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To amend sections 102.01, 103.63, 1309.102, 1309.105, | 1 |
1309.307, 1309.311, 1309.316, 1309.317, 1309.326, | 2 |
1309.406, 1309.408, 1309.502, 1309.503, 1309.507, | 3 |
1309.515, 1309.516, 1309.518, 1309.521, and | 4 |
1309.607 of the Revised Code to make changes to | 5 |
Ohio's Uniform Commercial Code and to provide that | 6 |
the Joint Legislative Ethics Committee is the | 7 |
appropriate ethics commission for matters relating | 8 |
to the public member appointees to the | 9 |
Constitutional Modernization Commission. | 10 |
Section 1. That sections 102.01, 103.63, 1309.102, 1309.105, | 11 |
1309.307, 1309.311, 1309.316, 1309.317, 1309.326, 1309.406, | 12 |
1309.408, 1309.502, 1309.503, 1309.507, 1309.515, 1309.516, | 13 |
1309.518, 1309.521, and 1309.607 of the Revised Code be amended to | 14 |
read as follows: | 15 |
Sec. 102.01. As used in this chapter: | 16 |
(A) "Compensation" means money, thing of value, or financial | 17 |
benefit. "Compensation" does not include reimbursement for actual | 18 |
and necessary expenses incurred in the performance of official | 19 |
duties. | 20 |
(B) "Public official or employee" means any person who is | 21 |
elected or appointed to an office or is an employee of any public | 22 |
agency. "Public official or employee" does not include a person | 23 |
elected or appointed to the office of precinct, ward, or district | 24 |
committee member under section 3517.03 of the Revised Code, any | 25 |
presidential elector, or any delegate to a national convention. | 26 |
"Public official or employee" does not include a person who is a | 27 |
teacher, instructor, professor, or other kind of educator whose | 28 |
position does not involve the performance of, or authority to | 29 |
perform, administrative or supervisory functions. | 30 |
(C) "Public agency" means the general assembly, all courts, | 31 |
any department, division, institution, board, commission, | 32 |
authority, bureau or other instrumentality of the state, a county, | 33 |
city, village, or township, the five state retirement systems, or | 34 |
any other governmental entity. "Public agency" does not include a | 35 |
department, division, institution, board, commission, authority, | 36 |
or other instrumentality of the state or a county, municipal | 37 |
corporation, township, or other governmental entity that functions | 38 |
exclusively for cultural, educational, historical, humanitarian, | 39 |
advisory, or research purposes; that does not expend more than ten | 40 |
thousand dollars per calendar year, excluding salaries and wages | 41 |
of employees; and whose members are uncompensated. "Public agency" | 42 |
does not include the nonprofit corporation formed under section | 43 |
187.01 of the Revised Code. | 44 |
(D) "Immediate family" means a spouse residing in the | 45 |
person's household and any dependent child. | 46 |
(E) "Income" includes gross income as defined and used in the | 47 |
"Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C. 1, as | 48 |
amended, interest and dividends on obligations or securities of | 49 |
any state or of any political subdivision or authority of any | 50 |
state or political subdivision, and interest or dividends on | 51 |
obligations of any authority, commission, or instrumentality of | 52 |
the United States. | 53 |
(F) Except as otherwise provided in division (A) of section | 54 |
102.08 of the Revised Code, "appropriate ethics commission" means: | 55 |
(1) For matters relating to members of the general assembly, | 56 |
employees of the general assembly, employees of the legislative | 57 |
service commission, | 58 |
general assembly, and public members appointed to the Ohio | 59 |
constitutional modernization commission under section 103.63 of | 60 |
the Revised Code, the joint legislative ethics committee; | 61 |
(2) For matters relating to judicial officers and employees, | 62 |
and candidates for judicial office, the board of commissioners on | 63 |
grievances and discipline of the supreme court; | 64 |
(3) For matters relating to all other persons, the Ohio | 65 |
ethics commission. | 66 |
(G) "Anything of value" has the same meaning as provided in | 67 |
section 1.03 of the Revised Code and includes, but is not limited | 68 |
to, a contribution as defined in section 3517.01 of the Revised | 69 |
Code. | 70 |
(H) "Honorarium" means any payment made in consideration for | 71 |
any speech given, article published, or attendance at any public | 72 |
or private conference, convention, meeting, social event, meal, or | 73 |
similar gathering. "Honorarium" does not include ceremonial gifts | 74 |
or awards that have insignificant monetary value; unsolicited | 75 |
gifts of nominal value or trivial items of informational value; or | 76 |
earned income from any person, other than a legislative agent, for | 77 |
personal services that are customarily provided in connection with | 78 |
the practice of a bona fide business, if that business initially | 79 |
began before the public official or employee conducting that | 80 |
business was elected or appointed to the public official's or | 81 |
employee's office or position of employment. | 82 |
(I) "Employer" means any person who, directly or indirectly, | 83 |
engages an executive agency lobbyist or legislative agent. | 84 |
(J) "Executive agency decision," "executive agency lobbyist," | 85 |
and "executive agency lobbying activity" have the same meanings as | 86 |
in section 121.60 of the Revised Code. | 87 |
(K) "Legislation," "legislative agent," "financial | 88 |
transaction," and "actively advocate" have the same meanings as in | 89 |
section 101.70 of the Revised Code. | 90 |
(L) "Expenditure" has the same meaning as in section 101.70 | 91 |
of the Revised Code when used in relation to activities of a | 92 |
legislative agent, and the same meaning as in section 121.60 of | 93 |
the Revised Code when used in relation to activities of an | 94 |
executive agency lobbyist. | 95 |
Sec. 103.63. There is established an Ohio constitutional | 96 |
modernization commission consisting of thirty-two members. Twelve | 97 |
members shall be appointed from the general assembly as follows: | 98 |
three by the president of the senate, three by the minority leader | 99 |
of the senate, three by the speaker of the house of | 100 |
representatives, and three by the minority leader of the house of | 101 |
representatives. Not later than January 1, 2012, and every two | 102 |
years thereafter, the twelve general assembly members shall meet, | 103 |
organize, and elect two co-chairpersons, who shall be from | 104 |
different political parties. The members shall then, by majority | 105 |
vote, appoint twenty commission members, not from the general | 106 |
assembly. All appointments shall end on the first day of January | 107 |
of every even-numbered year, and the commission shall then be | 108 |
re-created in the manner provided above. Members may be | 109 |
reappointed. Vacancies on the commission shall be filled in the | 110 |
manner provided for original appointments. | 111 |
The members of the commission shall serve without | 112 |
compensation, but each member shall be reimbursed for actual and | 113 |
necessary expenses incurred while engaging in the performance of | 114 |
the member's official duties. Membership on the commission does | 115 |
not constitute holding another public office. The joint | 116 |
legislative ethics committee is the appropriate ethics commission | 117 |
as described in division (F) of section 102.01 of the Revised Code | 118 |
for matters relating to the public members appointed to the Ohio | 119 |
constitutional modernization commission. | 120 |
Sec. 1309.102. (A) As used in this chapter, unless the | 121 |
context requires otherwise: | 122 |
(1) "Accession" means goods that are physically united with | 123 |
other goods in such a manner that the identity of the original | 124 |
goods is not lost. | 125 |
(2)(a) "Account," except as used in "account for," means a | 126 |
right to payment of a monetary obligation, whether or not earned | 127 |
by performance, (i) for property that has been or is to be sold, | 128 |
leased, licensed, assigned, or otherwise disposed of, (ii) for | 129 |
services rendered or to be rendered, (iii) for a policy of | 130 |
insurance issued or to be issued, (iv) for a secondary obligation | 131 |
incurred or to be incurred, (v) for energy provided or to be | 132 |
provided, (vi) for the use or hire of a vessel under a charter or | 133 |
other contract, (vii) arising out of the use of a credit or charge | 134 |
card or information contained on or for use with the card, or | 135 |
(viii) as winnings in a lottery or other game of chance operated | 136 |
or sponsored by a state, governmental unit of a state, or person | 137 |
licensed or authorized to operate the game by a state or | 138 |
governmental unit of a state. | 139 |
(b) "Account" includes health-care insurance receivables. | 140 |
(c) "Account" does not include (i) rights to payment | 141 |
evidenced by chattel paper or an instrument, (ii) commercial tort | 142 |
claims, (iii) deposit accounts, (iv) investment property, (v) | 143 |
letter-of-credit rights or letters of credit, or (vi) rights to | 144 |
payment for money or funds advanced or sold, other than rights | 145 |
arising out of the use of a credit or charge card or information | 146 |
contained on or for use with the card. | 147 |
(3) "Account debtor" means a person who is obligated on an | 148 |
account, chattel paper, or general intangible. "Account debtor" | 149 |
does not include a person who is obligated to pay a negotiable | 150 |
instrument, even if the instrument constitutes part of chattel | 151 |
paper. | 152 |
(4) "Accounting," except as used in "accounting for," means a | 153 |
record: | 154 |
(a) Authenticated by a secured party; | 155 |
(b) Indicating the aggregate unpaid secured obligations as of | 156 |
a date not more than thirty-five days earlier or thirty-five days | 157 |
later than the date of the record; and | 158 |
(c) Identifying the components of the obligations in | 159 |
reasonable detail. | 160 |
(5) "Agricultural lien" means an interest, other than a | 161 |
security interest, in farm products: | 162 |
(a) That secures payment or performance of an obligation for: | 163 |
(i) Goods or services furnished in connection with a debtor's | 164 |
farming operation; or | 165 |
(ii) Rent on real property leased by a debtor in connection | 166 |
with its farming operation. | 167 |
(b) That is created by statute in favor of a person who: | 168 |
(i) In the ordinary course of business, furnished goods or | 169 |
services to a debtor in connection with the debtor's farming | 170 |
operation; or | 171 |
(ii) Leased real property to a debtor in connection with the | 172 |
debtor's farming operation; and | 173 |
(c) Whose effectiveness does not depend on the person's | 174 |
possession of the personal property. | 175 |
(6) "As-extracted collateral" means: | 176 |
(a) Oil, gas, or other minerals that are subject to a | 177 |
security interest that: | 178 |
(i) Is created by a debtor having an interest in the minerals | 179 |
before extraction; and | 180 |
(ii) Attaches to the minerals as extracted; or | 181 |
(b) Accounts arising out of the sale at the wellhead or | 182 |
minehead of oil, gas, or other minerals in which the debtor had an | 183 |
interest before extraction. | 184 |
(7) "Authenticate" means: | 185 |
(a) To sign; or | 186 |
(b) | 187 |
188 | |
present intent | 189 |
190 | |
with the record an electronic sound, symbol, or process. | 191 |
(8) "Bank" means an organization that is engaged in the | 192 |
business of banking. "Bank" includes savings banks, savings and | 193 |
loan associations, credit unions, and trust companies. | 194 |
(9) "Cash proceeds" means proceeds that are money, checks, | 195 |
deposit accounts, or the like. | 196 |
(10) "Certificate of title" means a certificate of title with | 197 |
respect to which a statute provides for the security interest in | 198 |
question to be indicated on the certificate as a condition or | 199 |
result of the security interest's obtaining priority over the | 200 |
rights of a lien creditor with respect to the collateral. The term | 201 |
includes another record maintained as an alternative to a | 202 |
certificate of title by the governmental unit that issues | 203 |
certificates of title if a statute permits the security interest | 204 |
in question to be indicated on the record as a condition or result | 205 |
of the security interest's obtaining priority over the rights of a | 206 |
lien creditor with respect to the collateral. | 207 |
(11)(a) "Chattel paper" means a record that evidences both a | 208 |
monetary obligation and a security interest in specific goods, a | 209 |
security interest in specific goods and software used in the | 210 |
goods, a security interest in specific goods and license of | 211 |
software used in the goods, a lease of specific goods, or a lease | 212 |
of specific goods and license of software used in the goods. | 213 |
As used in division (A)(11)(a) of this section, "monetary | 214 |
obligation" means a monetary obligation secured by the goods or | 215 |
owed under a lease of the goods and includes a monetary obligation | 216 |
with respect to software used in the goods. | 217 |
(b) If a transaction is evidenced by records that include an | 218 |
instrument or series of instruments, the group of records taken | 219 |
together constitutes chattel paper. | 220 |
(c) "Chattel paper" does not include (i) charters or other | 221 |
contracts involving the use or hire of a vessel or (ii) records | 222 |
that evidence a right to payment arising out of the use of a | 223 |
credit or charge card or information contained on or for use with | 224 |
the card. | 225 |
(12) "Collateral" means the property subject to a security | 226 |
interest or agricultural lien, including: | 227 |
(a) Proceeds to which a security interest attaches; | 228 |
(b) Accounts, chattel paper, payment intangibles, and | 229 |
promissory notes that have been sold; and | 230 |
(c) Goods that are the subject of a consignment. | 231 |
(13) "Commercial tort claim" means a claim arising in tort | 232 |
with respect to which: | 233 |
(a) The claimant is an organization; or | 234 |
(b) The claimant is an individual, and the claim: | 235 |
(i) Arose in the course of the claimant's business or | 236 |
profession; and | 237 |
(ii) Does not include damages arising out of personal injury | 238 |
to or the death of an individual. | 239 |
(14) "Commodity account" means an account maintained by a | 240 |
commodity intermediary in which a commodity contract is carried | 241 |
for a commodity customer. | 242 |
(15) "Commodity contract" means a commodity futures contract, | 243 |
an option on a commodity futures contract, a commodity option, or | 244 |
another contract if the contract or option is: | 245 |
(a) Traded on or subject to the rules of a board of trade | 246 |
that has been designated as a contract market for such a contract | 247 |
pursuant to the federal commodities laws; or | 248 |
