Ohio Revised Code Chapter 1303 - Commercial Paper

• Section 1303.01 - Definitions - Ucc 3-103.
  (A) As used in this chapter, unless the context otherwise requires: (1) "Acceptor" means a drawee who has accepted a draft. (2) "Drawee" means...
• Section 1303.02 - Subject Matter - Ucc 3-102.
  (A) This chapter applies to negotiable instruments. It does not apply to money, to payment orders governed by sections 1304.51 to 1304.85 of the...
• Section 1303.03 - Negotiable Instrument - Ucc 3-104.
  (A) Except as provided in divisions (C) and (D) of this section, "negotiable instrument" means an unconditional promise or order to pay a fixed...
• Section 1303.04 - Issue Of Instrument - Ucc 3-105(b).
  An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An...
• Section 1303.05 - Unconditional Promise Or Order - Ucc 3-106.
  (A) Except as provided in this section, for the purposes of division (A) of section 1303.03 of the Revised Code, a promise or order...
• Section 1303.06 - Instrument Payable In Foreign Money - Ucc 3-107.
  Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in...
• Section 1303.07 - Payable On Demand Or At Definite Time - Ucc 3-108.
  (A) A promise or order is "payable on demand" if it states that it is payable on demand or at sight or otherwise indicates...
• Section 1303.08 - Identification Of Person To Whom Instrument Is Payable - Ucc 3-110.
  (A) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized to sign...
• Section 1303.09 - Place Of Payment - Ucc 3-111.
  Except as otherwise provided in this chapter or Chapter 1304. of the Revised Code, an instrument is payable at the place of payment stated...
• Section 1303.10 - Payable To Bearer Or To Order - Ucc 3-109.
  (A) A promise or order is "payable to bearer" if any of the following apply: (1) It states that it is payable to the...
• Section 1303.11 - Incomplete Instrument - Ucc 3-115.
  (A) "Incomplete instrument" means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing...
• Section 1303.12 - Interest - Ucc 3-112.
  (A) Unless otherwise provided in the instrument, both of the following apply: (1) An instrument is not payable with interest. (2) Interest on an...
• Section 1303.13 - Date Of Instrument - Ucc 3-113.
  (A) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed...
• Section 1303.14 - Joint And Several Liability - Contribution - Ucc 3-116.
  (A) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors,...
• Section 1303.15 - Other Agreements Affecting Instrument - Ucc 3-117.
  Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the...
• Section 1303.16 - Statute Of Limitations - Ucc 3-118.
  (A) Except as provided in division (E) of this section, an action to enforce the obligation of a party to pay a note payable...
• Section 1303.17 - Contradictory Terms Of Instrument - Ucc 3-114.
  If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both typewritten and printed terms, and words prevail...
• Section 1303.18 - Notice Of Right To Defend Action - Ucc 3-119.
  In an action for breach of an obligation for which a third person is answerable over pursuant to this chapter or sections 1304.01 to...
• Section 1303.19, 1303.20 - [Repealed].
  Effective Date: 08-19-1994
• Section 1303.21 - Negotiation - Ucc 3-201.
  (A) "Negotiation" means a voluntary or involuntary transfer of possession of an instrument by a person other than the issuer to a person who...
• Section 1303.22 - Transfer Of Instrument - Rights Acquired By Transfer - Ucc 3-203.
  (A) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person...
• Section 1303.23 - Negotiation Subject To Rescission - Ucc 3-202.
  (A) Negotiation is effective even if it is obtained in any of the following manners: (1) From an infant, a corporation exceeding its powers,...
• Section 1303.24 - Indorsement - Ucc 3-204.
  (A) (1) "Indorsement" means a signature, other than that of a signer as maker, drawer, or acceptor, that alone or accompanied by other words...
• Section 1303.25 - Special Indorsement - Blank Indorsement - Anomalous Indorsement - Ucc 3-205.
  (A) A "special indorsement" means an indorsement that is made by the holder of an instrument, whether payable to an identified person or payable...
• Section 1303.26 - Restrictive Indorsement - Ucc 3-206.
  (A) An indorsement limiting payment to a particular person or otherwise prohibiting further transfer or negotiation of the instrument is not effective to prevent...
