Section 5813.01 | Institutional Trust Funds Act Definitions.

Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly As used in sections 5813.01 to 5813.07 of the Revised Code: (A) “Institution” means an incorporated or unincorporated organization that is organized and operated exclusively for educational, religious, charitable, or other eleemosynary purposes or a governmental organization to the extent that it […]

Section 5813.02 | Maximum Annual Distribution From Institutional Trust Fund.

Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) Subject to division (D) of this section and section 5813.03 of the Revised Code, during any fiscal year in which income may be or is required to be distributed to an institution from an institutional trust fund, income means the greater […]

Section 5813.03 | Settlor’s Intention That Income Be Otherwise Determined.

Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) Division (A) of section 5813.02 of the Revised Code does not apply if the applicable trust instrument expressly indicates the settlor’s intention that income is to be otherwise than as defined in division (A) of section 5813.02 of the Revised Code. […]

Section 5813.04 | Standard of Care.

Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) In administering the powers to request amounts from a trustee of an institutional trust fund in accordance with divisions (A) and (B) of section 5813.02 of the Revised Code, members of a governing board of an institution shall exercise ordinary business […]

Section 5813.05 | Exemption.

Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly Nothing in sections 5812.01 to 5812.52, or any other section of the Revised Code limits or restricts the definition of income in division (A) of section 5813.02 of the Revised Code or limits or restricts a governing board of an institution from […]

Section 5813.06 | Relationship of Chapter to Uniform Management of Institutional Funds Act.

Effective: June 1, 2009 Latest Legislation: House Bill 522 – 127th General Assembly (A) Nothing in sections 5813.01 to 5813.05 of the Revised Code affects the construction or interpretation of sections 1715.51 to 1715.59 of the Revised Code relating to the uniform prudent management of institutional funds act. Specifically, neither the percentage set forth in […]

Section 5813.07 | Citing Act.

Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly Sections 5813.01 to 5813.07 of the Revised Code may be cited as the “institutional trust funds act.”