Ohio Revised Code
Chapter 1309 | Secured Transactions
Section 1309.402 | Secured Party Not Obligated on Contract of Debtor or in Tort - Ucc 9-402.

Effective: July 1, 2001
Latest Legislation: Senate Bill 74 - 124th General Assembly
The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.

Structure Ohio Revised Code

Ohio Revised Code

Title 13 | Commercial Transactions

Chapter 1309 | Secured Transactions

Section 1309.101 | Short Title - Section Numbering - Ucc 9-101.

Section 1309.102 | Definitions and Index of Definitions - Ucc 9-102.

Section 1309.103 | Purchase-Money Security Interest - Application of Payments - Burden of Establishing - Ucc 9-103.

Section 1309.104 | Control of Deposit Account - Ucc 9-104.

Section 1309.105 | Control of Electronic Chattel Paper - Ucc 9-105.

Section 1309.106 | Control of Investment Property - Ucc 9-106.

Section 1309.107 | Control of Letter-of-Credit Right - Ucc 9-107.

Section 1309.108 | Sufficiency of Description - Ucc 9-108.

Section 1309.109 | Scope of Chapter - Ucc 9-109.

Section 1309.110 | Security Interests Arising Under Article 2 or 2a - Ucc 9-110.

Section 1309.201 | General Effectiveness of Security Agreement - Ucc 9-201.

Section 1309.202 | Title to Collateral Immaterial - Ucc 9-202.

Section 1309.203 | Attachment and Enforceability of Security Interest - Proceeds - Supporting Obligation - Formal Requisites - Ucc 9-203.

Section 1309.204 | After-Acquired Property - Future Advances - Ucc 9-204.

Section 1309.205 | Use or Disposition of Collateral Permissible - Ucc 9-205.

Section 1309.206 | Security Interest Arising in Purchase or Delivery of Financial Asset - Ucc 9-206.

Section 1309.207 | Rights and Duties of Secured Party Having Possession or Control of Collateral - Ucc 9-207.

Section 1309.208 | Additional Duties of Secured Party Having Control of Collateral - Ucc 9-208.

Section 1309.209 | Duties of Secured Party if Account Debtor Has Been Notified of Assignment - Ucc 9-209.

Section 1309.210 | Request for Accounting - Request Regarding List of Collateral or Statement of Account - Ucc 9-210.

Section 1309.301 | Law Governing Perfection and Priority of Security Interests - Ucc 9-301.

Section 1309.302 | Law Governing Perfection and Priority of Agricultural Liens - Ucc 9-302.

Section 1309.303 | Law Governing Perfection and Priority of Security Interests in Goods Covered by a Certificate of Title - Ucc 9-303.

Section 1309.304 | Law Governing Perfection and Priority of Security Interests in Deposit Accounts - Ucc 9-304.

Section 1309.305 | Law Governing Perfection and Priority of Security Interests in Investment Property - Ucc 9-305.

Section 1309.306 | Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights - Ucc 9-306.

Section 1309.307 | Location of Debtor - Ucc 9-307.

Section 1309.308 | When Security Interest or Agricultural Lien Is Perfected - Continuity of Perfection - Ucc 9-308.

Section 1309.309 | Security Interest Perfected Upon Attachment - Ucc 9-309.

Section 1309.310 | When Filing Required to Perfect Security Interest or Agricultural Lien - Security Interests and Agricultural Liens to Which Filing Provisions Do Not Apply - Ucc 9-310.

Section 1309.311 | Perfection of Security Interests in Property Subject to Certain Statutes, Regulations, and Treaties - Ucc 9-311.

Section 1309.312 | Perfection of Security Interests - Ucc 9-312.

Section 1309.313 | When Possession by or Delivery to Secured Party Perfects Security Interest Without Filing - Ucc 9-313.

Section 1309.314 | Perfection by Control - Ucc 9-314.

Section 1309.315 | Secured Party's Rights on Disposition of Collateral and in Proceeds - Ucc 9-315.

Section 1309.316 | Continued Perfection of Security Interest Following Change in Governing Law - Ucc 9-316.

Section 1309.317 | Interests That Take Priority Over or Take Free of Unperfected Security Interest or Agricultural Lien - Ucc 9-317.

Section 1309.318 | No Interest Retained in Right to Payment That Is Sold - Rights and Title of Seller of Account or Chattel Paper With Respect to Creditors and Purchasers - Ucc 9-318.

Section 1309.319 | Rights and Title of Consignee With Respect to Creditors and Purchasers - Ucc 9-319.

Section 1309.320 | Buyer of Goods - Ucc 9-320.

