Section 1111.16 | Fiduciary Capacity for Holding Money and Property.
Effective: January 1, 1997 Latest Legislation: House Bill 538 – 121st General Assembly (A) A trust company may receive and hold money and other property in a fiduciary capacity generally in trust as trustee unless the instrument or other authority appointing the trust company as trustee directs that the money and property be held, in […]
Section 1111.17 | Will, Trust Instrument or Other Authority Governs.
Effective: January 1, 1997 Latest Legislation: House Bill 538 – 121st General Assembly Any will, trust instrument, or other authority under which a trust company acts shall govern the trust company in receiving, holding, investing, and distributing money and other property the trust company holds in a fiduciary capacity.
Section 1111.18 | Separating Fiduciary Assets and Records.
Effective: January 1, 1997 Latest Legislation: House Bill 538 – 121st General Assembly (A) A trust company shall segregate all assets held in any fiduciary capacity from the trust company’s own assets, and shall keep its fiduciary records separate and distinct from the trust company’s other records. (B) A trust company shall not use funds […]
Section 1111.21 | Stated Capital Security for Faithful Discharge of Duties.
Effective: January 1, 1997 Latest Legislation: House Bill 538 – 121st General Assembly (A) The stated capital of a trust company, with the liabilities of the shareholders existing under the terms of the shares, shall be held as security for the faithful discharge of the duties undertaken by the trust company in respect to any […]
Section 1111.22 | Records Kept Separate.
Effective: January 1, 1997 Latest Legislation: House Bill 538 – 121st General Assembly (A) A trust company shall keep separate and complete records for each fiduciary account or relationship, including a record of any securities constituting assets of each particular estate, trust, or account. (B) A trust company may place securities it holds in any […]
Section 1111.04 | Trust Company Pledging Securities.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A) Prior to soliciting or engaging in trust business in this state, a trust company shall pledge to the treasurer of state interest bearing securities authorized in division (B) of this section, having a par value, not including unaccrued interest, of one […]
Section 1111.05 | Individual, Schedule, or Blanket Fidelity Bonds for Employees and Officers.
Effective: January 1, 1997 Latest Legislation: House Bill 538 – 121st General Assembly Prior to soliciting or engaging in trust business in this state, and at all times while engaging in trust business in this state, a trust company shall have all of the following: (A) Individual, schedule, or blanket fidelity bonds in favor of […]
Section 1111.06 | Applying for Trust Company License.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A) Any person, other than a national bank with trust powers or a federal savings association with trust powers, proposing to solicit or engage in trust business in this state shall apply to the superintendent of financial institutions to be licensed as […]
Section 1111.07 | No Transferring or Assigning License.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A) A trust company’s license to solicit or engage in trust business in this state is not transferable or assignable. (B) Subject to section 2109.28 of the Revised Code, if any trust company enters into a merger or consolidation in which the […]
Section 1111.08 | Transferring Fiduciary Account or Relationship.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A) A trust company, or a national bank or federal savings association authorized to accept and execute trusts and doing business under authority granted by the office of the comptroller of the currency may transfer all or part of its trust business […]