that the purchase violates the rights of the secured party.
(C) Except as otherwise provided in section 1309.327 of the Revised Code, a purchaser having priority in chattel paper under division (A) or (B) of this section also has priority in proceeds of the chattel paper to the extent that:
(1) Section 1309.322 of the Revised Code provides for priority in the proceeds; or
(2) The proceeds consist of the specific goods covered by the chattel paper or cash proceeds of the specific goods, even if the purchaser's security interest in the proceeds is unperfected.
(D) Except as otherwise provided in division (A) of section 1309.331 of the Revised Code, a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party.
(E) For purposes of divisions (A) and (B) of this section, the holder of a purchase money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory.
(F) For purposes of divisions (B) and (D) of this section, if chattel paper or an instrument indicates that it has been assigned to an identified secured party other than the purchaser, a purchaser of the chattel paper or instrument has knowledge that the purchase violates the rights of the secured party.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.331 | Priority of Rights of Purchasers of Instruments, Documents, and Securities Under Other Chapters - Priority of Interests in Financial Assets and Security Entitlements Under Chapter 1308 - Ucc 9-331.

Effective:
June 29, 2011
Latest Legislation:
House Bill 9 - 129th General Assembly
(A) This chapter does not limit the rights of a holder in due course of a negotiable instrument, as defined in section 1303.32 of the Revised Code, or a holder to whom a negotiable document of title has been duly negotiated under section 1307.501 of the Revised Code, or a protected purchaser of a security under section 1308.17 of the Revised Code. These holders or purchasers take priority over an earlier security interest, even though perfected, to the extent provided in Chapters 1303., 1307., and 1308. of the Revised Code.
(B) This chapter does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Chapter 1308. of the Revised Code.
(C) Filing under this chapter does not constitute notice of a claim or defense to the holders, purchasers, or persons described in divisions (A) and (B) of this section.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.332 | Transfer of Money - Transfer of Funds From Deposit Account - Ucc 9-332.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
(B) A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.333 | Priority of Certain Liens Arising by Operation of Law - Ucc 9-333.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) As used in this section, "possessory lien" means an interest, other than a security interest or an agricultural lien:
(1) That secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business;
(2) That is created by statute or rule of law in favor of the person; and
(3) Whose effectiveness depends on the person's possession of the goods.
(B) A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.335 | Accessions - Ucc 9-335.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) A security interest may be created in an accession and continues in collateral that becomes an accession.
(B) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral.
(C) Except as otherwise provided in division (D) of this section, the other provisions of sections 1309.301 to 1309.342 of the Revised Code determine the priority of a security interest in an accession.
(D) A security interest in an accession is subordinate to a security interest in the whole that is perfected by compliance with the requirements of a certificate of title statute under division (B) of section 1309.311 of the Revised Code.
(E) After default, subject to sections 1309.601 to 1309.628 of the Revised Code, a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole.
(F) A secured party that removes an accession from other goods under division (E) of this section shall promptly reimburse any holder of a security interest or other lien on, or owner of, the whole or of the other goods, other than the debtor, for the cost of repair of any physical injury to the whole or the other goods. The secured party need not reimburse the holder or owner for any diminution in value of the whole or the other goods caused by the absence of the accession removed or by any necessity for replacing it. 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 1309.336 | Commingled Goods - Ucc 9-336.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) As used in this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass.
(B) A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when goods become commingled goods.
(C) If collateral becomes commingled goods, a security interest attaches to the product or mass.
(D) If a security interest in collateral is perfected before the collateral becomes commingled goods, the security interest that attaches to the product or mass under division (C) of this section is perfected.
(E) Except as otherwise provided in division (F) of this section, the other provisions of sections 1309.301 to 1309.342 of the Revised Code determine the priority of a security interest that attaches to the product or mass under division (C) of this section.
(F) If more than one security interest attaches to the product or mass under division (C) of this section, the following rules determine priority:
(1) A security interest that is perfected under division (D) of this section has priority over a security interest that is unperfected at the time the collateral becomes commingled goods.
(2) If more than one security interest is perfected under division (D) of this section, the security interests rank equally in proportion to the value of the collateral at the time it became commingled goods.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.337 | Priority of Security Interests in Goods Covered by Certificate of Title - Ucc 9-337.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate:
(A) A buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and
(B) The security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under division (B) of section 1309.311 of the Revised Code, after issuance of the certificate and without the conflicting secured party's knowledge of the security interest.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.338 | Priority of Security Interest or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information - Ucc 9-338.

Effective:
June 29, 2011
Latest Legislation:
House Bill 9 - 129th General Assembly
If a security interest or agricultural lien is perfected by a filed financing statement providing information described in division (B)(5) of section 1309.516 of the Revised Code that is incorrect at the time the financing statement is filed:
(A) The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and
(B) A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.340 | Effectiveness of Right of Recoupment or Set-Off Against Deposit Account - Ucc 9-340.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) Except as otherwise provided in division (C) of this section, a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account.
(B) Except as otherwise provided in division (C) of this section, the application of this chapter to a security interest in a deposit account does not affect a right of recoupment or set-off of the secured party as to a deposit account maintained with the secured party.
(C) The exercise by a bank of a set-off against a deposit account is ineffective against a secured party that holds a security interest in the deposit account that is perfected by control under division (A)(3) of section 1309.104 of the Revised Code, if the set-off is based on a claim against the debtor.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.341 | Bank's Rights and Duties With Respect to Deposit Account - Ucc 9-341.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
Except as otherwise provided in division (C) of section 1309.340 of the Revised Code, and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by:
(A) The creation, attachment, or perfection of a security interest in the deposit account;
(B) The bank's knowledge of the security interest; or
(C) The bank's receipt of instructions from the secured party.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.342 | Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement - Ucc 9-342.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
This chapter does not require a bank to enter into an agreement of the kind described in division (A)(2) of section 1309.104 of the Revised Code, even if its customer so requests or directs. A bank that has entered into an agreement of the kind described in division (A)(2) of that section is not required to confirm the existence of the agreement to another person unless requested to do so by its customer.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.401 | Alienability of Debtor's Rights - Ucc 9-401.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
(A) Except as provided in division (B) of this section and sections 1309.406, 1309.407, 1309.408, and 1309.409 of the Revised Code, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this chapter.
(B) An agreement between the debtor and secured party that prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.
2023 Ohio Revised Code › Title 13 | Commercial Transactions › Chapter 1309 | Secured Transactions › Section 1309.402 | Secured Party Not Obligated on Contract of Debtor or in Tort - Ucc 9-402.

Effective:
July 1, 2001
Latest Legislation:
Senate Bill 74 - 124th General Assembly
The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.