(b) Traded on a foreign commodity board of trade, exchange, | 249 |
or market and is carried on the books of a commodity intermediary | 250 |
for a commodity customer. | 251 |
(16) "Commodity customer" means a person for whom a commodity | 252 |
intermediary carries a commodity contract on its books. | 253 |
(17) "Commodity intermediary" means a person that: | 254 |
(a) Is registered as a futures commission merchant under the | 255 |
federal commodities laws; or | 256 |
(b) In the ordinary course of its business provides clearance | 257 |
or settlement services for a board of trade that has been | 258 |
designated as a contract market pursuant to the federal | 259 |
commodities laws. | 260 |
(18) "Communicate" means: | 261 |
(a) To send a written or other tangible record; | 262 |
(b) To transmit a record by any means agreed upon by the | 263 |
persons sending and receiving the record; or | 264 |
(c) In the case of transmission of a record to or by a filing | 265 |
office, to transmit a record by any means prescribed by | 266 |
filing-office rule. | 267 |
(19) "Consignee" means a merchant to whom goods are delivered | 268 |
in a consignment. | 269 |
(20) "Consignment" means a transaction, regardless of its | 270 |
form, in which a person delivers goods to a merchant for the | 271 |
purpose of sale and: | 272 |
(a) The merchant: | 273 |
(i) Deals in goods of that kind under a name other than the | 274 |
name of the person making delivery; | 275 |
(ii) Is not an auctioneer; and | 276 |
(iii) Is not generally known by its creditors to be | 277 |
substantially engaged in selling the goods of others; | 278 |
(b) With respect to each delivery, the aggregate value of the | 279 |
goods is one thousand dollars or more at the time of delivery. | 280 |
(c) The goods are not consumer goods immediately before | 281 |
delivery; and | 282 |
(d) The transaction does not create a security interest that | 283 |
secures an obligation. | 284 |
(21) "Consignor" means a person that delivers goods to a | 285 |
consignee in a consignment. | 286 |
(22) "Consumer debtor" means a debtor in a consumer | 287 |
transaction. | 288 |
(23) "Consumer goods" means goods that are used or bought for | 289 |
use primarily for personal, family, or household purposes. | 290 |
(24) "Consumer-goods transaction" means a consumer | 291 |
transaction in which: | 292 |
(a) An individual incurs an obligation primarily for | 293 |
personal, family, or household purposes; and | 294 |
(b) A security interest in consumer goods secures the | 295 |
obligation. | 296 |
(25) "Consumer obligor" means an obligor who is an individual | 297 |
and who incurred the obligation as part of a transaction entered | 298 |
into primarily for personal, family, or household purposes. | 299 |
(26) "Consumer transaction" means a transaction in which: (a) | 300 |
an individual incurs an obligation primarily for personal, family, | 301 |
or household purposes, (b) a security interest secures the | 302 |
obligation, and (c) the collateral is held or acquired primarily | 303 |
for personal, family, or household purposes. "Consumer | 304 |
transaction" includes consumer-goods transactions. | 305 |
(27) "Continuation statement" means an amendment of a | 306 |
financing statement that: | 307 |
(a) Identifies, by its file number, the initial financing | 308 |
statement to which it relates; and | 309 |
(b) Indicates that it is a continuation statement for, or | 310 |
that it is filed to continue the effectiveness of, the identified | 311 |
financing statement. | 312 |
(28) "Debtor" means: | 313 |
(a) A person having an interest, other than a security | 314 |
interest or other lien, in the collateral, whether or not the | 315 |
person is an obligor; | 316 |
(b) A seller of accounts, chattel paper, payment intangibles, | 317 |
or promissory notes; or | 318 |
(c) A consignee. | 319 |
(29) "Deposit account" means a demand, time, savings, | 320 |
passbook, or similar account maintained with a bank but does not | 321 |
include investment property or accounts evidenced by an | 322 |
instrument. | 323 |
(30) "Document" means a document of title or a receipt of the | 324 |
type described in division (B) of section 1307.201 of the Revised | 325 |
Code. | 326 |
(31) "Electronic chattel paper" means chattel paper evidenced | 327 |
by a record consisting of information stored in an electronic | 328 |
medium. | 329 |
(32) "Encumbrance" means a right, other than an ownership | 330 |
interest, in real property. "Encumbrance" includes mortgages and | 331 |
other liens on real property. | 332 |
(33) "Equipment" means goods other than inventory, farm | 333 |
products, or consumer goods. | 334 |
(34) "Farm products" means goods, other than standing timber, | 335 |
with respect to which the debtor is engaged in a farming operation | 336 |
and that are: | 337 |
(a) Crops grown, growing, or to be grown, including: | 338 |
(i) Crops produced on trees, vines, and bushes; and | 339 |
(ii) Aquatic goods produced in aquacultural operations; | 340 |
(b) Livestock, born or unborn, including aquatic goods | 341 |
produced in aquacultural operations; | 342 |
(c) Supplies used or produced in a farming operation; or | 343 |
(d) Products of crops or livestock in their unmanufactured | 344 |
states. | 345 |
(35) "Farming operation" means raising, cultivating, | 346 |
propagating, fattening, grazing, or any other farming, livestock, | 347 |
or aquacultural operation. | 348 |
(36) "File number" means the number assigned to an initial | 349 |
financing statement under division (A) of section 1309.519 of the | 350 |
Revised Code. | 351 |
(37) "Filing office" means an office designated in section | 352 |
1309.501 of the Revised Code as the place to file a financing | 353 |
statement. | 354 |
(38) "Filing-office rule" means a rule adopted under section | 355 |
1309.526 of the Revised Code. | 356 |
(39) "Financing statement" means a record composed of an | 357 |
initial financing statement and any filed record or records | 358 |
relating to the initial financing statement. For the purposes of | 359 |
this chapter, financing statements filed for recording with the | 360 |
secretary of state shall not be required to include social | 361 |
security or employer identification numbers. | 362 |
(40) "Fixture filing" means the filing of a financing | 363 |
statement covering goods that are or are to become fixtures and | 364 |
satisfying divisions (A) and (B) of section 1309.502 of the | 365 |
Revised Code. "Fixture filing" includes the filing of a financing | 366 |
statement covering goods of a transmitting utility that are or are | 367 |
to become fixtures. | 368 |
(41) "Fixtures" means goods that have become so related to | 369 |
particular real property that an interest in them arises under | 370 |
real property law. | 371 |
(42) "General intangible" means any personal property, | 372 |
including things in action, other than accounts, chattel paper, | 373 |
commercial tort claims, deposit accounts, documents, goods, | 374 |
instruments, investment property, letter-of-credit rights, letters | 375 |
of credit, money, and oil, gas, or other minerals before | 376 |
extraction. "General intangible" includes payment intangibles and | 377 |
software. | 378 |
(43) "Good faith" has the same meaning as in section 1301.201 | 379 |
of the Revised Code. | 380 |
(44)(a) "Goods" means all things that are movable when a | 381 |
security interest attaches. "Goods" includes (i) fixtures, (ii) | 382 |
standing timber that is to be cut and removed under a conveyance | 383 |
or contract for sale, (iii) the unborn young of animals, (iv) | 384 |
crops grown, growing, or to be grown, even if the crops are | 385 |
produced on trees, vines, or bushes, and (v) manufactured homes. | 386 |
(b) "Goods" also includes a computer program embedded in | 387 |
goods and any supporting information provided in connection with a | 388 |
transaction relating to the program if (i) the program is | 389 |
associated with the goods in such a manner that it customarily is | 390 |
considered part of the goods, or (ii) by becoming the owner of the | 391 |
goods, a person acquires a right to use the program in connection | 392 |
with the goods. | 393 |
(c) "Goods" does not include a computer program embedded in | 394 |
goods that consist solely of the medium in which the program is | 395 |
embedded. "Goods" does not include accounts, chattel paper, | 396 |
commercial tort claims, deposit accounts, documents, general | 397 |
intangibles, instruments, investment property, letter-of-credit | 398 |
rights, letters of credit, money, or oil, gas, or other minerals | 399 |
before extraction. | 400 |
(45) "Governmental unit" means a subdivision, agency, | 401 |
department, county, parish, municipal corporation, or other unit | 402 |
of the government of the United States, a state, or a foreign | 403 |
country. "Governmental unit" includes an organization having a | 404 |
separate corporate existence if the organization is eligible to | 405 |
issue debt on which interest is exempt from income taxation under | 406 |
the laws of the United States. | 407 |
(46) "Health-care-insurance receivable" means an interest in | 408 |
or claim under a policy of insurance that is a right to payment of | 409 |
a monetary obligation for health-care goods or services provided. | 410 |
(47)(a) "Instrument" means a negotiable instrument or any | 411 |
other writing that evidences a right to the payment of a monetary | 412 |
obligation, is not itself a security agreement or lease, and is of | 413 |
a type that in ordinary course of business is transferred by | 414 |
delivery with any necessary indorsement or assignment. | 415 |
(b) "Instrument" does not include (i) investment property, | 416 |
(ii) letters of credit, or (iii) writings that evidence a right to | 417 |
payment arising out of the use of a credit or charge card or | 418 |
information contained on or for use with the card. | 419 |
(48) "Inventory" means goods, other than farm products, that: | 420 |
(a) Are leased by a person as lessor; | 421 |
(b) Are held by a person for sale or lease or to be furnished | 422 |
under a contract of service; | 423 |
(c) Are furnished by a person under a contract of service; or | 424 |
(d) Consist of raw materials, work in process, or materials | 425 |
used or consumed in a business. | 426 |
(49) "Investment property" means a security, whether | 427 |
certificated or uncertificated, a security entitlement, a | 428 |
securities account, a commodity contract, or a commodity account. | 429 |
(50) "Jurisdiction of organization," with respect to a | 430 |
registered organization, means the jurisdiction under whose law | 431 |
the organization is formed or organized. | 432 |
(51) "Letter-of-credit right" means a right to payment or | 433 |
performance under a letter of credit, whether or not the | 434 |
beneficiary has demanded or is at the time entitled to demand | 435 |
payment or performance. "Letter-of-credit right" does not include | 436 |
the right of a beneficiary to demand payment or performance under | 437 |
a letter of credit. | 438 |
(52) "Lien creditor" means: | 439 |
(a) A creditor who has acquired a lien on the property | 440 |
involved by attachment, levy or the like; | 441 |
(b) An assignee for benefit of creditors from the time of | 442 |
assignment; | 443 |
(c) A trustee in bankruptcy from the date of the filing of | 444 |
the petition; or | 445 |
(d) A receiver in equity from the time of appointment. | 446 |
(53) "Manufactured home" means a structure, transportable in | 447 |
one or more sections, that, in the traveling mode, is eight body | 448 |
feet or more in width or forty body feet or more in length, or, | 449 |
when erected on site, is three hundred twenty or more square feet, | 450 |
and that is built on a permanent chassis and designed to be used | 451 |
as a dwelling with or without a permanent foundation when | 452 |
connected to the required utilities, and includes the plumbing, | 453 |
heating, air conditioning, and electrical systems contained in the | 454 |
structure. "Manufactured home" includes any structure that meets | 455 |
all of the requirements of this paragraph except the size | 456 |
requirements and with respect to which the manufacturer | 457 |
voluntarily files a certification required by the United States | 458 |
secretary of housing and urban development and complies with the | 459 |
standards established under Title 42 of the United States Code. | 460 |
(54) "Manufactured-home transaction" means a secured | 461 |
transaction: | 462 |
(a) That creates a purchase-money security interest in a | 463 |
manufactured home, other than a manufactured home held as | 464 |
inventory; or | 465 |
(b) In which a manufactured home, other than a manufactured | 466 |
home held as inventory, is the primary collateral. | 467 |
(55) "Mortgage" means a consensual interest in real property, | 468 |
including fixtures, that secures payment or performance of an | 469 |
obligation. | 470 |
(56) "New debtor" means a person that becomes bound as debtor | 471 |
under division (D) of section 1309.203 of the Revised Code by a | 472 |
security agreement previously entered into by another person. | 473 |
(57)(a) "New value" means (i) money, (ii) money's worth in | 474 |
property, services, or new credit, or (iii) release by a | 475 |
transferee of an interest in property previously transferred to | 476 |
the transferee. | 477 |
(b) "New value" does not include an obligation substituted | 478 |
for another obligation. | 479 |
(58) "Noncash proceeds" means proceeds other than cash | 480 |
proceeds. | 481 |
(59)(a) "Obligor" means a person who, with respect to an | 482 |
obligation secured by a security interest in or an agricultural | 483 |
lien on the collateral, (i) owes payment or other performance of | 484 |
the obligation, (ii) has provided property other than the | 485 |
collateral to secure payment or other performance of the | 486 |
obligation, or (iii) is otherwise accountable in whole or in part | 487 |
for payment or other performance of the obligation. | 488 |
(b) "Obligor" does not include issuers or nominated persons | 489 |
under a letter of credit. | 490 |
(60) "Original debtor," except as used in division (C) of | 491 |
section 1309.310 of the Revised Code, means a person who, as | 492 |
debtor, entered into a security agreement to which a new debtor | 493 |
has become bound under division (D) of section 1309.203 of the | 494 |
Revised Code. | 495 |
(61) "Payment intangible" means a general intangible under | 496 |
which the account debtor's principal obligation is a monetary | 497 |
obligation. | 498 |
(62) "Person related to," with respect to an individual, | 499 |
means: | 500 |
(a) The spouse of the individual; | 501 |
(b) A brother, brother-in-law, sister, or sister-in-law of | 502 |
the individual; | 503 |
(c) An ancestor or lineal descendant of the individual or the | 504 |
individual's spouse; or | 505 |
(d) Any other relative, by blood or marriage, of the | 506 |
individual or the individual's spouse who shares the same home | 507 |
with the individual. | 508 |
