Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly Except when the intent of the settlor clearly is to the contrary, the following rules of construction shall apply in interpreting the terms “inheritance” and “bequest”: (A) The term “inheritance,” in addition to its meaning at common law or under any other […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly As used in sections 5815.02 and 5815.03 of the Revised Code: (A) “Fiduciary” includes a trustee under any trust, expressed, implied, resulting, or constructive; an executor, administrator, public administrator, guardian, committee, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly Unless there has been delivered to an issuer a certified copy of an order, judgment, or decree of a court, judge, or administrative body or official, the legal effect of which is to restrict, suspend, or remove such capacity or authority, the […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly As used in sections 5815.04 to 5815.11 of the Revised Code: (A) “Bank” includes any person, carrying on the business of banking and any financial institution defined in section 5725.01 of the Revised Code. (B) “Fiduciary” includes a trustee under any trust, […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly A person who in good faith pays or transfers to a fiduciary any money or other property that the fiduciary as such is authorized to receive is not responsible for the proper application of the money or other property by the fiduciary. […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly If a deposit is made in a bank to the credit of a fiduciary as such, the bank may pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which the […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly If a check is drawn upon the principal’s account by a fiduciary who is empowered to do so, the bank may pay the check without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly If a fiduciary makes a deposit in a bank to the fiduciary’s personal credit of checks drawn by the fiduciary upon an account in the fiduciary’s own name as fiduciary, checks payable to the fiduciary as fiduciary, checks drawn by the fiduciary […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee authorized to do so by the other, neither the payee or other […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly Sections 5815.04 to 5815.11 of the Revised Code shall be construed to effectuate their general purpose of making the law of this state uniform with the law of those states that enact similar legislation.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly In any case not provided for in sections 5815.04 to 5815.11 of the Revised Code, the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments, and banking apply.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly As used in sections 5815.13, 5815.14, and 5815.15 of the Revised Code, “power of appointment” means any power that is in effect a power to appoint, however created, regardless of the nomenclature used in creating the power and regardless of connotations under […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly Any power of appointment that is not subject to an express condition that it may be exercised only by a donee or holder of a greater age may be exercised by any donee or holder of the age of eighteen years or […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly Any power of appointment may be released in whole or in part by the donee or holder of the power by an instrument in writing, signed and acknowledged in the manner prescribed for the execution of deeds. No such release is ineffective […]
Effective: January 30, 2014 Latest Legislation: House Bill 72 – 130th General Assembly No fiduciary or other person having the possession or control of any property subject to a power of appointment, other than the donee or holder of such power, has notice of a release of the power until a copy of the release […]
Effective: March 22, 2019 Latest Legislation: House Bill 595 – 132nd General Assembly (A) Absent an express agreement to the contrary, an attorney who performs legal services for a fiduciary, by reason of the attorney performing those legal services for the fiduciary, has no duty or obligation in contract, tort, or otherwise to any third […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly Whenever the executor of a will or the trustee of a testamentary or inter vivos trust is permitted or required to select assets in kind to satisfy a gift, devise, or bequest, whether outright or in trust, intended to qualify for the […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A)(1) Except as provided in divisions (A)(2), (3), and (4) of this section, a spendthrift provision in an instrument that creates an inter vivos or testamentary trust shall not cause any forfeiture or postponement of any interest in property that satisfies both […]
Effective: April 6, 2017 Latest Legislation: House Bill 432 – 131st General Assembly (A) Except as provided in division (B) of this section, an instrument that creates an inter vivos or testamentary trust shall not require or permit the accumulation for more than one year of any income of property that satisfies both of the […]
Effective: March 27, 2013 Latest Legislation: House Bill 479 – 129th General Assembly (A) As used in this section, “fiduciary” means a trustee under any expressed, implied, resulting, or constructive trust; an executor, administrator, public administrator, committee, guardian, conservator, curator, receiver, trustee in bankruptcy, or assignee for the benefit of creditors; a partner, agent, officer […]
