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.
Amended by 129th General AssemblyFile No.9, HB 9, ยง1, eff. 6/29/2011.
Effective Date: 07-01-2001
Section: Previous 1309.331 1309.332 1309.333 1309.334 1309.335 1309.336 1309.337 1309.338 1309.339 1309.340 1309.341 1309.342 1309.401 1309.402 1309.403 NextLast modified: October 10, 2016