(63) "Person related to," with respect to an organization, | 509 |
means: | 510 |
(a) A person directly or indirectly controlling, controlled | 511 |
by, or under common control with the organization; | 512 |
(b) An officer or director of, or a person performing similar | 513 |
functions with respect to, the organization; | 514 |
(c) An officer or director of, or a person performing similar | 515 |
functions with respect to, a person described in division | 516 |
(A)(63)(a) of this section; | 517 |
(d) The spouse of an individual described in division | 518 |
(A)(63)(a), (b), or (c) of this section; or | 519 |
(e) An individual who is related by blood or marriage to an | 520 |
individual described in division (A)(63)(a), (b), (c), or (d) of | 521 |
this section and shares the same home with the individual. | 522 |
(64) "Proceeds," except as used in division (B) of section | 523 |
1309.609 of the Revised Code, means the following property: | 524 |
(a) Whatever is acquired upon the sale, lease, license, | 525 |
exchange, or other disposition of collateral; | 526 |
(b) Whatever is collected on, or distributed on account of, | 527 |
collateral; | 528 |
(c) Rights arising out of collateral; | 529 |
(d) To the extent of the value of collateral, claims arising | 530 |
out of the loss, nonconformity, or interference with the use of, | 531 |
defects or infringement of rights in, or damage to the collateral; | 532 |
or | 533 |
(e) To the extent of the value of collateral and to the | 534 |
extent payable to the debtor or the secured party, insurance | 535 |
payable by reason of the loss or nonconformity of, defects or | 536 |
infringement of rights in, or damage to the collateral. | 537 |
(65) "Promissory note" means an instrument that evidences a | 538 |
promise to pay a monetary obligation, does not evidence an order | 539 |
to pay, and does not contain an acknowledgment by a bank that the | 540 |
bank has received for deposit a sum of money or funds. | 541 |
(66) "Proposal" means a record authenticated by a secured | 542 |
party that includes the terms on which the secured party is | 543 |
willing to accept collateral in full or partial satisfaction of | 544 |
the obligation it secures pursuant to sections 1309.620, 1309.621, | 545 |
and 1309.622 of the Revised Code. | 546 |
(67) "Public-finance transaction" means a secured transaction | 547 |
in connection with which: | 548 |
(a) Debt securities are issued; | 549 |
(b) All or a portion of the securities issued have an initial | 550 |
stated maturity of at least twenty years; and | 551 |
(c) The debtor, obligor, secured party, account debtor or | 552 |
other person obligated on collateral, assignor or assignee of a | 553 |
secured obligation, or assignor or assignee of a security interest | 554 |
is a state or a governmental unit of a state. | 555 |
(68) "Public organic record" means a record that is available | 556 |
to the public for inspection and is: | 557 |
(a) A record consisting of the record initially filed with or | 558 |
issued by a state or the United States to form or organize an | 559 |
organization and any record filed with or issued by the state or | 560 |
the United States that amends or restates the initial record; | 561 |
(b) An organic record of a business trust consisting of the | 562 |
record initially filed with a state and any record filed with the | 563 |
state that amends or restates the initial record, if a statute of | 564 |
the state governing business trusts requires that the record be | 565 |
filed with the state; or | 566 |
(c) A record consisting of legislation enacted by the | 567 |
legislature of a state or the congress of the United States that | 568 |
forms or organizes an organization, any record amending the | 569 |
legislation, and any record filed with or issued by the state or | 570 |
the United States that amends or restates the name of the | 571 |
organization. | 572 |
(69) "Pursuant to commitment," with respect to an advance | 573 |
made or other value given by a secured party, means pursuant to | 574 |
the secured party's obligation, whether or not a subsequent event | 575 |
of default or other event not within the secured party's control | 576 |
has relieved or may relieve the secured party from its obligation. | 577 |
| 578 |
record," "record or legal title," and "record owner," means | 579 |
information that is inscribed on a tangible medium or that is | 580 |
stored in an electronic or other medium and is retrievable in | 581 |
perceivable form. | 582 |
| 583 |
formed or organized solely under the law of a single state or the | 584 |
United States | 585 |
586 | |
587 | |
issuance of a public organic record by, or the enactment of | 588 |
legislation by the state or the United States. The term includes a | 589 |
business trust that is formed or organized under the law of a | 590 |
single state if a statute of the state governing business trusts | 591 |
requires that the business trust's organic record be filed with | 592 |
the state. | 593 |
| 594 |
that: | 595 |
(a) The obligor's obligation is secondary; or | 596 |
(b) The obligor has a right of recourse with respect to an | 597 |
obligation secured by collateral against the debtor, another | 598 |
obligor, or property of either. | 599 |
| 600 |
(a) A person in whose favor a security interest is created or | 601 |
provided for under a security agreement, whether or not any | 602 |
obligation to be secured is outstanding; | 603 |
(b) A person that holds an agricultural lien; | 604 |
(c) A consignor; | 605 |
(d) A person to whom accounts, chattel paper, payment | 606 |
intangibles, or promissory notes have been sold; | 607 |
(e) A trustee, indenture trustee, agent, collateral agent, or | 608 |
other representative in whose favor a security interest or | 609 |
agricultural lien is created or provided for; or | 610 |
(f) A person who holds a security interest arising under | 611 |
section 1302.42, 1302.49, 1302.85, 1304.20, 1305.18, or 1310.54 of | 612 |
the Revised Code. | 613 |
| 614 |
or provides for a security interest. | 615 |
| 616 |
means: | 617 |
(a) To deposit in the mail, deliver for transmission, or | 618 |
transmit by any other usual means of communication, with postage | 619 |
or cost of transmission provided for, addressed to any address | 620 |
reasonable under the circumstances; or | 621 |
(b) To cause the record or notification to be received within | 622 |
the time that it would have been received if properly sent under | 623 |
division (A)(74)(a) of this section. | 624 |
| 625 |
supporting information provided in connection with a transaction | 626 |
relating to the program. "Software" does not include a computer | 627 |
program that is included in the definition of goods. | 628 |
| 629 |
District of Columbia, Puerto Rico, the United States Virgin | 630 |
Islands, or any territory or insular possession subject to the | 631 |
jurisdiction of the United States. | 632 |
| 633 |
right or secondary obligation that supports the payment or | 634 |
performance of an account, chattel paper, a document, a general | 635 |
intangible, an instrument, or investment property. | 636 |
| 637 |
evidenced by a record consisting of information that is inscribed | 638 |
on a tangible medium. | 639 |
| 640 |
financing statement that: | 641 |
(a) Identifies, by its file number, the initial financing | 642 |
statement to which it relates; and | 643 |
(b) Indicates either that it is a termination statement or | 644 |
that the identified financing statement is no longer effective. | 645 |
| 646 |
engaged in the business of: | 647 |
(a) Operating a railroad, subway, street railway, or trolley | 648 |
bus; | 649 |
(b) Transmitting communications electrically, | 650 |
electromagnetically, or by light; | 651 |
(c) Transmitting goods by pipeline or sewer; or | 652 |
(d) Transmitting or producing and transmitting electricity, | 653 |
steam, gas, or water. | 654 |
(B) Other definitions applying to this chapter are: | 655 |
(1) "Applicant" has the same meaning as in section 1305.01 of | 656 |
the Revised Code. | 657 |
(2) "Beneficiary" has the same meaning as in section 1305.01 | 658 |
of the Revised Code. | 659 |
(3) "Broker" has the same meaning as in section 1308.01 of | 660 |
the Revised Code. | 661 |
(4) "Certificated security" has the same meaning as in | 662 |
section 1308.01 of the Revised Code. | 663 |
(5) "Check" has the same meaning as in section 1303.03 of the | 664 |
Revised Code. | 665 |
(6) "Clearing corporation" has the same meaning as in section | 666 |
1308.01 of the Revised Code. | 667 |
(7) "Contract for sale" has the same meaning as in section | 668 |
1302.01 of the Revised Code. | 669 |
(8) "Control" with respect to a document of title, has the | 670 |
same meaning as in section 1307.106 of the Revised Code. | 671 |
(9) "Customer" has the same meaning as in section 1304.01 of | 672 |
the Revised Code. | 673 |
(10) "Entitlement holder" has the same meaning as in section | 674 |
1308.01 of the Revised Code. | 675 |
(11) "Financial asset" has the same meaning as in section | 676 |
1308.01 of the Revised Code. | 677 |
(12) "Holder in due course" has the same meaning as in | 678 |
section 1303.32 of the Revised Code. | 679 |
(13) "Issuer," with respect to a letter of credit or | 680 |
letter-of-credit right, has the same meaning as in section 1305.01 | 681 |
of the Revised Code. | 682 |
(14) "Issuer," with respect to a security, has the same | 683 |
meaning as in section 1308.08 of the Revised Code. | 684 |
(15) "Issuer," with respect to a document of title, has the | 685 |
same meaning as in section 1307.102 of the Revised Code. | 686 |
(16) "Lease," "lease agreement," "lease contract," "leasehold | 687 |
interest," "lessee," "lessee in ordinary course of business," | 688 |
"lessor," and "lessor's residual interest" have the same meanings | 689 |
as in section 1310.01 of the Revised Code. | 690 |
(17) "Letter of credit" has the same meaning as in section | 691 |
1305.01 of the Revised Code. | 692 |
(18) "Merchant" has the same meaning as in section 1302.01 of | 693 |
the Revised Code. | 694 |
(19) "Negotiable instrument" has the same meaning as in | 695 |
section 1303.03 of the Revised Code. | 696 |
(20) "Nominated person" has the same meaning as in section | 697 |
1305.01 of the Revised Code. | 698 |
(21) "Note" has the same meaning as in section 1303.03 of the | 699 |
Revised Code. | 700 |
(22) "Proceeds of a letter of credit" has the same meaning as | 701 |
in section 1305.13 of the Revised Code. | 702 |
(23) "Prove" has the same meaning as in section 1303.01 of | 703 |
the Revised Code. | 704 |
(24) "Sale" has the same meaning as in division (A)(11) of | 705 |
section 1302.01 of the Revised Code. | 706 |
(25) "Securities account" has the same meaning as in section | 707 |
1308.51 of the Revised Code. | 708 |
(26) "Securities intermediary," "security," "security | 709 |
certificate," "security entitlement," and "uncertificated | 710 |
security" have the same meanings as in section 1308.01 of the | 711 |
Revised Code. | 712 |
(C) In addition, Chapter 1301. of the Revised Code contains | 713 |
general definitions and principles of construction and | 714 |
interpretations applicable throughout this chapter. | 715 |
Sec. 1309.105. (A) A secured party has control of electronic | 716 |
chattel paper if a system employed for evidencing the transfer of | 717 |
interests in the chattel paper reliably establishes the secured | 718 |
party as the person to which the chattel paper was assigned. | 719 |
(B) A system satisfies division (A) of this section if the | 720 |
record or records comprising the chattel paper are created, | 721 |
stored, and assigned in such a manner that: | 722 |
| 723 |
exists that is unique, identifiable, and, except as otherwise | 724 |
provided in divisions
| 725 |
section, unalterable; | 726 |
| 727 |
the assignee of the record or records; | 728 |
| 729 |
maintained by the secured party or its designated custodian; | 730 |
| 731 |
identified assignee of the authoritative copy may be made only | 732 |
with the
| 733 |
| 734 |
copy is readily identifiable as a copy that is not the | 735 |
authoritative copy; and | 736 |
| 737 |
readily identifiable as | 738 |
Sec. 1309.307. (A) As used in this section, "place of | 739 |
business" means a place where a debtor conducts the debtor's | 740 |
affairs. | 741 |
(B) Except as otherwise provided in this section, the | 742 |
following rules determine a debtor's location: | 743 |
(1) A debtor who is an individual is located at the | 744 |
individual's principal residence. | 745 |
(2) A debtor that is an organization and has only one place | 746 |
of business is located at its place of business. | 747 |
(3) A debtor that is an organization and has more than one | 748 |
place of business is located at its chief executive office. | 749 |
(C) Division (B) of this section applies only if a debtor's | 750 |
residence, place of business, or chief executive office, as | 751 |
applicable, is located in a jurisdiction whose law generally | 752 |
requires information concerning the existence of a nonpossessory | 753 |
security interest to be made generally available in a filing, | 754 |
recording, or registration system as a condition or result of the | 755 |
security interest's obtaining priority over the rights of a lien | 756 |
creditor with respect to the collateral. If division (B) of this | 757 |
section does not apply, the debtor is located in the District of | 758 |
Columbia. | 759 |
(D) A person that ceases to exist, have a residence, or have | 760 |
a place of business continues to be located in the jurisdiction | 761 |
specified by divisions (B) and (C) of this section. | 762 |
(E) A registered organization that is organized under the law | 763 |
of a state is located in that state. | 764 |
(F) Except as otherwise provided in division (I) of this | 765 |
section, a registered organization that is organized under the law | 766 |
of the United States and a branch or agency of a bank that is not | 767 |
organized under the law of the United States or a state are | 768 |
located: | 769 |
(1) In the state that the law of the United States | 770 |
designates, if the law designates a state of location; | 771 |
(2) In the state that the registered organization, branch, or | 772 |
agency designates, if the law of the United States authorizes the | 773 |
registered organization, branch, or agency to designate its state | 774 |
of location, including by designating its main office, home | 775 |
office, or other comparable office; or | 776 |
(3) In the District of Columbia, if neither division (F)(1) | 777 |
nor (2) of this section applies. | 778 |
(G) A registered organization continues to be located in the | 779 |
jurisdiction specified by division (E) or (F) of this section | 780 |
notwithstanding: | 781 |
(1) The suspension, revocation, forfeiture, or lapse of the | 782 |
registered organization's status in its jurisdiction of | 783 |
organization; or | 784 |
(2) The dissolution, winding up, or cancellation of the | 785 |
existence of the registered organization. | 786 |
(H) The United States is located in the District of Columbia. | 787 |
