Ohio Code 1317.03 – Evidence of indebtedness
A retail seller may require a retail buyer to execute and deliver a promissory note to evidence the indebtedness created by a retail installment sale, and, to secure the payment of the indebtedness created by the sale or evidenced by the promissory note or to secure the performance of any other condition of the sale, may require the retail buyer to execute and deliver a security agreement to give the retail seller a security interest in the specific goods which were the subject matter of the retail installment sale. A written instrument required by section 1317.02 of the Revised Code may evidence the security interest.
Terms Used In Ohio Code 1317.03
- Buyer: means a person that buys or agrees to buy goods or any legal successor in interest of such person. See Ohio Code 1317.01
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Goods: means all things, including specially manufactured goods but not including the money in which the price is to be paid or things in action, that satisfy both of the following:
(a) They are movable at the time of identification for sale or identification to the contract for sale;
(b) They are purchased primarily for personal, family, or household purposes. See Ohio Code 1317.01
- Retail: means to dispose of specific goods to, or to acquire specific goods by, a person for use other than for purposes of resale. See Ohio Code 1317.01
- Retail buyer: means a buyer that is a party to a retail installment sale, or any legal successor in interest of such person. See Ohio Code 1317.01
- Retail installment sale: includes every retail installment contract to sell specific goods, every consumer transaction in which the cash price may be paid in installments over a period of time, and every retail sale of specific goods to any person in which the cash price may be paid in installments over a period of time. See Ohio Code 1317.01
- Retail seller: means a seller that is a party to a retail installment sale. See Ohio Code 1317.01
- Seller: means a person who sells or agrees to sell goods. See Ohio Code 1317.01