Ohio Rev. Code Ann. § 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

Known as the Uniform Commercial Code

The act spans §§ 1309.101 to 1309.709 (136 sections).

Applied in 1 court decision — leading case Williams v. Pioneer Credit Recovery, Inc. (2020)

Most recently applied in Williams v. Pioneer Credit Recovery, Inc. (February 2020)

Effective: July 1, 2001; Latest Legislation: Senate Bill 74 - 124th General Assembly

(A) A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the collateral sold.

(B) For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.

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.