HB 195: Revise the Ohio Uniform Commercial Code

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing commercial transactions. The bill aims to amend and enact various sections of the UCC to promote simplicity, clarity, and modernization of the law. The bill's primary goals are to simplify and clarify the law, permit the continued expansion of commercial practices through custom, usage, and agreement of the parties, and make uniform the law among different jurisdictions. The bill applies to various types of transactions, including sales, leases, and secured transactions. It defines key terms such as "buyer in ordinary course of business," "conspicuous," and "agreement," and provides guidance on issues like capacity to contract, principal and agent, estoppel, and fraud. The bill also addresses issues related to the construction of the UCC, including the use of singular and plural words, the burden of establishing…