Negotiation - UCC 3-201
Applied in 2 court decisions — leading case 605 F. Supp. 2d 914 - Whittiker v. Deutsche Bank National Trust Co. (2009)
Most recently applied in Education Resources Institute, Inc. v. Soren (June 2011)
Effective: August 19, 1994; Latest Legislation: Senate Bill 147 - 120th General Assembly
(A) "Negotiation" means a voluntary or involuntary transfer of possession of an instrument by a person other than the issuer to a person who by the transfer becomes the holder of the instrument.
(B) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its indorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.
Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.