Ohio Code 1336.06 – When transfer made or obligation incurred
For the purposes of this chapter:
Terms Used In Ohio Code 1336.06
- Asset: means property of a debtor, but does not include any of the following:
(1) Property to the extent it is encumbered by a valid lien;
(2) Property to the extent it generally is exempt under nonbankruptcy law, including, but not limited to, section 2329. See Ohio Code 1336.01
- Contract: A legal written agreement that becomes binding when signed.
- Creditor: means a person who has a claim. See Ohio Code 1336.01
- Debtor: means a person who is liable on a claim. See Ohio Code 1336.01
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means anything that may be the subject of ownership. See Ohio Code 1336.01
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Transfer: means every direct or indirect, absolute or conditional, and voluntary or involuntary method of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, and creation of a lien or other encumbrance. See Ohio Code 1336.01
(A)(1) A transfer is made if either of the following applies:
(a) With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good faith purchaser of the asset from the debtor against whom applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee;
(b) With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this chapter that is superior to the interest of the transferee.
(2)(a) If applicable law permits the transfer to be perfected as provided in division (A) of this section and the transfer is not so perfected before the commencement of an action for relief arising out of a transfer that is fraudulent under section 1336.04 or 1336.05 of the Revised Code, the transfer is deemed made immediately before the commencement of the action.
(b) If applicable law does not permit the transfer to be perfected as provided in division (A) of this section, the transfer is made when it becomes effective between the debtor and the transferee.
(3) A transfer is not made until the debtor has acquired rights in the asset transferred.
(B) An obligation is incurred as follows:
(1) If oral, when it becomes effective between the parties;
(2) If evidenced by a writing, when the writing executed by the obligor is delivered to or for the benefit of the obligee.