Ohio Code 1303.21 – Negotiation – UCC 3-201
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(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.
Terms Used In Ohio Code 1303.21
- Issuer: means a maker or drawer of an issued or unissued instrument. See Ohio Code 1303.01
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Remitter: means a person who purchases an instrument from its issuer if the instrument is payable to an identified person other than the purchaser. See Ohio Code 1303.01
(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.