(I) A branch or agency of a bank that is not organized under | 788 |
the law of the United States or a state is located in the state in | 789 |
which the branch or agency is licensed, if all branches and | 790 |
agencies of the bank are licensed in only one state. | 791 |
(J) A foreign air carrier under the "Federal Aviation Act of | 792 |
1958," 49 U.S.C. 40102, as amended, is located at the designated | 793 |
office of the agent upon which service of process may be made on | 794 |
behalf of the carrier. | 795 |
(K) This section applies only for the purposes of sections | 796 |
1309.301 to 1309.342 of the Revised Code. | 797 |
Sec. 1309.311. (A) Except as otherwise provided in division | 798 |
(D) of this section, the filing of a financing statement is not | 799 |
necessary or effective to perfect a security interest in property | 800 |
subject to: | 801 |
(1) A statute, regulation, or treaty of the United States | 802 |
whose requirements for a security interest's obtaining priority | 803 |
over the rights of a lien creditor with respect to the property | 804 |
preempt division (A) of section 1309.310 of the Revised Code; | 805 |
(2) Chapters 1547., 1548., 4505., 4519., and 5309. of the | 806 |
Revised Code; | 807 |
(3) A | 808 |
that provides for a security interest to be indicated on | 809 |
certificate of title as a condition or result of the security | 810 |
interest's obtaining priority over the rights of a lien creditor | 811 |
with respect to the property. | 812 |
(B) Compliance with the requirements of a statute, | 813 |
regulation, or treaty described in division (A) of this section | 814 |
for obtaining priority over the rights of a lien creditor is | 815 |
equivalent to the filing of a financing statement under this | 816 |
chapter. Except as otherwise provided in division (D) of this | 817 |
section, section 1309.313, and divisions (D) and (E) of section | 818 |
1309.316 of the Revised Code for goods covered by a certificate of | 819 |
title, a security interest in property subject to a statute, | 820 |
regulation, or treaty described in division (A) of this section | 821 |
may be perfected only by compliance with those requirements, and a | 822 |
security interest so perfected remains perfected notwithstanding a | 823 |
change in the use or transfer of possession of the collateral. | 824 |
(C) Except as otherwise provided in division (D) of this | 825 |
section and divisions (D) and (E) of section 1309.316 of the | 826 |
Revised Code, duration and renewal of perfection of a security | 827 |
interest perfected by compliance with the requirements prescribed | 828 |
by a statute, regulation, or treaty described in division (A) of | 829 |
this section are governed by the statute, regulation, or treaty. | 830 |
In other respects, the security interest is subject to this | 831 |
chapter. | 832 |
(D) During any period in which collateral subject to a | 833 |
statute specified in division (A)(2) of this section is inventory | 834 |
held for sale or lease by a person or leased by that person as | 835 |
lessor and that person is in the business of selling goods of that | 836 |
kind, this section does not apply to a security interest in that | 837 |
collateral created by that person. | 838 |
Sec. 1309.316. (A) A security interest perfected pursuant to | 839 |
the law of the jurisdiction designated in division (A) of section | 840 |
1309.301 or division (C) of section 1309.305 of the Revised Code | 841 |
remains perfected until the earliest of: | 842 |
(1) The time perfection would have ceased under the law of | 843 |
that jurisdiction; | 844 |
(2) The expiration of four months after a change of the | 845 |
debtor's location to another jurisdiction; or | 846 |
(3) The expiration of one year after a transfer of collateral | 847 |
to a person that thereby becomes a debtor and is located in | 848 |
another jurisdiction. | 849 |
(B) If a security interest described in division (A) of this | 850 |
section becomes perfected under the law of the other jurisdiction | 851 |
before the earliest time or event described in that division, it | 852 |
remains perfected thereafter. If the security interest does not | 853 |
become perfected under the law of the other jurisdiction before | 854 |
that earliest time or event, it becomes unperfected and is deemed | 855 |
never to have been perfected as against a purchaser of the | 856 |
collateral for value. | 857 |
(C) A possessory security interest in collateral, other than | 858 |
goods covered by a certificate of title and as-extracted | 859 |
collateral consisting of goods, remains continuously perfected if: | 860 |
(1) The collateral is located in one jurisdiction and subject | 861 |
to a security interest perfected under the law of that | 862 |
jurisdiction; | 863 |
(2) Thereafter, the collateral is brought into another | 864 |
jurisdiction; and | 865 |
(3) Upon entry into the other jurisdiction, the security | 866 |
interest is perfected under the law of the other jurisdiction. | 867 |
(D) Except as otherwise provided in division (E) of this | 868 |
section, a security interest in goods covered by a certificate of | 869 |
title that is perfected by any method under the law of another | 870 |
jurisdiction when the goods become covered by a certificate of | 871 |
title from this state remains perfected until the security | 872 |
interest would have become unperfected under the law of the other | 873 |
jurisdiction had the goods not become so covered. | 874 |
(E) A security interest described in division (D) of this | 875 |
section becomes unperfected as against a purchaser of the goods | 876 |
for value and is deemed never to have been perfected as against a | 877 |
purchaser of the goods for value if the applicable requirements | 878 |
for perfection under division (B) of section 1309.311 or section | 879 |
1309.313 of the Revised Code are not satisfied before the earlier | 880 |
of: | 881 |
(1) The time the security interest would have become | 882 |
unperfected under the law of the other jurisdiction had the goods | 883 |
not become covered by a certificate of title from this state; or | 884 |
(2) The expiration of four months after the goods had become | 885 |
so covered. | 886 |
(F) A security interest in deposit accounts, letter-of-credit | 887 |
rights, or investment property that is perfected under the law of | 888 |
the bank's jurisdiction, the issuer's jurisdiction, a nominated | 889 |
person's jurisdiction, the securities intermediary's jurisdiction, | 890 |
or the commodity intermediary's jurisdiction, as applicable, | 891 |
remains perfected until the earlier of: | 892 |
(1) The time the security interest would have become | 893 |
unperfected under the law of that jurisdiction; or | 894 |
(2) The expiration of four months after a change of the | 895 |
applicable jurisdiction to another jurisdiction. | 896 |
(G) If a security interest described in division (F) of this | 897 |
section becomes perfected under the law of the other jurisdiction | 898 |
before the earlier of the time or the end of the period described | 899 |
in that division, it remains perfected thereafter. If the security | 900 |
interest does not become perfected under the law of the other | 901 |
jurisdiction before the earlier of that time or the end of that | 902 |
period, it becomes unperfected and is deemed never to have been | 903 |
perfected as against a purchaser of the collateral for value. | 904 |
(H) The following rules apply to collateral to which a | 905 |
security interest attaches within four months after the debtor | 906 |
changes its location to another jurisdiction: | 907 |
(1) A financing statement filed before the change pursuant to | 908 |
the law of the jurisdiction designated in division (A) of section | 909 |
1309.301 or division (C) of section 1309.305 of the Revised Code | 910 |
is effective to perfect a security interest in the collateral if | 911 |
the financing statement would have been effective to perfect a | 912 |
security interest in the collateral had the debtor not changed its | 913 |
location. | 914 |
(2) If a security interest perfected by a financing statement | 915 |
that is effective under division (H)(1) of this section becomes | 916 |
perfected under the law of the other jurisdiction before the | 917 |
earlier of the time the financing statement would have become | 918 |
ineffective under the law of the jurisdiction designated in | 919 |
division (A) of section 1309.301 or division (C) of section | 920 |
1309.305 of the Revised Code or the expiration of the four-month | 921 |
period, it remains perfected thereafter. If the security interest | 922 |
does not become perfected under the law of the other jurisdiction | 923 |
before the earlier time or event, it becomes unperfected and is | 924 |
deemed never to have been perfected as against a purchaser of the | 925 |
collateral for value. | 926 |
(I) If a financing statement naming an original debtor is | 927 |
filed pursuant to the law of the jurisdiction designated in | 928 |
division (A) of section 1309.301 or division (C) of section | 929 |
1309.305 of the Revised Code and the new debtor is located in | 930 |
another jurisdiction, the following rules apply: | 931 |
(1) The financing statement is effective to perfect a | 932 |
security interest in collateral acquired by the new debtor before, | 933 |
and within four months after, the new debtor becomes bound under | 934 |
division (D) of section 1309.203 of the Revised Code, if the | 935 |
financing statement would have been effective to perfect a | 936 |
security interest in the collateral had the collateral been | 937 |
acquired by the original debtor. | 938 |
(2) A security interest perfected by the financing statement | 939 |
and that becomes perfected under the law of the other jurisdiction | 940 |
before the earlier of the time the financing statement would have | 941 |
become ineffective under the law of the jurisdiction designated in | 942 |
division (A) of section 1309.301 or division (C) of section | 943 |
1309.305 of the Revised Code or the expiration of the four-month | 944 |
period remains perfected thereafter. A security interest that is | 945 |
perfected by the financing statement but that does not become | 946 |
perfected under the law of the other jurisdiction before the | 947 |
earlier time or event becomes unperfected and is deemed never to | 948 |
have been perfected as against a purchaser of the collateral for | 949 |
value. | 950 |
Sec. 1309.317. (A) A security interest or agricultural lien | 951 |
is subordinate to the rights of: | 952 |
(1) A person entitled to priority under section 1309.322 of | 953 |
the Revised Code; and | 954 |
(2) Except as otherwise provided in division (E) of this | 955 |
section, a person who becomes a lien creditor before the earlier | 956 |
of the time: | 957 |
(a) The security interest or agricultural lien is perfected; | 958 |
or | 959 |
(b) One of the conditions specified in division (B)(3) of | 960 |
section 1309.203 of the Revised Code is met and a financing | 961 |
statement covering the collateral is filed. | 962 |
(B) Except as otherwise provided in division (E) of this | 963 |
section, a buyer, other than a secured party, of tangible chattel | 964 |
paper, tangible documents, goods, instruments, or a certificated | 965 |
security
| 966 |
agricultural lien if the buyer gives value and receives delivery | 967 |
of the collateral without knowledge of the security interest or | 968 |
agricultural lien and before it is perfected. | 969 |
(C) Except as otherwise provided in division (E) of this | 970 |
section, a lessee of goods takes free of a security interest or | 971 |
agricultural lien if the lessee gives value and receives delivery | 972 |
of the collateral without knowledge of the security interest or | 973 |
agricultural lien and before it is perfected. | 974 |
(D) A licensee of a general intangible or a buyer, other than | 975 |
a secured party, of | 976 |
977 | |
other than tangible chattel paper, tangible documents, goods, | 978 |
instruments, or a certificated security takes free of a security | 979 |
interest if the licensee or buyer gives value without knowledge of | 980 |
the security interest and before it is perfected. | 981 |
(E) Except as otherwise provided in sections 1309.320 and | 982 |
1309.321 of the Revised Code, if a person files a financing | 983 |
statement with respect to a purchase money security interest | 984 |
before or within twenty days after the debtor receives delivery of | 985 |
the collateral, the security interest takes priority over the | 986 |
rights of a buyer, lessee, or lien creditor that arise between the | 987 |
time the security interest attaches and the time of filing. | 988 |
Sec. 1309.326. (A) Subject to division (B) of this section, | 989 |
a security interest that is created by a new debtor | 990 |
collateral in which the new debtor has or acquires rights and is | 991 |
perfected solely by a filed financing statement that | 992 |
993 | |
but for the application of division (I)(1) of section 1309.316 of | 994 |
the Revised Code or section 1309.508 of the Revised Code | 995 |
996 | |
subordinate to a security interest in the same collateral that is | 997 |
perfected other than by
such a filed financing statement | 998 |
999 |
(B) Sections 1309.301 to 1309.342 of the Revised Code | 1000 |
determine the priority among conflicting security interests in the | 1001 |
same collateral perfected by filed financing statements | 1002 |
1003 | |
of | 1004 |
agreements to which a new debtor became bound as debtor were not | 1005 |
entered into by the same original debtor, the conflicting security | 1006 |
interests rank according to priority in time of the new debtor's | 1007 |
having become bound. | 1008 |
Sec. 1309.406. (A) Subject to divisions (B) to (I) of this | 1009 |
section, an account debtor on an account, chattel paper, or | 1010 |
payment intangible may discharge its obligation by paying the | 1011 |
assignor until, but not after, the account debtor receives a | 1012 |
notification, authenticated by the assignor or the assignee, that | 1013 |
the amount due or to become due has been assigned and that payment | 1014 |
is to be made to the assignee. After receipt of the notification, | 1015 |
the account debtor may discharge its obligation by paying the | 1016 |
assignee and may not discharge the obligation by paying the | 1017 |
assignor. | 1018 |
(B) Subject to division (H) of this section, notification | 1019 |
under division (A) of this section is not effective: | 1020 |
(1) If the notification does not reasonably identify the | 1021 |
rights assigned; | 1022 |
(2) To the extent that an agreement between an account debtor | 1023 |
and a seller of a payment intangible limits the account debtor's | 1024 |
duty to pay a person other than the seller and the limitation is | 1025 |
effective under law other than this chapter; or | 1026 |
(3) At the option of an account debtor, if the notification | 1027 |
notifies the account debtor to make less than the full amount of | 1028 |
any installment or other periodic payment to the assignee, even | 1029 |
if: | 1030 |
