Section 5812.26 | Obligation to Pay Money.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, shall be allocated to income without any provision for […]
Section 5812.01 | Uniform Principal and Income Act Definitions.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly As used in sections 5812.01 to 5812.52 of the Revised Code: (A) “Accounting period” means a calendar year unless another twelve-month period is selected by a fiduciary. “Accounting period” includes a portion of a calendar year or other twelve-month period that begins […]
Section 5812.02 | Fiduciary Duties – General Principles.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of sections 5812.07 to 5812.14 of the Revised Code, all of the following apply: (1) A fiduciary shall administer a trust […]
Section 5812.03 | Trustee’s Power to Adjust.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages the trust assets as a prudent investor, the terms of the trust describe the amount that may or must be […]
Section 5812.07 | Determination and Distribution of Net Income.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly After a decedent dies, in the case of an estate, or after an income interest in a trust ends, all of the following apply: (A) The fiduciary of the estate or of the terminating income interest shall determine, under the provisions of […]
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 5811.01 | Promotion of Uniformity of Law.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly In applying and construing Chapters 5801. to 5811. of the Revised Code, a court may consider the need to promote uniformity of the law with respect to the subject matter of those chapters among states that enact the uniform trust code.
Section 5811.02 | Electronic Signatures in Global and National Commerce Act.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly The provisions of Chapters 5801. to 5811. of the Revised Code governing the legal effect, validity, or enforceability of electronic records or electronic signatures and of contracts formed or performed with the use of electronic records or electronic signatures conform to the […]