Ohio Code § 1303.37
Ohio Code § 1303.37. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 1303.37.
(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.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1303.37
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
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Common questions
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What subject does Ohio Revised Code § 1303.37 address?
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