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 1111.23 | Requirements for Oaths, Affidavits and Signatures.
Effective: January 1, 1997 Latest Legislation: House Bill 538 – 121st General Assembly (A)(1) Whenever an executor, administrator, guardian, or conservator of estates, assignee, receiver, depositary, safekeeping agent, or trustee is required to take and subscribe an oath or to make an affidavit, a trust company acting in that capacity may satisfy the requirement through […]
Section 1111.26 | Regulation by Superintendent and Division of Financial Institutions.
Effective: January 1, 1997 Latest Legislation: House Bill 538 – 121st General Assembly (A) Any trust company is subject to all powers of, and remedies and sanctions available to, the superintendent of financial institutions and the division of financial institutions under Chapters 1101. to 1127. of the Revised Code, in addition to the specific powers, […]
Section 1111.09 | Trust Service Offices.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A)(1) A trust service office is any location established by a trust company as a place for either of the following: (a) Persons seeking the services of the trust company, or information about those services, to contact representatives of the trust company […]
Section 1111.11 | Trust Company – Powers and Duties.
Effective: January 1, 1997 Latest Legislation: House Bill 538 – 121st General Assembly A trust company may receive and hold moneys or property, in trust or as custodian, from executors, administrators, assignees, guardians, trustees, corporations, or individuals, and engage in those activities constituting the trust business, and any activities incidental to the trust business, including […]
Section 1111.12 | Use of Trust Companies by Courts.
Effective: January 1, 1997 Latest Legislation: House Bill 538 – 121st General Assembly (A) Any court in this state may direct moneys or property that are under its control, paid into court by parties to legal proceedings, or brought into court by reason of an order, judgment, or decree, to be placed with a trust […]
Section 1111.02 | Authority to Solicit or Engage in Trust Business.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A) Except as provided in division (B) of this section, no person shall solicit or engage in trust business in this state except a corporation that is one of the following: (1) A corporation licensed under section 1111.06 of the Revised Code […]
Section 1111.03 | Authority of National Bank or Federal Savings Association.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly (A) Notwithstanding any other provision of the Revised Code, any national bank or federal savings association that has been granted fiduciary powers by the office of the comptroller of the currency may act in this state as trustee, executor, administrator, registrar of […]