Ohio § 1309.621 Notification of proposal to accept collateral - UCC 9-621

Ohio Statutes

§ 1309.621 — Notification of proposal to accept collateral - UCC 9-621

Ohio § 1309.621

Title 13Commercial Transactions

Ch. 1309Secured Transactions

This text of Ohio § 1309.621 (Notification of proposal to accept collateral - UCC 9-621) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1309.621 (2026).

Text

(A)A secured party who desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:

(1)Any person from whom the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;

(2)Any other secured party or lienholder who, ten days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:

(a)Identified the collateral;

(b)Was indexed under the debtor's name as of that date;

(c)Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and

(3)Any other secured par

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(A) A secured party who desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:

(1) Any person from whom the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;

(2) Any other secured party or lienholder who, ten days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:

(a) Identified the collateral;

(b) Was indexed under the debtor's name as of that date;

(c) Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and

(3) Any other secured party who, ten days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in division (A) of section1309.311of the Revised Code.

(B) A secured party who desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in division (A) of this section.