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 5810.10 | 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 […]
Section 5810.04 | Award of Costs, Expenses, and Attorney Fees From Trust.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly In a judicial proceeding involving the administration of a trust, including a trust that contains a spendthrift provision, the court, as justice and equity may require, may award costs, expenses, and reasonable attorney’s fees to any party, to be paid by another […]
Section 5810.05 | Limitations Period for Action Against Trustee.
Effective: September 12, 2008 Latest Legislation: House Bill 499 – 127th General Assembly (A) A beneficiary may not commence a proceeding against a trustee for breach of trust more than two years after the date the beneficiary, a representative of the beneficiary, or a beneficiary surrogate is sent a report that adequately discloses the existence […]
Section 5810.06 | Trustee Reliance on Terms of Trust.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.