This bill seeks to amend various sections of the Ohio Revised Code to modernize and clarify the Uniform Commercial Code (UCC) and expand its scope. A significant change is the addition of Chapter 1314, which will be referenced alongside existing chapters, aimed at aligning Ohio's commercial laws with evolving practices and legal standards. The bill introduces new definitions and clarifications, including the inclusion of "electronic" in the context of documents and transactions, and modifies existing terms such as "money" and "record." It emphasizes a liberal construction of the UCC to promote its purposes of simplifying commercial law and ensuring uniformity across jurisdictions.

Additionally, the bill makes several amendments related to secured transactions, payment orders, and the responsibilities of banks and parties involved in commercial transactions. Key insertions include clarifications on the enforceability of contracts, the definition of "hybrid transaction," and the conditions under which security interests can be perfected. The bill also streamlines language by removing redundant phrases and updating terms like "authenticated" to "signed." Overall, these changes aim to enhance clarity, efficiency, and fairness in the legal framework governing commercial transactions, ensuring it remains relevant in light of modern business practices and technologies.

Statutes affected:
As Introduced: 1301.101, 1301.102, 1301.103, 1301.104, 1301.105, 1301.106, 1301.201, 1301.204, 1301.205, 1301.206, 1301.301, 1301.302, 1301.304, 1301.305, 1301.306, 1302.01, 1302.02, 1302.04, 1302.05, 1302.06, 1302.08, 1302.12, 1303.01, 1303.03, 1303.41, 1303.69, 1304.51, 1304.56, 1304.57, 1304.58, 1304.62, 1304.63, 1304.65, 1304.66, 1304.72, 1305.03, 1305.15, 1307.102, 1307.106, 1308.01, 1308.02, 1308.05, 1308.17, 1308.24, 1309.102, 1309.104, 1309.105, 1309.203, 1309.204, 1309.207, 1309.208, 1309.209, 1309.210, 1309.301, 1309.304, 1309.305, 1309.310, 1309.312, 1309.313, 1309.314, 1309.316, 1309.317, 1309.323, 1309.324, 1309.330, 1309.331, 1309.332, 1309.334, 1309.341, 1309.404, 1309.406, 1309.408, 1309.509, 1309.513, 1309.601, 1309.605, 1309.608, 1309.611, 1309.613, 1309.614, 1309.615, 1309.616, 1309.619, 1309.620, 1309.621, 1309.624, 1309.628, 1310.01, 1310.02, 1310.05, 1310.08, 1310.09, 1310.10, 1310.12, 1310.15, 1311.55