(a) Only a portion of the account, chattel paper, or payment | 1031 |
intangible has been assigned to that assignee; | 1032 |
(b) A portion has been assigned to another assignee; or | 1033 |
(c) The account debtor knows that the assignment to that | 1034 |
assignee is limited. | 1035 |
(C) Subject to division (H) of this section, if requested by | 1036 |
the account debtor, an assignee shall seasonably furnish | 1037 |
reasonable proof that the assignment has been made. Unless the | 1038 |
assignee complies, the account debtor may discharge its obligation | 1039 |
by paying the assignor, even if the account debtor has received a | 1040 |
notification under division (A) of this section. | 1041 |
(D) Except as otherwise provided in division (E) of this | 1042 |
section and sections 1309.407 and 1310.31 of the Revised Code, and | 1043 |
subject to division (H) of this section, a term in an agreement | 1044 |
between an account debtor and an assignor or in a promissory note | 1045 |
is ineffective to the extent that it: | 1046 |
(1) Prohibits, restricts, or requires the consent of the | 1047 |
account debtor or person obligated on the promissory note to the | 1048 |
assignment or transfer of, or the creation, attachment, | 1049 |
perfection, or enforcement of a security interest in, the account, | 1050 |
chattel paper, payment intangible, or promissory note; or | 1051 |
(2) Provides that the assignment or transfer or the creation, | 1052 |
attachment, perfection, or enforcement of the security interest | 1053 |
may give rise to a default, breach, right of recoupment, claim, | 1054 |
defense, termination, right of termination, or remedy under the | 1055 |
account, chattel paper, payment intangible, or promissory note. | 1056 |
(E) Division (D) of this section does not apply to the sale | 1057 |
of a payment intangible or promissory note, other than a sale | 1058 |
pursuant to a disposition under section 1309.610 of the Revised | 1059 |
Code or an acceptance of collateral under section 1309.620 of the | 1060 |
Revised Code. | 1061 |
(F) Except as provided in sections 1309.407 and 1310.31 of | 1062 |
the Revised Code and subject to divisions (H) and (I) of this | 1063 |
section, a rule of law, statute, or regulation that prohibits, | 1064 |
restricts, or requires the consent of a government, governmental | 1065 |
body or official, or account debtor to the assignment or transfer | 1066 |
of, or creation of a security interest in, an account or chattel | 1067 |
paper is not effective to the extent that the rule of law, | 1068 |
statute, or regulation: | 1069 |
(1) Prohibits, restricts, or requires the consent of the | 1070 |
government, governmental body or official, or account debtor to | 1071 |
the assignment or transfer of, or the creation, attachment, | 1072 |
perfection, or enforcement of a security interest in the account | 1073 |
or chattel paper; or | 1074 |
(2) Provides that the assignment or transfer or the creation, | 1075 |
attachment, perfection, or enforcement of the security interest | 1076 |
may give rise to a default, breach, right of recoupment, claim, | 1077 |
defense, termination, right of termination, or remedy under the | 1078 |
account or chattel paper. | 1079 |
(G) Subject to division (H) of this section, an account | 1080 |
debtor may not waive or vary its option under division (B)(3) of | 1081 |
this section. | 1082 |
(H) This section is subject to law other than this chapter | 1083 |
that establishes a different rule for an account debtor who is an | 1084 |
individual and who incurred the obligation primarily for personal, | 1085 |
family, or household purposes. | 1086 |
(I) This section does not apply to an assignment of a | 1087 |
health-care-insurance receivable. | 1088 |
(J) Divisions (D) and (F) of this section do not apply to: | 1089 |
(1) A claim or right to receive compensation for injuries or | 1090 |
sickness as described in section 104(a)(1) or (2) of the Internal | 1091 |
Revenue Code, as amended; or | 1092 |
(2) A claim or right to receive benefits under a special | 1093 |
needs trust as described in the "Omnibus Budget Reconciliation Act | 1094 |
of 1993," 107 Stat. 312, 42 U.S.C. 1396p(d)(4), as amended. | 1095 |
(K) Divisions (D), (F), and (J) of this section apply only to | 1096 |
a security interest created on or after July 1, 2001. Nothing in | 1097 |
this section shall supersede the provisions of sections 2323.58 to | 1098 |
2323.587 of the Revised Code. This section shall be interpreted | 1099 |
consistently with sections 2323.58 to 2323.587 of the Revised | 1100 |
Code. | 1101 |
Sec. 1309.408. (A) Except as otherwise provided in division | 1102 |
(B) of this section, a term in a promissory note or in an | 1103 |
agreement between an account debtor and a debtor that relates to a | 1104 |
health-care-insurance receivable or a general intangible, | 1105 |
including a contract, permit, license, or franchise, and which | 1106 |
term prohibits, restricts, or requires the consent of the person | 1107 |
obligated on the promissory note or the account debtor to, the | 1108 |
assignment or transfer of, or creation, attachment, or perfection | 1109 |
of a security interest in, the promissory note, | 1110 |
health-care-insurance receivable, or general intangible, is not | 1111 |
effective to the extent that the term: | 1112 |
(1) Would impair the creation, attachment, or perfection of a | 1113 |
security interest; or | 1114 |
(2) Provides that the assignment or transfer or the creation, | 1115 |
attachment, or perfection of the security interest may give rise | 1116 |
to a default, breach, right of recoupment, claim, defense, | 1117 |
termination, right of termination, or remedy under the promissory | 1118 |
note, health-care-insurance receivable, or general intangible. | 1119 |
(B) Division (A) applies to a security interest in a payment | 1120 |
intangible or promissory note only if the security interest arises | 1121 |
out of a sale of the payment intangible or promissory note, other | 1122 |
than a sale pursuant to a disposition under section 1309.610 of | 1123 |
the Revised Code or an acceptance of collateral under section | 1124 |
1309.620 of the Revised Code. | 1125 |
(C) A rule of law, statute, or regulation that prohibits, | 1126 |
restricts, or requires the consent of a government, governmental | 1127 |
body or official, person obligated on a promissory note, or | 1128 |
account debtor to the assignment or transfer of, or creation of a | 1129 |
security interest in, a promissory note, health-care-insurance | 1130 |
receivable, or general intangible, including a contract, permit, | 1131 |
license, or franchise between an account debtor and a debtor, is | 1132 |
not effective to the extent that the rule of law, statute, or | 1133 |
regulation: | 1134 |
(1) Would impair the creation, attachment, or perfection of a | 1135 |
security interest; or | 1136 |
(2) Provides that the assignment or transfer or the creation, | 1137 |
attachment, or perfection of the security interest may give rise | 1138 |
to a default, breach, right of recoupment, claim, defense, | 1139 |
termination, right of termination, or remedy under the promissory | 1140 |
note, health-care-insurance receivable, or general intangible. | 1141 |
(D) To the extent that a term in a promissory note or in an | 1142 |
agreement between an account debtor and a debtor that relates to a | 1143 |
health-care-insurance receivable or general intangible or a rule | 1144 |
of law, statute, or regulation described in division (C) of this | 1145 |
section would be effective under law other than this chapter but | 1146 |
is ineffective under division (A) or (C) of this section, the | 1147 |
creation, attachment, or perfection of a security interest in the | 1148 |
promissory note, health-care-insurance receivable, or general | 1149 |
intangible: | 1150 |
(1) Is not enforceable against the person obligated on the | 1151 |
promissory note or the account debtor; | 1152 |
(2) Does not impose a duty or obligation on the person | 1153 |
obligated on the promissory note or the account debtor; | 1154 |
(3) Does not require the person obligated on the promissory | 1155 |
note or the account debtor to recognize the security interest, pay | 1156 |
or render performance to the secured party, or accept payment or | 1157 |
performance from the secured party; | 1158 |
(4) Does not entitle the secured party to use or assign the | 1159 |
debtor's rights under the promissory note, health-care-insurance | 1160 |
receivable, or general intangible, including any related | 1161 |
information or materials furnished to the debtor in the | 1162 |
transaction giving rise to the promissory note, | 1163 |
health-care-insurance receivable, or general intangible; | 1164 |
(5) Does not entitle the secured party to use, assign, | 1165 |
possess, or have access to any trade secrets or confidential | 1166 |
information of the person obligated on the promissory note or the | 1167 |
account debtor; and | 1168 |
(6) Does not entitle the secured party to enforce the | 1169 |
security interest in the promissory note, health-care-insurance | 1170 |
receivable, or general intangible. | 1171 |
(E) Divisions (A) and (C) of this section do not apply to: | 1172 |
(1) A claim or right to receive compensation for injuries or | 1173 |
sickness as described in section 104(a)(1) or (2) of the Internal | 1174 |
Revenue Code as amended; or | 1175 |
(2) A claim or right to receive benefits under a special | 1176 |
needs trust as described in the "Omnibus Budget Reconciliation Act | 1177 |
of 1993," 107 Stat. 312, 42 U.S.C. 1396p(d)(4), as amended. | 1178 |
(F) Divisions (A), (C), and (E) of this section apply only to | 1179 |
a security interest created on or after July 1, 2001. Nothing in | 1180 |
this section shall supersede the provisions of sections 2323.58 to | 1181 |
2323.587 of the Revised Code. This section shall be interpreted | 1182 |
consistently with sections 2323.58 to 2323.587 of the Revised | 1183 |
Code. | 1184 |
Sec. 1309.502. (A) Subject to division (B) of this section, | 1185 |
a financing statement is sufficient only if it: | 1186 |
(1) Provides the name of the debtor; | 1187 |
(2) Provides the name of the secured party or a | 1188 |
representative of the secured party; and | 1189 |
(3) Indicates the collateral covered by the financing | 1190 |
statement. | 1191 |
(B) Except as otherwise provided in division (B) of section | 1192 |
1309.501 of the Revised Code, to be sufficient, a financing | 1193 |
statement that covers as-extracted collateral or timber to be cut, | 1194 |
or that is filed as a fixture filing and covers goods that are or | 1195 |
are to become fixtures, shall satisfy division (A) of this section | 1196 |
and also: | 1197 |
(1) Indicate that it covers this type of collateral; | 1198 |
(2) Indicate that it is to be filed in the real property | 1199 |
records; | 1200 |
(3) Provide a description of the real property to which the | 1201 |
collateral is related sufficient to give constructive notice of a | 1202 |
mortgage under the laws of this state if the description were | 1203 |
contained in a record of the mortgage of the real property; and | 1204 |
(4) If the debtor does not have an interest of record in the | 1205 |
real property, provide the name of a record owner. | 1206 |
(C) A record of a mortgage is effective, from the date of | 1207 |
recording, as a financing statement filed as a fixture filing or | 1208 |
as a financing statement covering as-extracted collateral or | 1209 |
timber to be cut only if: | 1210 |
(1) The record indicates the goods or accounts that it | 1211 |
covers; | 1212 |
(2) The goods are or are to become fixtures related to the | 1213 |
real property described in the record, or the collateral is | 1214 |
related to the real property described in the record and is | 1215 |
as-extracted collateral or timber to be cut; | 1216 |
(3) The record satisfies the requirements for a financing | 1217 |
statement contained in this section | 1218 |
(a) The record need not indicate that it is to be filed in | 1219 |
the real property records; and | 1220 |
(b) The record sufficiently provides the name of a debtor who | 1221 |
is an individual if it provides the individual name of the debtor | 1222 |
or the surname and first personal name of the debtor, even if the | 1223 |
debtor is an individual to whom division (A)(4) of section | 1224 |
1309.503 of the Revised Code applies; and | 1225 |
(4) The record is duly recorded. | 1226 |
(D) A financing statement may be filed before a security | 1227 |
agreement is made or a security interest otherwise attaches. | 1228 |
Sec. 1309.503. (A) A financing statement sufficiently | 1229 |
provides the name of the debtor: | 1230 |
(1) | 1231 |
this section, if the debtor is a registered organization or the | 1232 |
collateral is held in a trust that is a registered organization, | 1233 |
only if the financing statement provides the name | 1234 |
1235 | |
on the public organic record | 1236 |
or enacted by the | 1237 |
of organization | 1238 |
which purports to state, amend, or restate the registered | 1239 |
organization's name; | 1240 |
(2) | 1241 |
1242 | |
personal representative of a decedent, only if the financing | 1243 |
statement provides, as the name of the debtor, the name of the | 1244 |
decedent and, in a separate part of the financing statement, | 1245 |
indicates that the | 1246 |
administered by a personal representative; | 1247 |
(3) If the | 1248 |
1249 | |
organization, only if the financing statement: | 1250 |
(a) Provides, as the name | 1251 |
(i) If the organic record of the trust specifies a name for | 1252 |
the trust | 1253 |
specified | 1254 |
(ii) If the organic record of the trust does not specify a | 1255 |
name for the trust, the name of the settlor | 1256 |
1257 | |
1258 |
(b) | 1259 |
1260 | |
In a separate part of the financing statement: | 1261 |
(i) If the name is provided in accordance with division | 1262 |
(A)(3)(a)(i) of this section, indicates that the collateral is | 1263 |
held in a trust; or | 1264 |
(ii) If the name is provided in accordance with division | 1265 |
(A)(3)(a)(ii) of this section, provides additional information | 1266 |
sufficient to distinguish the trust from other trusts having one | 1267 |
or more of the same settlors or the same testator and indicates | 1268 |
that the collateral is held in a trust, unless the additional | 1269 |
information so indicates. | 1270 |
(4) Subject to division (G) of this section, if the debtor is | 1271 |
an individual to whom this state has issued a driver's license or | 1272 |
identification card that has not expired, only if the financing | 1273 |
statement provides the name of the individual that is indicated on | 1274 |
the driver's license or identification card; | 1275 |
(5) If the debtor is an individual to whom division (A)(4) of | 1276 |
this section does not apply, only if the financing statement | 1277 |
provides the individual name of the debtor or the surname and | 1278 |
first personal name of the debtor; and | 1279 |
(6) In other cases: | 1280 |
(a) If the debtor has a name, only if | 1281 |