• Section 1303.27 - Reacquisition - Ucc 3-207.
  "Reacquisition of an instrument" occurs if it is transferred by negotiation or otherwise to a former holder. A former holder who reacquires the instrument...
• Section 1303.28 - Amended And Renumbered Rc 1303.23.
  Effective Date: 08-19-1994
• Section 1303.29, 1303.30 - [Repealed].
  Effective Date: 08-19-1994
• Section 1303.31 - Person Entitled To Enforce Instrument - Ucc 3-301.
  (A) "Person entitled to enforce" an instrument means any of the following persons: (1) The holder of the instrument; (2) A nonholder in possession...
• Section 1303.32 - Holder In Due Course - Ucc 3-302.
  (A) Subject to division (C) of this section and division (D) of section 1303.05 of the Revised Code, "holder in due course" means the...
• Section 1303.33 - Value And Consideration - Ucc 3-303.
  (A) An instrument is issued or transferred for value if any of the following apply: (1) The instrument is issued or transferred for a...
• Section 1303.34 - Overdue Instrument - Ucc 3-304.
  (A) An instrument payable on demand becomes overdue at the earliest of the following times: (1) On the day after the day during which...
• Section 1303.35 - Defenses And Claims In Recoupment - Ucc 3-305.
  (A) Except as stated in division (B) of this section, the right to enforce the obligation of a party to pay an instrument is...
• Section 1303.36 - Proof Of Signatures And Status As Holder In Due Course - Ucc 3-308 - Claims To An Instrument - Ucc 3-306.
  (A) Unless specifically denied in the pleadings, in an action with respect to an instrument, the authenticity of, and authority to make, each signature...
• Section 1303.37 - Notice Of Breach Of Fiduciary Duty - Ucc 3-307.
  (A) As used in this section: (1) "Fiduciary" means an agent, trustee, partner, corporate officer, corporate director, or other representative owing a fiduciary duty...
• Section 1303.38 - Enforcement Of Lost, Destroyed Or Stolen Instrument - Ucc 3-309.
  (A) A person not in possession of an instrument is entitled to enforce the instrument if all of the following apply: (1) The person...
• Section 1303.39 - Effect Of Instrument On Obligation For Which Taken - Ucc 3-310.
  (A) Unless otherwise agreed, if a certified check, cashier's check, or teller's check is taken for an obligation, the obligation is discharged to the...
• Section 1303.40 - Accord And Satisfaction By Use Of Instrument - Ucc 3-311.
  If a person against whom a claim is asserted proves that that person in good faith tendered an instrument to the claimant as full...
• Section 1303.401 - Lost, Destroyed Or Stolen Cashier's Check, Teller's Check Or Certified Check - Ucc 3-312.
  (A) As used in this section: (1) "Check" means a cashier's check, teller's check, or certified check. (2) "Claimant" means a person who claims...
• Section 1303.41 - Signature - Ucc 3-401.
  (A) A person is not liable on an instrument unless the person signed the instrument or the person is represented by an agent or...
• Section 1303.42 - Signature By Representative - Ucc 3-402.
  (A) If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person...
• Section 1303.43 - Unauthorized Signature - Ucc 3-403.
  (A) Unless otherwise provided in this chapter or sections 1304.01 to 1304.40 of the Revised Code, an unauthorized signature is ineffective except as the...
• Section 1303.44 - Impostors - Fictitious Payees - Ucc 3-404.
  (A) If an impostor, by use of the mails or otherwise, induces the issuer of an instrument to issue the instrument to the impostor,...
• Section 1303.45 - Drawee Not Liable On Unaccepted Draft - Ucc 3-408.
  A check or other draft does not of itself operate as an assignment of any funds in the hands of the drawee available for...
• Section 1303.46 - Acceptance Of Draft - Certified Check - Ucc 3-409.
  (A) "Acceptance" means the drawee's signed agreement to pay the draft as presented. It must be written on the draft and may consist of...
• Section 1303.47 - Employer's Responsibility For Fraudulent Indorsement By Employee - Ucc 3-405.
  (A) As used in this section: (1) "Employee" includes an independent contractor and an employee of an independent contractor retained by the employer. (2)...
