Revise the Ohio Uniform Commercial Code

Summary

The bill revises dozens of sections of Ohio’s Uniform Commercial Code, adding new definitions for electronic documents of title, controllable electronic records, and payment intangibles, and changing how security interests are created, perfected, and prioritized. It affects merchants, lenders, banks, borrowers and other parties that deal in goods, securities, or electronic payments, aiming to align state law with current digital commerce practices.

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