statement provides the
| 1282 |
debtor; and | 1283 |
(b) If the debtor does not have a name, only if it provides | 1284 |
the names of the partners, members, associates, or other persons | 1285 |
comprising the debtor, in a manner that each name provided would | 1286 |
be sufficient if the person named were the debtor. | 1287 |
(B) A financing statement that provides the name of the | 1288 |
debtor in accordance with division (A) of this section is not | 1289 |
rendered ineffective by the absence of: | 1290 |
(1) A trade name or other name of the debtor; or | 1291 |
(2) Unless required under division (A) | 1292 |
section, names of partners, members, associates, or other persons | 1293 |
comprising the debtor. | 1294 |
(C) A financing statement that provides only the debtor's | 1295 |
trade name does not sufficiently provide the name of the debtor. | 1296 |
(D) Failure to indicate the representative capacity of a | 1297 |
secured party or representative of a secured party does not affect | 1298 |
the sufficiency of a financing statement. | 1299 |
(E) A financing statement may provide the name of more than | 1300 |
one debtor and the name of more than one secured party. | 1301 |
(F) The name of the decedent indicated on the order | 1302 |
appointing the personal representative of the decedent issued by | 1303 |
the court having jurisdiction over the collateral is sufficient as | 1304 |
the "name of the decedent" under division (A)(2) of this section. | 1305 |
(G) If this state has issued to an individual more than one | 1306 |
driver's license or identification card of a kind described in | 1307 |
division (A)(4) of this section, the one that was issued most | 1308 |
recently is the one to which division (A)(4) of this section | 1309 |
refers. | 1310 |
(H) As used in this section, "name of the settlor or | 1311 |
testator" means: | 1312 |
(1) If the settlor is a registered organization, the name | 1313 |
that is stated to be the settlor's name on the public organic | 1314 |
record most recently filed with or issued or enacted by the | 1315 |
settlor's jurisdiction of organization that purports to state, | 1316 |
amend, or restate the settlor's name; or | 1317 |
(2) In other cases, the name of the settlor or testator | 1318 |
indicated in the trust's organic record. | 1319 |
Sec. 1309.507. (A) A filed financing statement remains | 1320 |
effective with respect to collateral that is sold, exchanged, | 1321 |
leased, licensed, or otherwise disposed of and in which a security | 1322 |
interest or agricultural lien continues, even if the secured party | 1323 |
knows of or consents to the disposition. | 1324 |
(B) Except as otherwise provided in division (C) of this | 1325 |
section and section 1309.508 of the Revised Code, a financing | 1326 |
statement is not rendered ineffective if, after the financing | 1327 |
statement is filed, the information provided in the financing | 1328 |
statement becomes seriously misleading under section 1309.506 of | 1329 |
the Revised Code. | 1330 |
(C) If | 1331 |
financing statement provides for a debtor becomes insufficient as | 1332 |
the name of the debtor under division (A) of section 1309.503 of | 1333 |
the Revised Code so that the financing statement becomes seriously | 1334 |
misleading under section 1309.506 of the Revised Code: | 1335 |
(1) The financing statement is effective to perfect a | 1336 |
security interest in collateral acquired by the debtor before, or | 1337 |
within four months after, the | 1338 |
becomes seriously misleading; and | 1339 |
(2) The financing statement is not effective to perfect a | 1340 |
security interest in collateral acquired by the debtor more than | 1341 |
four months after the | 1342 |
seriously misleading, unless an amendment to the financing | 1343 |
statement that renders the financing statement not seriously | 1344 |
misleading is filed within four months after the | 1345 |
statement became seriously misleading. | 1346 |
Sec. 1309.515. (A) Except as otherwise provided in divisions | 1347 |
(B), (E), (F), and (G) of this section, a filed financing | 1348 |
statement is effective for a period of five years after the date | 1349 |
of filing. | 1350 |
(B) Except as otherwise provided in divisions (E), (F), and | 1351 |
(G) of this section, an initial financing statement filed in | 1352 |
connection with a public-finance transaction or manufactured-home | 1353 |
transaction is effective for a period of thirty years after the | 1354 |
date of filing if it indicates that it is filed in connection with | 1355 |
a public-finance transaction or manufactured-home transaction. | 1356 |
(C) The effectiveness of a filed financing statement lapses | 1357 |
on the expiration of the period of its effectiveness unless, | 1358 |
before the lapse, a continuation statement is filed pursuant to | 1359 |
division (D) of this section. Upon lapse, a financing statement | 1360 |
ceases to be effective, and any security interest or agricultural | 1361 |
lien that was perfected by the financing statement becomes | 1362 |
unperfected, unless the security interest is perfected otherwise. | 1363 |
If the security interest or agricultural lien becomes unperfected | 1364 |
upon lapse, it is deemed never to have been perfected as against a | 1365 |
purchaser of the collateral for value. | 1366 |
(D) A continuation statement may be filed only within six | 1367 |
months before the expiration of the five-year period specified in | 1368 |
division (A) or the thirty-year period specified in division (B) | 1369 |
of this section, whichever is applicable. | 1370 |
(E) Except as provided in section 1309.510 of the Revised | 1371 |
Code, upon timely filing of a continuation statement, the | 1372 |
effectiveness of the initial financing statement continues for a | 1373 |
period of five years commencing on the day on which the financing | 1374 |
statement would have become ineffective in the absence of the | 1375 |
filing. Upon the expiration of the five-year period, the financing | 1376 |
statement lapses in the same manner as provided in division (C) of | 1377 |
this section, unless, before the lapse, another continuation | 1378 |
statement is filed pursuant to division (D) of this section. | 1379 |
Succeeding continuation statements may be filed in the same manner | 1380 |
to continue the effectiveness of the initial financing statement. | 1381 |
(F) If a debtor is a transmitting utility and a filed initial | 1382 |
financing statement so indicates, the financing statement is | 1383 |
effective until a termination statement is filed. | 1384 |
(G) A record of a mortgage that is effective as a financing | 1385 |
statement filed as a fixture filing under division (C) of section | 1386 |
1309.502 of the Revised Code remains effective as a financing | 1387 |
statement filed as a fixture filing until the mortgage is released | 1388 |
or satisfied of record or its effectiveness otherwise terminates | 1389 |
as to the real property. | 1390 |
Sec. 1309.516. (A) Except as provided in division (B) of | 1391 |
this section, communication of a record to a filing office and | 1392 |
tender of the filing fee or acceptance of the record by the filing | 1393 |
office constitutes filing. | 1394 |
(B) Filing does not occur with respect to a record that a | 1395 |
filing office refuses to accept because: | 1396 |
(1) The record is not communicated by a method or medium of | 1397 |
communication authorized by the filing office; | 1398 |
(2) An amount equal to or greater than the applicable filing | 1399 |
fee is not tendered; | 1400 |
(3) The filing office is unable to index the record because: | 1401 |
(a) In the case of an initial financing statement, the record | 1402 |
does not provide a name for the debtor; | 1403 |
(b) In the case of an amendment or | 1404 |
statement, the record: | 1405 |
(i) Does not identify the initial financing statement as | 1406 |
required by section 1309.512 or 1309.518 of the Revised Code, as | 1407 |
applicable; or | 1408 |
(ii) Identifies an initial financing statement whose | 1409 |
effectiveness has lapsed under section 1309.515 of the Revised | 1410 |
Code. | 1411 |
(c) In the case of an initial financing statement that | 1412 |
provides the name of a debtor identified as an individual or an | 1413 |
amendment that provides a name of a debtor identified as an | 1414 |
individual that was not provided previously in the financing | 1415 |
statement to which the record relates, the record does not | 1416 |
identify the debtor's | 1417 |
(d) In the case of a record filed in the filing office | 1418 |
described in division (A)(1) of section 1309.501 of the Revised | 1419 |
Code, the record does not provide a sufficient description of the | 1420 |
real property to which it relates. | 1421 |
(4) In the case of an initial financing statement or an | 1422 |
amendment that adds a secured party of record, the record does not | 1423 |
provide a name and mailing address for the secured party of | 1424 |
record; | 1425 |
(5) In the case of an initial financing statement or an | 1426 |
amendment that provides a name of a debtor that was not provided | 1427 |
previously in the financing statement to which the amendment | 1428 |
relates, the record does not: | 1429 |
(a) Provide a mailing address for the debtor; or | 1430 |
(b) Indicate whether the name provided as the name of the | 1431 |
debtor is the name of an individual or an organization | 1432 |
| 1433 |
1434 |
| 1435 |
| 1436 |
(6) In the case of an assignment reflected in an initial | 1437 |
financing statement under division (A) of section 1309.514 of the | 1438 |
Revised Code or an amendment filed under division (B) of section | 1439 |
1309.514 of the Revised Code, the record does not provide a name | 1440 |
and mailing address for the assignee. | 1441 |
(7) In the case of a continuation statement, the record is | 1442 |
not filed within the six-month period prescribed by division (D) | 1443 |
of section 1309.515 of the Revised Code | 1444 |
(8) The secretary of state refuses to accept the record for | 1445 |
filing or recording in compliance with division (A) of section | 1446 |
111.24 of the Revised Code. | 1447 |
(C) For purposes of division (B) of this section: | 1448 |
(1) A record does not provide information if the filing | 1449 |
office is unable to read or decipher the information; and | 1450 |
(2) A record that does not indicate that it is an amendment | 1451 |
or identify an initial financing statement to which it relates, as | 1452 |
required by section 1309.512, 1309.514, or 1309.518 of the Revised | 1453 |
Code, is an initial financing statement. | 1454 |
(D) A record that is communicated to the filing office with | 1455 |
tender of the filing fee, but that the filing office refuses to | 1456 |
accept for a reason other than one specified in division (B) of | 1457 |
this section, is effective as a filed record except as against a | 1458 |
purchaser of the collateral that gives value in reasonable | 1459 |
reliance upon the absence of the record from the files. | 1460 |
Sec. 1309.518. (A) A person may file in the filing office
| 1461 |
1462 | |
indexed there under the person's name if the person believes that | 1463 |
the record is inaccurate or was wrongfully filed. | 1464 |
(B) | 1465 |
of this section must: | 1466 |
(1) Identify the record to which it relates by: | 1467 |
(a) The file number assigned to the initial financing | 1468 |
statement to which the record relates; and | 1469 |
(b) If the | 1470 |
record filed in a filing office described in division (A)(1) of | 1471 |
section 1309.501 of the Revised Code, the date and time that the | 1472 |
initial financing statement was filed and the information | 1473 |
specified in division (B) of section 1309.502 of the Revised Code; | 1474 |
(2) Indicate that it is | 1475 |
statement; and | 1476 |
(3) Provide the basis for the person's belief that the record | 1477 |
is inaccurate and indicate the manner in which the person believes | 1478 |
the record should be amended to cure any inaccuracy or provide the | 1479 |
basis for the person's belief that the record was wrongfully | 1480 |
filed. | 1481 |
(C) A person may file in the filing office an information | 1482 |
statement with respect to a record filed there if the person is a | 1483 |
secured party of record with respect to the financing statement to | 1484 |
which the record relates and believes that the person that filed | 1485 |
the record was not entitled to do so under division (D) of section | 1486 |
1309.509 of the Revised Code. | 1487 |
(D) An information statement under division (C) of this | 1488 |
section must: | 1489 |
(1) Identify the record to which it relates by: | 1490 |
(a) The file number assigned to the initial financing | 1491 |
statement to which the record relates; and | 1492 |
(b) If the information statement relates to a record filed in | 1493 |
a filing office described in division (A)(1) of section 1309.501 | 1494 |
of the Revised Code, the date and time that the initial financing | 1495 |
statement was filed and the information specified in division (B) | 1496 |
of section 1309.502 of the Revised Code; | 1497 |
(2) Indicate that it is an information statement; and | 1498 |
(3) Provide the basis for the person's belief that the person | 1499 |
that filed the record was not entitled to do so under division (D) | 1500 |
of section 1309.509 of the Revised Code. | 1501 |
(E) The filing of | 1502 |
not affect the effectiveness of an initial financing statement or | 1503 |
other filed record. | 1504 |
Sec. 1309.521. (A) A filing office that accepts written | 1505 |
records may not refuse to accept a written initial financing | 1506 |
statement in the following form and format except for a reason | 1507 |
prescribed in division (B) of section 1309.516 of the Revised | 1508 |
Code: | 1509 |
1510 | |
1511 | |
A. Name and phone of contact at filer (optional) | 1512 | |||
................................................................. | 1513 | |||
B. Send acknowledgment to: (name and address) | 1514 | |||
.................................. | 1515 | |||
.................................. | 1516 | |||
.................................. | The above space is for filing office use only. | 1517 | ||
1. DEBTOR'S EXACT FULL LEGAL NAME | 1518 | |||
(Insert only one debtor name [1a or 1b]. Do not abbreviate or | 1519 | |||
combine names. If completing 1b, insert the debtor's name exactly as it appears on the debtor's current driver's license or identification card issued by this state, if one exists.) | 1520 | |||
1a. Organization's name ......................................... | 1521 | |||
or | 1522 | |||
1b. Individual's last name ............. First name ............. | 1523 | |||
Middle name ........................... Suffix .................. | 1524 | |||
1c. Mailing address ............................................. | 1525 | |||
City .......... State ....... Postal code ...... Country ........ | 1526 | |||
1527 | ||||
Additional information regarding organization debtor | 1528 | |||
1d. Type of organization ........................................ | 1529 | |||
