Effective: June 29, 2011
Latest Legislation: House Bill 9 - 129th General Assembly
Value [UCC 1-204]
Except as otherwise provided in Chapters 1303., 1304., and 1305. of the Revised Code, a person gives value for rights if the person acquires them:
(A) In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;
(B) As security for, or in total or partial satisfaction of, a preexisting claim;
(C) By accepting delivery under a preexisting contract for purchase; or
(D) In return for any consideration sufficient to support a simple contract.
Structure Ohio Revised Code
Title 13 | Commercial Transactions
Chapter 1301 | General Provisions
Section 1301.101 | Short Titles - Ucc 1-101.
Section 1301.102 | Scope of Chapter 1301 - Ucc 1-102.
Section 1301.104 | Construction Against Implied Repeal - Ucc 1-104.
Section 1301.105 | Severability - Ucc 1-105.
Section 1301.106 | Use of Singular and Plural; Gender - Ucc 1-106.
Section 1301.107 | Section Captions - Ucc 1-107.
Section 1301.201 | General Definitions - Ucc 1-201.
Section 1301.202 | Notice; Knowledge - Ucc 1-202.
Section 1301.203 | Lease Distinguished From Security Interest - Ucc 1-203.
Section 1301.204 | Value - Ucc 1-204.
Section 1301.205 | Reasonable Time; Seasonableness [Ucc 1-205].
Section 1301.206 | Presumptions - Ucc 1-206.
Section 1301.301 | Territorial Applicability; Parties' Power to Choose Applicable Law - Ucc 1-301.
Section 1301.302 | Variation by Agreement - Ucc 1-302.
Section 1301.303 | Course of Performance, Course of Dealing, and Usage of Trade - Ucc 1-303.
Section 1301.304 | Obligation of Good Faith - Ucc 1-304.
Section 1301.305 | Remedies to Be Liberally Administered - Ucc 1-305.
Section 1301.306 | Waiver or Renunciation of Claim or Right After Breach - Ucc 1-306.
Section 1301.307 | Prima Facie Evidence by Third-Party Documents - Ucc 1-307.
Section 1301.308 | Performance or Acceptance Under Reservation of Rights - Ucc 1-308.
Section 1301.309 | Option to Accelerate at Will - Ucc 1-309.
Section 1301.310 | Subordinated Obligations - Ucc 1-310.
Section 1301.311 | Transactions Entered Into Before 7-1-62 - Ucc 10-102(2).