Section 2109.39 | Receiving Distribution in Kind.
Effective: January 13, 2012 Latest Legislation: Senate Bill 124 – 129th General Assembly A fiduciary entitled to a distributive share of the assets of an estate or trust has the same right as other beneficiaries to accept or demand distribution in kind and may retain any security or investment so distributed to the fiduciary as […]
Section 2109.40 | Participation in Corporate Reorganization.
Effective: January 13, 2012 Latest Legislation: Senate Bill 124 – 129th General Assembly Unless the instrument creating a trust forbids, a fiduciary may do all of the things that an individual holder might do with respect to securities held by the fiduciary, including the exercise or sale of subscription rights, the acceptance of new stock […]
Section 2109.41 | Deposit of Funds.
Effective: March 22, 2019 Latest Legislation: House Bill 595 – 132nd General Assembly (A) Immediately after appointment and throughout the term of the appointment, but subject to section 2109.372 of the Revised Code and except as provided in division (C) of this section, every fiduciary, pending payment of current obligations of the fiduciary’s trust or […]
Section 2109.42 | Liability for Failure to Invest.
Effective: January 13, 2012 Latest Legislation: Senate Bill 124 – 129th General Assembly Subject to section 2109.372 of the Revised Code, a fiduciary who has funds belonging to a trust that are not required for payment of current obligations of the fiduciary’s trust or distribution shall, unless otherwise ordered by the probate court, invest those […]
Section 2109.43 | Personal Use of Trust Property Prohibited.
Effective: January 13, 2012 Latest Legislation: Senate Bill 124 – 129th General Assembly No fiduciary shall make any personal use of the funds or property belonging to a trust. For a violation of this section, the fiduciary and the fiduciary’s bond shall be liable in an action for any loss occasioned by that use and […]
Section 2109.44 | Prohibited Transactions; Purchase of Property.
Effective: January 13, 2012 Latest Legislation: Senate Bill 124 – 129th General Assembly (A) Fiduciaries shall not buy from or sell to themselves and shall not have in their individual capacities any dealings with the estate, except as expressly authorized by the instrument creating the trust and then only with the approval of the probate […]
Section 2109.37 | Investment of Trust Funds by Fiduciary.
Effective: January 13, 2012 Latest Legislation: Senate Bill 124 – 129th General Assembly (A) Except as otherwise provided by law, including division (D) of this section, or by the instrument creating the trust, a fiduciary having funds belonging to a trust that are to be invested may invest them in the following: (1) Bonds or […]
Section 2109.371 | Additional Eligible Investments.
Effective: January 13, 2012 Latest Legislation: Senate Bill 124 – 129th General Assembly (A) In addition to those investments made eligible by section 2109.37 or 2109.372 of the Revised Code, investments may be made by a fiduciary other than a guardian under sections 5905.01 to 5905.19 of the Revised Code, and subject to the restriction […]
Section 2109.372 | Holding Cash or Making Temporary Investments.
Effective: January 13, 2012 Latest Legislation: Senate Bill 124 – 129th General Assembly (A) As used in this section: (1) “Short term trust-quality investment fund” means a short term investment fund that meets both of the following conditions: (a) The fund may be either a collective investment fund established in accordance with section 1111.14 of […]
Section 2109.38 | Retaining Unauthorized Investments.
Effective: January 13, 2012 Latest Legislation: Senate Bill 124 – 129th General Assembly Sections 2109.37, 2109.371, and 2109.372 of the Revised Code do not prohibit a fiduciary from retaining any part of a trust estate as received by the fiduciary even though that part is not of the class or percentage permitted to fiduciaries, or […]