1e. Jurisdiction of organization ................................ | 1530 | |||
2. ADDITIONAL DEBTOR'S EXACT FULL LEGAL NAME | 1531 | |||
(Insert only one debtor name [2a or 2b]. Do not abbreviate or | 1532 | |||
combine names. If completing 2b, insert the debtor's name exactly as it appears on the debtor's current driver's license or identification card issued by this state, if one exists.) | 1533 | |||
2a. Organization's name ......................................... | 1534 | |||
or | 1535 | |||
2b. Individual's last name ............. First name ............. | 1536 | |||
Middle name ........................... Suffix .................. | 1537 | |||
2c. Mailing address ............................................. | 1538 | |||
City .......... State ....... Postal code ...... Country ........ | 1539 | |||
1540 | ||||
Additional information regarding organization debtor | 1541 | |||
2d. Type of organization ........................................ | 1542 | |||
2e. Jurisdiction of organization ................................ | 1543 | |||
3. SECURED PARTY'S NAME (or name of total assignee of assignor | 1544 | |||
S/P). Insert only one secured party name (3a or 3b). | 1545 | |||
3a. Organization's name ......................................... | 1546 | |||
or | 1547 | |||
3b. Individual's last name ............. First name ............. | 1548 | |||
Middle name ........................... Suffix .................. | 1549 | |||
3c. Mailing address ............................................. | 1550 | |||
City .......... State ....... Postal code ...... Country ........ | 1551 | |||
4. This FINANCING STATEMENT covers the following collateral: | 1552 | |||
................................................................. | 1553 | |||
................................................................. | 1554 | |||
................................................................. | 1555 | |||
................................................................. | 1556 | |||
5. ALTERNATIVE DESIGNATION (if applicable): | 1557 | |||
[ ] Lessee/lessor [ ] Consignee/consignor [ ] Bailee/bailor | 1558 | |||
[ ] Seller/buyer [ ] Ag. lien [ ] Non-UCC filing | 1559 | |||
6. [ ] This FINANCING STATEMENT is to be filed [for record] (or | 1560 | |||
recorded) in the REAL ESTATE RECORDS. Attach addendum .......... | 1561 | |||
[if applicable]. | 1562 | |||
7. Check to REQUEST SEARCH REPORT(S) on debtor(s) | 1563 | |||
[ADDITIONAL FEE] .......... [optional] | 1564 | |||
[ ] All debtors [ ] Debtor 1 [ ] Debtor 2 | 1565 | |||
8. OPTIONAL FILER REFERENCE DATA | 1566 | |||
................................................................. | 1567 | |||
................................................................. | 1568 |
1569 | |
1570 | |
9. NAME OF FIRST DEBTOR (1a OR 1b) ON RELATED FINANCING STATEMENT | 1571 | ||||
9a. Organization's name ......................................... | 1572 | ||||
or | 1573 | ||||
9b. Individual's last name ............. First name ............. | 1574 | ||||
Middle name ........................... Suffix .................. | 1575 | ||||
10. MISCELLANEOUS | 1576 | ||||
.................................. | 1577 | ||||
.................................. | 1578 | ||||
.................................. | The above space is for filing office use only. | 1579 | |||
11. ADDITIONAL DEBTOR'S EXACT FULL LEGAL NAME | 1580 | ||||
(Insert only one name [11a or 11b]. Do not abbreviate or combine | 1581 | ||||
names. If completing 11b, insert the debtor's name exactly as it appears on the debtor's current driver's license or identification card issued by this state, if one exists.) | 1582 | ||||
11a. Organization's name ........................................ | 1583 | ||||
or | 1584 | ||||
11b. Individual's last name ............. First name ............ | 1585 | ||||
Middle name ........................... Suffix .................. | 1586 | ||||
11c. Mailing address ............................................ | 1587 | ||||
City .......... State ....... Postal code ...... Country ........ | 1588 | ||||
1589 | |||||
Additional information regarding organization debtor | 1590 | ||||
11d. Type of organization ....................................... | 1591 | ||||
11e. Jurisdiction of organization ............................... | 1592 | ||||
12. [ ] ADDITIONAL SECURED PARTY'S or [ ] ASSIGNOR S/P'S NAME | 1593 | ||||
(Insert only one name [12a or 12b].) | 1594 | ||||
12a. Organization's name ........................................ | 1595 | ||||
or | 1596 | ||||
12b. Individual's last name ............. First name ............ | 1597 | ||||
Middle name ........................... Suffix .................. | 1598 | ||||
12c. Mailing address ............................................ | 1599 | ||||
City .......... State ....... Postal code ...... Country ........ | 1600 | ||||
13. This FINANCING STATEMENT covers [ ] timber to be cut or | 1601 | ||||
[ ] as-extracted collateral, or is filed as a [ ] fixture filing. | 1602 | ||||
14. DESCRIPTION OF REAL ESTATE: | 1603 | ||||
................................................................. | 1604 | ||||
................................................................. | 1605 | ||||
................................................................. | 1606 | ||||
................................................................. | 1607 | ||||
15. Name and address of a RECORD OWNER of above-described real | 1608 | ||||
estate (if debtor does not have a record interest): | 1609 | ||||
................................................................. | 1610 | ||||
................................................................. | 1611 | ||||
................................................................. | 1612 | ||||
16. Additional collateral description: | 1613 | ||||
................................................................. | 1614 | ||||
................................................................. | 1615 | ||||
................................................................. | 1616 | ||||
................................................................. | 1617 | ||||
17. Check only if applicable and check only one box. | 1618 | ||||
Debtor is a [ ] Trust or [ ] Trustee acting with respect to | 1619 | ||||
property held in trust or [ ] Decedent's estate | 1620 | ||||
18. Check only if applicable and check only one box. | 1621 | ||||
[ ] | Debtor is a transmitting utility | 1622 | |||
[ ] | Filed in connection with a manufactured-home transaction - | 1623 | |||
effective 30 years | 1624 | ||||
[ ] | Filed in connection with a public-finance transaction - | 1625 | |||
effective 30 years | 1626 |
(B) A filing office that accepts written records may not | 1627 |
refuse to accept a written record in the following form and format | 1628 |
except for a reason prescribed in division (B) of section 1309.516 | 1629 |
of the Revised Code: | 1630 |
1631 | |
1632 | |
A. Name and phone of contact at filer (optional) | 1633 | ||
................................................................ | 1634 | ||
B. Send acknowledgment to: (name and address) | 1635 | ||
.................................. | 1636 | ||
.................................. | 1637 | ||
.................................. | The above space is for filing office use only. | 1638 | |
1a. INITIAL FINANCING STATEMENT FILE NUMBER .................... | 1639 | ||
1b. [ ] This financing statement amendment is to be filed [for | 1640 | ||
record] (or recorded) in the real estate records. | 1641 | ||
2. [ ] TERMINATION: Effectiveness of the financing statement identified above is terminated with respect to security interest(s) of the secured party authorizing this termination statement. | 1642 | ||
3. [ ] CONTINUATION: Effectiveness of the financing statement identified above with respect to security interest(s) of the secured party authorizing this continuation statement is continued for the additional period provided by applicable law. | 1643 | ||
4. [ ] ASSIGNMENT (full or partial): Give name of assignee in item 7a or 7b and address of assignee in item 7c; and also give name of assignor in item 9. | 1644 | ||
5. AMENDMENT (PARTY INFORMATION): This amendment affects [ ] Debtor | 1645 | ||
or [ ] Secured Party of record. Check only one of these two boxes. | 1646 |
Also check one of the following three boxes and provide appropriate information in items 6 and/or 7. | 1647 | ||
[ ] | CHANGE name and/or address. Give current record name in item 6a or 6b; also give new name (if name change) in item 7a or 7b and/or new address (if address change) in item 7c. | 1648 | |
[ ] | DELETE name. Give record name to be deleted in item 6a or 6b. | 1649 | |
[ ] | ADD name. Complete item 7a or 7b, and also item 7c; also complete items 7d-7g (if applicable). | 1650 |
6. CURRENT RECORD INFORMATION: | 1651 | |
6a. Organization's name ......................................... | 1652 | |
or | 1653 | |
6b. Individual's last name .................. First name ........ | 1654 | |
Middle name ................................. Suffix ............ | 1655 | |
7. CHANGED (NEW) OR ADDED INFORMATION: | 1656 | |
(If completing 7b and the amendment affects a debtor, insert the debtor's name exactly as it appears on the debtor's current driver's license or identification card issued by this state, if one exists.) | 1657 | |
7a. Organization's name ......................................... | 1658 | |
or | 1659 | |
7b. Individual's last name .................. First name ........ | 1660 | |
Middle name ................................. Suffix ............ | 1661 | |
7c. Mailing address ............................................. | 1662 | |
City ........ State ....... Postal code ....... Country ......... | 1663 | |
1664 | ||
Additional information regarding organization debtor | 1665 | |
7d. Type of organization ........................................ | 1666 | |
7e. Jurisdiction of organization ................................ | 1667 | |
8. AMENDMENT (COLLATERAL CHANGE). Check only one box. | 1668 | |
Describe collateral [ ] deleted or [ ] added, or give entire | 1669 | |
[ ] restated collateral description, or describe collateral | 1670 | |
[ ] assigned. | 1671 | |
................................................................. | 1672 | |
................................................................. | 1673 | |
................................................................. | 1674 | |
................................................................. | 1675 | |
9. NAME OF SECURED PARTY OF RECORD AUTHORIZING THIS AMENDMENT | 1676 | |
(name of assignor, if this is an assignment). If this is an | 1677 | |
amendment authorized by a debtor that adds collateral or adds | 1678 | |
the authorizing debtor, or if this is a termination authorized | 1679 | |
by a debtor, check here [ ] and enter name of debtor | 1680 | |
authorizing this amendment. | 1681 | |
9a. Organization's name ......................................... | 1682 | |
or | 1683 | |
9b. Individual's last name ................ First name .......... | 1684 | |
Middle name ............................... Suffix .............. | 1685 | |
10. OPTIONAL FILER REFERENCE DATA | 1686 | |
................................................................. | 1687 |
1688 | |
1689 | |
11. INITIAL FINANCING STATEMENT FILE NUMBER (same as item 1a | 1690 | ||
on amendment form) ............................................. | 1691 | ||
12. NAME OF PARTY AUTHORIZING | 1692 | ||
THIS AMENDMENT (same as item 9 | 1693 | ||
on amendment form) | 1694 | ||
12a. Organization's name | 1695 | ||
................................. | 1696 | ||
or | 1697 | ||
12b. Individual's last name | 1698 | ||
................................. | 1699 | ||
First name ...................... | 1700 | ||
Middle name .......... Suffix ... | The above space is for filing office use only. | 1701 | |
13. Use this space for additional information. | 1702 | ||
................................................................... | 1703 | ||
................................................................... | 1704 | ||
................................................................... | 1705 |
................................................................... | 1706 |
Sec. 1309.607. (A) If so agreed, and in any event after | 1707 |
default, a secured party: | 1708 |
(1) May notify an account debtor or other person obligated on | 1709 |
collateral to make payment or otherwise render performance to or | 1710 |
for the benefit of the secured party; | 1711 |
(2) May take any proceeds to which the secured party is | 1712 |
entitled under section 1309.315 of the Revised Code; | 1713 |
(3) May enforce the obligations of an account debtor or other | 1714 |
person obligated on collateral and exercise the rights of the | 1715 |
debtor with respect to the obligation of the account debtor or | 1716 |
other person obligated on collateral to make payment or otherwise | 1717 |
render performance to the debtor, and with respect to any property | 1718 |
that secures the obligations of the account debtor or other person | 1719 |
obligated on the collateral; | 1720 |
(4) If it holds a security interest in a deposit account | 1721 |
perfected by control under division (A)(1) of section 1309.104 of | 1722 |
the Revised Code, may apply the balance of the deposit account to | 1723 |
the obligation secured by the deposit account; and | 1724 |
(5) If it holds a security interest in a deposit account | 1725 |
perfected by control under division (A)(2) or (3) of section | 1726 |
1309.104 of the Revised Code, may instruct the bank to pay the | 1727 |
balance of the deposit account to or for the benefit of the | 1728 |
secured party. | 1729 |
(B) If necessary to enable a secured party to exercise the | 1730 |
right of a debtor to enforce a mortgage nonjudicially under | 1731 |
division (A)(3) of this section, the secured party may record in | 1732 |
the office in which a record of the mortgage is recorded: | 1733 |
(1) A copy of the security agreement that creates or provides | 1734 |
for a security interest in the obligation secured by the mortgage; | 1735 |
and | 1736 |
(2) The secured party's sworn affidavit in recordable form | 1737 |
stating that: | 1738 |
(a) A default has occurred with respect to the obligation | 1739 |
secured by the mortgage; and | 1740 |
(b) The secured party is entitled to enforce the mortgage | 1741 |
nonjudicially. | 1742 |
(C) A secured party shall proceed in a commercially | 1743 |
reasonable manner if the secured party: | 1744 |
(1) Undertakes to collect from or enforce an obligation of an | 1745 |
account debtor or other person obligated on collateral; and | 1746 |
(2) Is entitled to charge back uncollected collateral or | 1747 |
otherwise to full or limited recourse against the debtor or a | 1748 |
secondary obligor. | 1749 |
(D) A secured party may deduct from the collections made | 1750 |
pursuant to division (C) of this section reasonable expenses of | 1751 |
collection and enforcement, including reasonable attorney's fees | 1752 |
and legal expenses incurred by the secured party. | 1753 |
(E) This section does not determine whether an account | 1754 |
