Find Laws Find Lawyers Free Legal Forms USA State Laws

OHIO STATUTES AND CODES

1303.37 Notice of breach of fiduciary duty - UCC 3-307.

1303.37 Notice of breach of fiduciary duty - UCC 3-307.

(A) As used in this section:

(1) “Fiduciary” means an agent, trustee, partner, corporate officer, corporate director, or other representative owing a fiduciary duty with respect to an instrument.

(2) “Represented person” means the principal, beneficiary, partnership, corporation, or other person to whom the fiduciary duty with respect to an instrument referred to in division (A)(1) of this section is owed.

(B) If an instrument is taken from a fiduciary for payment or collection or for value, the taker has knowledge of the fiduciary status of the fiduciary, and the represented person makes a claim to the instrument or its proceeds on the basis that the transaction of the fiduciary is a breach of fiduciary duty, all of the following rules apply:

(1) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented person.

(2) In the case of an instrument payable to the represented person or to the fiduciary as fiduciary of the represented person, the taker has notice of the breach of fiduciary duty if any of the following apply:

(a) The instrument is taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary.

(b) The instrument is taken in a transaction known by the taker to be for the personal benefit of the fiduciary.

(c) The instrument is deposited to an account other than an account of the fiduciary as fiduciary of the represented person or an account of the represented person.

(3) If an instrument is issued by the represented person or by the fiduciary as fiduciary of the represented person and is made payable to the fiduciary personally, the taker does not have notice of the breach of fiduciary duty unless the taker knows of the breach of fiduciary duty.

(4) If an instrument is issued by the represented person or by the fiduciary of the represented person to the taker as payee, the taker has notice of the breach of fiduciary duty if any of the following apply:

(a) The instrument is taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary.

(b) The instrument is taken in a transaction known by the taker to be for the personal benefit of the fiduciary.

(c) The instrument is deposited to an account other than an account of the fiduciary as fiduciary for the represented person or an account of the represented person.

Effective Date: 08-19-1994

Ohio Forms by Issue

Ohio Court Forms
> DUI
> Probate
Ohio Name Change Forms
Ohio Real Estate Forms
Ohio Tax Forms

Ohio Law

Ohio State Laws
    > Ohio Child Support
    > Ohio Child Support Payment Status
    > Ohio Gun Law
    > Ohio Statutes
Ohio Labor Laws
    > Ohio Unemployment
Ohio State
    > Ohio Counties
    > Ohio Zip Codes
Ohio Tax
    > Ohio Sales Tax
    > Ohio State Tax
Ohio Court
    > Brandenburg v. Ohio
    > Mapp v. Ohio
    > Ohio Attorney General
    > Ohio Supreme Court
Ohio Agencies
    > Ohio Department of Corrections
    > Ohio Department of Education
    > Ohio Department of Health
    > Ohio Department of Insurance
    > Ohio Department of Taxation
    > Ohio Department of Transporation
    > Ohio DMV
    > Ohio Secretary of State Business Name Search

Ohio Court Map

Tips