Ohio Revised Code
Chapter 1303 | Commercial Paper
Section 1303.23 | Negotiation Subject to Rescission - Ucc 3-202.

Effective: August 19, 1994
Latest Legislation: Senate Bill 147 - 120th General Assembly
(A) Negotiation is effective even if it is obtained in any of the following manners:
(1) From an infant, a corporation exceeding its powers, or any other person without capacity;
(2) By fraud, duress, or mistake of any kind;
(3) As part of an illegal transaction;
(4) In breach of duty.
(B) To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for the rescission or other remedy.

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