Section 5810.12 | Person Assisting or Dealing With Trustee in Good Faith.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee’s powers is protected from […]
Section 5810.13 | Certification of Trust Furnished to Person Not Beneficiary.
Effective: March 22, 2012 Latest Legislation: Senate Bill 117 – 129th General Assembly (A) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing all of the following information: (1) A statement that the trust exists and […]
Section 5810.14 | Transfer of Personal Property to Trustee.
Effective: March 22, 2012 Latest Legislation: Senate Bill 117 – 129th General Assembly (A) Personal property may be transferred to a trustee as authorized by section 5804.01 of the Revised Code by executing the necessary written instrument that identifies the personal property transferred and identifies the trustee by name followed by the designation “trustee.” (B) […]
Section 5810.07 | Reasonable Care to Ascertain Material Event.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a […]
Section 5810.08 | Enforceability of Exculpatory Trust Term.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of […]
Section 5810.09 | Beneficiary or Representative’s Consent to Conduct Constituting Breach.
Effective: March 22, 2012 Latest Legislation: Senate Bill 117 – 129th General Assembly A trustee is not liable to a beneficiary for breach of trust if the beneficiary or the beneficiary’s representative under the representation provisions of Chapter 5803. of the Revised Code consented to the conduct constituting the breach, released the trustee from liability […]
Section 5810.10 | Personal Contract and Tort Liability of Trustee.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) Except as otherwise provided in the contract, for contracts entered into on or after March 22, 1984, a trustee is not personally liable on a contract properly entered into in the trustee’s fiduciary capacity in the course of administering the trust […]
Section 5810.11 | Personal Liability of Trustee on Contract as Partner.
Effective: September 12, 2008 Latest Legislation: House Bill 332, House Bill 499 – 127th General Assembly (A)(1) Except as otherwise provided in division (C) of this section or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally […]
Section 5810.02 | Liability to Beneficiaries for Breach – Contribution.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of the following: (1) The amount required to restore the value of the trust property and trust distributions to what they would have been […]
Section 5810.03 | Trustee Not Accountable or Liable for Profit or Loss Absent Breach.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) Absent a breach of trust, a trustee is not accountable to a beneficiary for any profit made by the trustee arising from the administration of the trust. (B) Absent a breach of trust, a trustee is not liable to a beneficiary […]