Terms Used In Ohio Code 1309.109

• Account: includes health-care insurance receivables. See Ohio Code 1309.102
• Account debtor: means a person who is obligated on an account, chattel paper, or general intangible. See Ohio Code 1309.102
• Agricultural lien: means an interest, other than a security interest, in farm products:

  (a) That secures payment or performance of an obligation for:

  (i) Goods or services furnished in connection with a debtor's farming operation; or

  (ii) Rent on real property leased by a debtor in connection with its farming operation. See Ohio Code 1309.102

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Chattel paper: means a record that evidences both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. 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

• Commercial tort claim: means a claim arising in tort with respect to which:

  (a) The claimant is an organization; or

  (b) The claimant is an individual, and the claim:

  (i) Arose in the course of the claimant's business or profession; and

  (ii) Does not include damages arising out of personal injury to or the death of an individual. See Ohio Code 1309.102

• Consignment: means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:

  (a) The merchant:

  (i) Deals in goods of that kind under a name other than the name of the person making delivery;

  (ii) Is not an auctioneer; and

  (iii) Is not generally known by its creditors to be substantially engaged in selling the goods of others;

  (b) With respect to each delivery, the aggregate value of the goods is one thousand dollars or more at the time of delivery. 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.
• Deposit account: means a demand, time, savings, passbook, or similar account maintained with a bank but does not include investment property or accounts evidenced by an instrument. See Ohio Code 1309.102
• Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. See Ohio Code 1309.102
• Governmental unit: includes an organization having a separate corporate existence if the organization is eligible to issue debt on which interest is exempt from income taxation under the laws of the United States. See Ohio Code 1309.102
• Health-care-insurance receivable: means an interest in or claim under a policy of insurance that is a right to payment of a monetary obligation for health-care goods or services provided. See Ohio Code 1309.102
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Ohio Code 1309.102
• Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
• Personal property: All property that is not real property.
• Promissory note: means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Ohio Code 1309.102
• Property: means real and personal property. See Ohio Code 1.59
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Rule: includes regulation. See Ohio Code 1.59
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Ohio Code 1309.102
• Statute: A law passed by a legislature.
• 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.
• United States: includes all the states. See Ohio Code 1.59