debtor, bank, or other person obligated on collateral owes a duty | 1755 |
to a secured party. | 1756 |
Section 2. That existing sections 102.01, 103.63, 1309.102, | 1757 |
1309.105, 1309.307, 1309.311, 1309.316, 1309.317, 1309.326, | 1758 |
1309.406, 1309.408, 1309.502, 1309.503, 1309.507, 1309.515, | 1759 |
1309.516, 1309.518, 1309.521, and 1309.607 of the Revised Code are | 1760 |
hereby repealed. | 1761 |
Section 3. (A) Except as otherwise provided in Sections 3 | 1762 |
through 8 of this act, this act applies to a transaction or lien | 1763 |
within its scope, even if the transaction or lien was entered into | 1764 |
or created before Sections 1 through 8 of this act, except for | 1765 |
sections 102.01 and 103.63 of the Revised Code as amended by this | 1766 |
act, take effect. | 1767 |
(B) This act does not affect an action, case, or proceeding | 1768 |
commenced before Sections 1 through 8 of this act, except for | 1769 |
sections 102.01 and 103.63 of the Revised Code as amended by this | 1770 |
act, take effect. | 1771 |
Section 4. (A) A security interest that is a perfected | 1772 |
security interest immediately before Sections 1 through 8 of this | 1773 |
act, except for sections 102.01 and 103.63 of the Revised Code as | 1774 |
amended by this act, take effect is a perfected security interest | 1775 |
under Chapter 1309. of the Revised Code as amended by this act if, | 1776 |
when Sections 1 through 8 of this act, except for sections 102.01 | 1777 |
and 103.63 of the Revised Code as amended by this act, take | 1778 |
effect, the applicable requirements for attachment and perfection | 1779 |
under Chapter 1309. of the Revised Code as amended by this act are | 1780 |
satisfied without further action. | 1781 |
(B) Except as otherwise provided in Section 5 of this act, | 1782 |
if, immediately before Sections 1 through 8 of this act, except | 1783 |
for sections 102.01 and 103.63 of the Revised Code as amended by | 1784 |
this act, take effect, a security interest is a perfected security | 1785 |
interest, but the applicable requirements for perfection under | 1786 |
Chapter 1309. of the Revised Code as amended by this act are not | 1787 |
satisfied when Sections 1 through 8 of this act, except for | 1788 |
sections 102.01 and 103.63 of the Revised Code as amended by this | 1789 |
act, take effect, the security interest remains perfected | 1790 |
thereafter only if the applicable requirements for perfection | 1791 |
under Chapter 1309. of the Revised Code as amended by this act are | 1792 |
satisfied within one year after Sections 1 through 8 of this act, | 1793 |
except for sections 102.01 and 103.63 of the Revised Code as | 1794 |
amended by this act, take effect. | 1795 |
A security interest that is an unperfected security interest | 1796 |
immediately before Sections 1 through 8 of this act, except for | 1797 |
sections 102.01 and 103.63 of the Revised Code as amended by this | 1798 |
act, take effect becomes a perfected security interest: | 1799 |
(1) Without further action, when Sections 1 through 8 of this | 1800 |
act, except for sections 102.01 and 103.63 of the Revised Code as | 1801 |
amended by this act, take effect if the applicable requirements | 1802 |
for perfection under Chapter 1309. of the Revised Code as amended | 1803 |
by this act are satisfied before or at that time; or | 1804 |
(2) When the applicable requirements for perfection are | 1805 |
satisfied if the requirements are satisfied after that time. | 1806 |
Section 5. (A) The filing of a financing statement before | 1807 |
Sections 1 through 8 of this act, except for sections 102.01 and | 1808 |
103.63 of the Revised Code as amended by this act, take effect is | 1809 |
effective to perfect a security interest to the extent the filing | 1810 |
would satisfy the applicable requirements for perfection under | 1811 |
Chapter 1309. of the Revised Code as amended by this act. | 1812 |
(B) This act does not render ineffective an effective | 1813 |
financing statement that, before Sections 1 through 8 of this act, | 1814 |
except for sections 102.01 and 103.63 of the Revised Code as | 1815 |
amended by this act, take effect, is filed and satisfies the | 1816 |
applicable requirements for perfection under the law of the | 1817 |
jurisdiction governing perfection as provided in Chapter 1309. of | 1818 |
the Revised Code as it existed before amendment. However, except | 1819 |
as otherwise provided in Section 6 of this act and divisions (C) | 1820 |
and (D) of this section, the financing statement ceases to be | 1821 |
effective: | 1822 |
(1) If the financing statement is filed in this state, at the | 1823 |
time the financing statement would have ceased to be effective had | 1824 |
Sections 1 through 8 of this act, except for sections 102.01 and | 1825 |
103.63 of the Revised Code as amended by this act, not taken | 1826 |
effect; or | 1827 |
(2) If the financing statement is filed in another | 1828 |
jurisdiction, at the earlier of: | 1829 |
(a) The time the financing statement would have ceased to be | 1830 |
effective under the law of that jurisdiction; or | 1831 |
(b) June 30, 2018. | 1832 |
(C) The filing of a continuation statement after Sections 1 | 1833 |
through 8 of this act, except for sections 102.01 and 103.63 of | 1834 |
the Revised Code as amended by this act, take effect does not | 1835 |
continue the effectiveness of a financing statement filed before | 1836 |
those sections, except for sections 102.01 and 103.63 of the | 1837 |
Revised Code as amended by this act, take effect. However, upon | 1838 |
the timely filing of a continuation statement after those | 1839 |
sections, except for sections 102.01 and 103.63 of the Revised | 1840 |
Code as amended by this act, take effect and in accordance with | 1841 |
the law of the jurisdiction governing perfection as provided in | 1842 |
Chapter 1309. of the Revised Code as amended by this act, the | 1843 |
effectiveness of a financing statement filed in the same office in | 1844 |
that jurisdiction before those sections, except for sections | 1845 |
102.01 and 103.63 of the Revised Code as amended by this act, take | 1846 |
effect continues for the period provided by the law of that | 1847 |
jurisdiction. | 1848 |
(D) Division (B)(2)(b) of this section applies to a financing | 1849 |
statement that, before Sections 1 through 8 of this act, except | 1850 |
for sections 102.01 and 103.63 of the Revised Code as amended by | 1851 |
this act, take effect, is filed against a transmitting utility and | 1852 |
satisfies the applicable requirements for perfection under the law | 1853 |
of the jurisdiction governing perfection as provided in Chapter | 1854 |
1309. of the Revised Code as it existed before amendment, only to | 1855 |
the extent that Chapter 1309. of the Revised Code as amended by | 1856 |
this act provides that the law of a jurisdiction other than the | 1857 |
jurisdiction in which the financing statement is filed governs | 1858 |
perfection of a security interest in collateral covered by the | 1859 |
financing statement. | 1860 |
(E) A financing statement that includes a financing statement | 1861 |
filed before Sections 1 through 8 of this act, except for sections | 1862 |
102.01 and 103.63 of the Revised Code as amended by this act, take | 1863 |
effect and a continuation statement filed after those sections, | 1864 |
except for sections 102.01 and 103.63 of the Revised Code as | 1865 |
amended by this act, take effect is effective only to the extent | 1866 |
that it satisfies the requirements of sections 1309.501 to | 1867 |
1309.529 of the Revised Code as amended by this act for an initial | 1868 |
financing statement. A financing statement that indicates that the | 1869 |
debtor is a decedent's estate indicates that the collateral is | 1870 |
being administered by a personal representative within the meaning | 1871 |
of division (A)(2) of section 1309.503 of the Revised Code as | 1872 |
amended by this act. A financing statement that indicates that the | 1873 |
debtor is a trust or is a trustee acting with respect to property | 1874 |
held in trust indicates that the collateral is held in a trust | 1875 |
within the meaning of division (A)(3) of section 1309.503 of the | 1876 |
Revised Code as amended by this act. | 1877 |
Section 6. (A) The filing of an initial financing statement | 1878 |
in the office specified in section 1309.501 of the Revised Code | 1879 |
continues the effectiveness of a financing statement filed before | 1880 |
Sections 1 through 8 of this act, except for sections 102.01 and | 1881 |
103.63 of the Revised Code as amended by this act, take effect if: | 1882 |
(1) The filing of an initial financing statement in that | 1883 |
office would be effective to perfect a security interest under | 1884 |
Chapter 1309. of the Revised Code as amended by this act; | 1885 |
(2) The pre-effective-date financing statement was filed in | 1886 |
an office in another state; and | 1887 |
(3) The initial financing statement satisfies division (C) of | 1888 |
this section. | 1889 |
(B) The filing of an initial financing statement under | 1890 |
division (A) of this section continues the effectiveness of the | 1891 |
pre-effective-date financing statement: | 1892 |
(1) If the initial financing statement is filed before | 1893 |
Sections 1 through 8 of this act, except for sections 102.01 and | 1894 |
103.63 of the Revised Code as amended by this act, take effect, | 1895 |
for the period provided in section 1309.515 of the Revised Code as | 1896 |
it existed before amendment with respect to an initial financing | 1897 |
statement; and | 1898 |
(2) If the initial financing statement is filed after | 1899 |
Sections 1 through 8 of this act, except for sections 102.01 and | 1900 |
103.63 of the Revised Code as amended by this act, take effect, | 1901 |
for the period provided in section 1309.515 of the Revised Code as | 1902 |
amended by this act with respect to an initial financing | 1903 |
statement. | 1904 |
(C) To be effective for purposes of division (A) of this | 1905 |
section, an initial financing statement must: | 1906 |
(1) Satisfy the requirements of sections 1309.501 to 1309.529 | 1907 |
of the Revised Code as amended by this act for an initial | 1908 |
financing statement; | 1909 |
(2) Identify the pre-effective-date financing statement by | 1910 |
indicating the office in which the financing statement was filed | 1911 |
and providing the dates of filing and file numbers, if any, of the | 1912 |
financing statement and of the most recent continuation statement | 1913 |
filed with respect to the financing statement; and | 1914 |
(3) Indicate that the pre-effective-date financing statement | 1915 |
remains effective. | 1916 |
Section 7. (A) In this section, "pre-effective-date financing | 1917 |
statement" means a financing statement filed before Sections 1 | 1918 |
through 8 of this act, except for sections 102.01 and 103.63 of | 1919 |
the Revised Code as amended by this act, take effect. | 1920 |
(B) After Sections 1 through 8 of this act, except for | 1921 |
sections 102.01 and 103.63 of the Revised Code as amended by this | 1922 |
act, take effect, a person may add or delete collateral covered | 1923 |
by, continue or terminate the effectiveness of, or otherwise amend | 1924 |
the information provided in, a pre-effective-date financing | 1925 |
statement only in accordance with the law of the jurisdiction | 1926 |
governing perfection as provided in Chapter 1309. of the Revised | 1927 |
Code as amended by this act. However, the effectiveness of a | 1928 |
pre-effective-date financing statement also may be terminated in | 1929 |
accordance with the law of the jurisdiction in which the financing | 1930 |
statement is filed. | 1931 |
(C) Except as otherwise provided in division (D) of this | 1932 |
section, if the law of this state governs perfection of a security | 1933 |
interest, the information in a pre-effective-date financing | 1934 |
statement may be amended after Sections 1 through 8 of this act, | 1935 |
except for sections 102.01 and 103.63 of the Revised Code as | 1936 |
amended by this act, take effect only if: | 1937 |
(1) The pre-effective-date financing statement and an | 1938 |
amendment are filed in the office specified in section 1309.501 of | 1939 |
the Revised Code; | 1940 |
(2) An amendment is filed in the office specified in section | 1941 |
1309.501 of the Revised Code concurrently with, or after the | 1942 |
filing in that office of, an initial financing statement that | 1943 |
satisfies division (C) of Section 6 of this act; or | 1944 |
(3) An initial financing statement that provides the | 1945 |
information as amended and satisfies division (C) of Section 6 of | 1946 |
this act is filed in the office specified in section 1309.501 of | 1947 |
the Revised Code. | 1948 |
(D) If the law of this state governs perfection of a security | 1949 |
interest, the effectiveness of a pre-effective-date financing | 1950 |
statement may be continued only under divisions (C) and (E) of | 1951 |
Section 5 of this act or Section 6 of this act. | 1952 |
(E) Whether or not the law of this state governs perfection | 1953 |
of a security interest, the effectiveness of a pre-effective-date | 1954 |
financing statement filed in this state may be terminated after | 1955 |
Sections 1 through 8 of this act, except for sections 102.01 and | 1956 |
103.63 of the Revised Code as amended by this act, take effect by | 1957 |
filing a termination statement in the office in which the | 1958 |
pre-effective-date financing statement is filed, unless an initial | 1959 |
financing statement that satisfies division (C) of Section 6 of | 1960 |
this act has been filed in the office specified by the law of the | 1961 |
jurisdiction governing perfection as provided in Chapter 1309. of | 1962 |
the Revised Code as amended by this act as the office in which to | 1963 |
file a financing statement. | 1964 |
A person may file an initial financing statement or a | 1965 |
continuation statement under Sections 3 through 8 of this act if: | 1966 |
(1) The secured party of record authorizes the filing; and | 1967 |
(2) The filing is necessary under Sections 3 through 8 of | 1968 |
this act: | 1969 |
(a) To continue the effectiveness of a financing statement | 1970 |
filed before Sections 1 through 8 of this act, except for sections | 1971 |
102.01 and 103.63 of the Revised Code as amended by this act, take | 1972 |
effect; or | 1973 |
(b) To perfect or continue the perfection of a security | 1974 |
interest. | 1975 |
Section 8. This act determines the priority of conflicting | 1976 |
claims to collateral. However, if the relative priorities of the | 1977 |
claims were established before Sections 1 through 8 of this act, | 1978 |
except for sections 102.01 and 103.63 of the Revised Code as | 1979 |
amended by this act, take effect, Chapter 1309. of the Revised | 1980 |
Code as it existed before amendment determines priority. | 1981 |
Section 9. Sections 1 through 8 of this act, except for | 1982 |
sections 102.01 and 103.63 of the Revised Code as amended by this | 1983 |
act, shall take effect on July 1, 2013. | 1984 |