Section 1309.321 | Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business - Ucc 9-321.

Section 1309.322 | Priorities Among Conflicting Security Interests in and Agricultural Liens on Same Collateral - Ucc 9-322.

Section 1309.323 | Future Advances - Ucc 9-323.

Section 1309.324 | Priority of Purchase-Money Security Interests - Ucc 9-324.

Section 1309.325 | Priority of Security Interests in Transferred Collateral - Ucc 9-325.

Section 1309.326 | Priority of Security Interests Created by New Debtor - Ucc 9-326.

Section 1309.327 | Priority of Security Interests in Deposit Account - Ucc 9-327.

Section 1309.328 | Priority of Security Interests in Investment Property - Ucc 9-328.

Section 1309.329 | Priority of Security Interests in Letter-of-Credit Right - Ucc 9-329.

Section 1309.330 | Priority of Purchases of Chattel Paper or Instrument - Ucc 9-330.

Section 1309.331 | Priority of Rights of Purchasers of Instruments, Documents, and Securities Under Other Chapters - Priority of Interests in Financial Assets and Security Entitlements Under Chapter 1308 - Ucc 9-331.

Section 1309.332 | Transfer of Money - Transfer of Funds From Deposit Account - Ucc 9-332.

Section 1309.333 | Priority of Certain Liens Arising by Operation of Law - Ucc 9-333.

Section 1309.334 | Priority of Security Interests in Fixtures and Crops - Ucc 9-334.

Section 1309.335 | Accessions - Ucc 9-335.

Section 1309.336 | Commingled Goods - Ucc 9-336.

Section 1309.337 | Priority of Security Interests in Goods Covered by Certificate of Title - Ucc 9-337.

Section 1309.338 | Priority of Security Interest or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information - Ucc 9-338.

Section 1309.339 | Priority Subject to Subordination - Ucc 9-339.

Section 1309.340 | Effectiveness of Right of Recoupment or Set-Off Against Deposit Account - Ucc 9-340.

Section 1309.341 | Bank's Rights and Duties With Respect to Deposit Account - Ucc 9-341.

Section 1309.342 | Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement - Ucc 9-342.

Section 1309.401 | Alienability of Debtor's Rights - Ucc 9-401.

Section 1309.402 | Secured Party Not Obligated on Contract of Debtor or in Tort - Ucc 9-402.

Section 1309.403 | Agreement Not to Assert Defenses Against Assignee - Ucc 9-403.

Section 1309.404 | Rights Acquired by Assignee - Claims and Defenses Against Assignee - Ucc 9-404.

Section 1309.405 | Modification of Assigned Contract - Ucc 9-405.

Section 1309.406 | Discharge of Account Debtor - Ucc 9-406.

Section 1309.407 | Restriction on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor's Residual Interest - Ucc 9-407.

Section 1309.408 | Restrictions on Assignment of Promissory Notes, Health-Care-Insurance Receivables, and Certain General Intangibles Ineffective - Ucc 9-408.

Section 1309.409 | Restrictions on Assignment of Letter-of-Credit Rights Ineffective - Ucc 9-409.

Section 1309.501 | Filing Office - Ucc 9-501.

Section 1309.502 | Contents of Financing Statement - Record of Mortgage as Financing Statement - Time of Filing Financing Statement - Ucc 9-502.

Section 1309.503 | Name of Debtor and Secured Party - Ucc 9-503.

Section 1309.504 | Indication of Collateral - Ucc 9-504.

Section 1309.505 | Filing and Compliance With Other Statutes and Treaties for Consignments, Leases, Other Bailments, and Other Transactions - Ucc 9-505.

Section 1309.506 | Effect of Errors or Omissions - Ucc 9-506.

Section 1309.507 | Effect of Certain Events on Effectiveness of Financing Statement - Ucc 9-507.

Section 1309.508 | Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement - Ucc 9-508.

Section 1309.509 | Persons Entitled to File a Record - Ucc 9-509.

Section 1309.510 | Effectiveness of Filed Record - Ucc 9-510.

Section 1309.511 | Secured Party of Record - Ucc 9-511.

Section 1309.512 | Amendment of Financing Statement - Ucc 9-512.

Section 1309.513 | Termination Statement - Ucc 9-513.

Section 1309.514 | Assignment of Powers of Secured Party of Record - Ucc 9-514.

Section 1309.515 | Duration and Effectiveness of Financing Statement - Effect of Lapsed Financing Statement - Ucc 9-515.

Section 1309.516 | What Constitutes Filing - Effectiveness of Filing - Ucc 9-516.

Section 1309.517 | Effect of Indexing Errors - Ucc 9-517.