• Section 1303.48 - Acceptance Varying Draft - Ucc 3-410.
  (A) If the terms of a drawee's acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and...
• Section 1303.49 - Negligence Contributing To Forged Signature Or Alteration Of Instrument - Ucc 3-406.
  (A) A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged...
• Section 1303.50 - Alteration - Ucc 3-407.
  (A) "Alteration" means either of the following: (1) An unauthorized change in an instrument that purports to modify in any respect the obligation of...
• Section 1303.51 - Refusal To Pay Cashier's Checks, Teller's Checks And Certified Checks - Ucc 3-411.
  (A) As used in this section, "obligated bank" means the acceptor of a certified check or the issuer of a cashier's check or teller's...
• Section 1303.52 - Obligation Of Issuer Of Note Or Cashier's Check - Ucc 3-412.
  The issuer of a notice or cashier's check or other draft drawn on the drawer is obliged to pay the instrument in accordance with...
• Section 1303.53 - Obligation Of Acceptor - Ucc 3-413.
  (A) The acceptor of a draft is obliged to pay the draft in accordance with one of the following: (1) According to its terms...
• Section 1303.54 - Obligation Of Drawer - Ucc 3-414.
  (A) This section does not apply to cashier's checks or other drafts drawn on the drawer. (B) If an unaccepted draft is dishonored, the...
• Section 1303.55 - Obligation Of Indorser - Ucc 3-415.
  (A) Subject to divisions (B), (C), (D), and (E) of this section and to division (D) of section 1303.59 of the Revised Code, if...
• Section 1303.56 - Transfer Warranties - Ucc 3-416.
  (A) A person who transfers an instrument for consideration warrants all of the following to the transferee and, if the transfer is by indorsement,...
• Section 1303.57 - Presentment Warranties - Ucc 3-417.
  (A) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person...
• Section 1303.58 - Payment Or Acceptance By Mistake - Ucc 3-418.
  (A) Except as provided in division (C) of this section, if the drawee of a draft pays or accepts the draft and the drawee...
• Section 1303.59 - Instruments Signed For Accommodation - Ucc 3-419.
  (A) If an instrument is issued for value given for the benefit of a party to the instrument and another party to the instrument...
• Section 1303.60 - Conversion Of Instrument - Ucc 3-420.
  (A) The law applicable to conversion of personal property applies to instruments. An instrument also is converted if it is taken by transfer, other...
• Section 1303.61 - Presentment - Ucc 3-501.
  (A) "Presentment" means a demand made by or on behalf of a person entitled to enforce an instrument to pay the instrument made to...
• Section 1303.62 - Dishonor - Ucc 3-502.
  (A) Dishonor of a note is governed by the following rules: (1) If the note is payable on demand, the note is dishonored if...
• Section 1303.63 - Notice Of Dishonor - Ucc 3-503.
  (A) The obligation of an indorser set forth in division (A) of section 1303.55 of the Revised Code and the obligation of a drawer...
• Section 1303.64 - Excused Presentment And Notice Of Dishonor - Ucc 3-504.
  (A) Presentment for payment or acceptance of an instrument is excused under any of the following circumstances: (1) The person entitled to present the...
• Section 1303.65 - Evidence Of Dishonor - Ucc 3-505.
  (A) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: (1) A document regular...
• Section 1303.66 - Discharge And Effect Of Discharge - Ucc 3-601.
  (A) The obligation of a party to pay the instrument is discharged as stated in this chapter or by an act or agreement with...
• Section 1303.67 - Payment - Ucc 3-602.
  (A) Subject to division (B) of this section, an instrument is paid to the extent payment is made by or on behalf of a...
• Section 1303.68 - Tender Of Payment - Ucc 3-603.
  (A) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect...
• Section 1303.69 - Discharge By Cancellation Or Renunciation - Ucc 3-604.
  (A) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument in...
• Section 1303.70 - Discharge Of Indorsers And Accommodation Parties - Ucc 3-605.
  (A) As used in this section, "indorser" includes a drawer having the obligation described in division (D) of section 1303.54 of the Revised Code....
• Section 1303.71 To 1303.78 - [Repealed].
  Effective Date: 08-19-1994

Last modified: October 10, 2016