The bill seeks to amend various sections of the Ohio Revised Code to modernize and clarify the Uniform Commercial Code (UCC), particularly by introducing Chapter 1314, which will be referenced alongside existing chapters. Key changes include the addition of new definitions, such as "hybrid transaction," and the replacement of "writing" with "record" to encompass both tangible and electronic documentation. The bill emphasizes the importance of liberal construction of the UCC to facilitate the expansion of commercial practices and ensure uniformity across jurisdictions. It also clarifies the enforceability of contracts, particularly for transactions exceeding $500, and allows for the use of parol or extrinsic evidence to explain written agreements under specific conditions.

Additionally, the bill addresses the rights and responsibilities of secured parties and debtors in secured transactions, particularly concerning electronic records and security interests. It introduces new definitions related to controllable accounts and electronic records, clarifying how control is obtained and the implications for property rights. The bill also modifies existing definitions, such as replacing "authenticated" with "signed," to streamline documentation requirements. Furthermore, it outlines the notification process for secured parties regarding the disposition of collateral and establishes guidelines for the application of proceeds from such dispositions. Overall, the bill aims to enhance clarity, transparency, and efficiency in commercial transactions and secured interests within Ohio's legal framework.

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