Section 1309.518 | Claim Concerning Inaccurate or Wrongfully Filed Record - Ucc 9-518.

Section 1309.519 | Numbering, Maintaining, and Indexing Records - Communicating Information Provided in Records - Ucc 9-519.

Section 1309.520 | Acceptance and Refusal to Accept Record - Ucc 9-520.

Section 1309.521 | Uniform Form of Written Financing Statement and Amendment - Ucc 9-521.

Section 1309.522 | Maintenance and Destruction of Records - Ucc 9-522.

Section 1309.523 | Information From Filing Office - Sale or License of Records - Ucc 9-523.

Section 1309.524 | Delay by Filing Office - Ucc 9-524.

Section 1309.525 | Fees - Ucc 9-525.

Section 1309.526 | Filing-Office Rules - Ucc 9-526.

Section 1309.527 | Duty to Report - Ucc 9-527.

Section 1309.528 | Corporate and Uniform Commercial Code Filing Fund - Ucc 9-528.

Section 1309.529 | Distributions of Fees to County Recorders - Ucc 9-529.

Section 1309.601 | Rights After Default - Judicial Enforcement - Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes - Ucc 9-601.

Section 1309.602 | Waiver and Variance of Rights and Duties - Ucc 9-602.

Section 1309.603 | Agreement on Standards Concerning Rights and Duties - Ucc 9-603.

Section 1309.604 | Procedure if Security Agreement Covers Real Property or Fixtures - Ucc 9-604.

Section 1309.605 | Unknown Debtor or Secondary Obligor - Ucc 9-605.

Section 1309.606 | Time for Default for Agricultural Lien - Ucc 9-606.

Section 1309.607 | Collection and Enforcement by Secured Party - Ucc 9-607.

Section 1309.608 | Application of Proceeds of Collection or Enforcement - Liability for Deficiency and Right to Surplus - Ucc 9-608.

Section 1309.609 | Secured Party's Right to Take Possession After Default - Ucc 9-609.

Section 1309.610 | Disposition of Collateral After Default - Ucc 9-610.

Section 1309.611 | Notification Before Disposition of Collateral - Ucc 9-611.

Section 1309.612 | Timeliness of Notification Before Disposition of Collateral - Ucc 9-612.

Section 1309.613 | Contents and Form of Notification Before Disposition of Collateral - General - Ucc 9-613.

Section 1309.614 | Contents and Form of Notification Before Disposition of Collateral - Consumer-Goods Transaction - Ucc 9-614.

Section 1309.615 | Application of Proceeds of Disposition - Liability for Deficiency and Right to Surplus - Ucc 9-615.

Section 1309.616 | Explanation of Calculation of Surplus or Deficiency - Ucc 9-616.

Section 1309.617 | Rights of Transferee of Collateral - Ucc 9-617.

Section 1309.618 | Rights and Duties of Certain Secondary Obligors - Ucc 9-618.

Section 1309.619 | Transfer of Record or Legal Title - Ucc 9-619.

Section 1309.620 | Acceptance of Collateral in Full or Partial Satisfaction of Obligation - Compulsory Disposition of Collateral - Ucc 9-620.

Section 1309.621 | Notification of Proposal to Accept Collateral - Ucc 9-621.

Section 1309.622 | Effect of Acceptance of Collateral - Ucc 9-622.

Section 1309.623 | Right to Redeem Collateral - Ucc 9-623.

Section 1309.624 | Waiver - Ucc 9-624.

Section 1309.625 | Remedies for Secured Party's Failure to Comply With Chapter - Ucc 9-625.

Section 1309.626 | Action in Which Deficiency or Surplus Is in Issue - Ucc 9-626.

Section 1309.627 | Determination of Whether Conduct Was Commercially Reasonable - Ucc 9-627.

Section 1309.628 | Nonliability and Limitation on Liability of Secured Party - Liability of Secondary Obligor - Ucc 9-628.

Section 1309.702 | Savings Clause - Ucc 9-702.

Section 1309.703 | Security Interest Perfected Before Effective Date - Ucc 9-703.

Section 1309.704 | Security Interest Unperfected Before Effective Date - Ucc 9-704.

Section 1309.705 | Effectiveness of Action Taken Before Effective Date - Ucc 9-705.

Section 1309.706 | When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement - Ucc 9-706.

Section 1309.707 | Pre-Effective-Date Financing Statement - Ucc 9-707.

Section 1309.708 | Persons Entitled to File Initial Financing Statement or Continuation Statement - Ucc 9-708.

Section 1309.709 | Priority - Ucc 9-709.