Terms Used In Ohio Code 1309.108

• Account: includes health-care insurance receivables. See Ohio Code 1309.102
• Collateral: means the property subject to a security interest or agricultural lien, including:

  (a) Proceeds to which a security interest attaches;

  (b) Accounts, chattel paper, payment intangibles, and promissory notes that have been sold; and

  (c) Goods that are the subject of a consignment. See Ohio Code 1309.102

• Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Ohio Code 1309.102
• Consumer transaction: means a transaction in which: (a) an individual incurs an obligation primarily for personal, family, or household purposes, (b) a security interest secures the obligation, and (c) the collateral is held or acquired primarily for personal, family, or household purposes. See Ohio Code 1309.102
• Contract: A legal written agreement that becomes binding when signed.
• Debtor: means :

  (a) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;

  (b) A seller of accounts, chattel paper, payment intangibles, or promissory notes; or

  (c) A consignee. See Ohio Code 1309.102

• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Goods: includes (i) fixtures, (ii) standing timber that is to be cut and removed under a conveyance or contract for sale, (iii) the unborn young of animals, (iv) crops grown, growing, or to be grown, even if the crops are produced on trees, vines, or bushes, and (v) manufactured homes. See Ohio Code 1309.102
• Investment property: means a security, whether certificated or uncertificated, a security entitlement, a securities account, a commodity contract, or a commodity account. See Ohio Code 1309.102
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.