Section 5815.43 | When Work of Art Ceases to Be Trust Property.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) If a work of art is trust property under section 5815.42 of the Revised Code when it is initially received by the art dealer, it remains trust property, notwithstanding the subsequent purchase of the work of art by the art dealer […]
Section 5815.23 | Effect of Requiring or Permitting Accumulation for More Than One Year of Any Income of Property.
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 […]
Section 5815.24 | Limitations on Liability.
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 […]
Section 5815.25 | Administrative Duties and Responsibilities of Trust; Exclusion of Fiduciaries.
Effective: March 27, 2013 Latest Legislation: House Bill 479 – 129th General Assembly (A) As used in this section, “fiduciary” means a trustee under any testamentary, inter vivos, or other trust, an executor or administrator, or any other person who is acting in a fiduciary capacity for any person, trust, or estate. (B) If an […]
Section 5815.26 | Holding Cash or Making Temporary Investments.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) As used in this section: (1) “Fiduciary” means a trustee under any testamentary, inter vivos, or other trust, an executor or administrator, or any other person who is acting in a fiduciary capacity for a person, trust, or estate. (2) “Short […]
Section 5815.07 | Check Drawn by Fiduciary Upon Account of His Principal – Liability of Bank.
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 […]
Section 5815.27 | Application of Generation-Skipping Transfer Tax Provisions.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) A provision in a will or trust agreement, which provision pertains to the payment of any taxes that are imposed by reason of the testator’s or trust creator’s death, does not include the payment of any portion of any tax that […]
Section 5815.08 | Deposit to Personal Credit of 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 […]
Section 5815.28 | Supplemental Services for Beneficiary With Physical or Mental Disability.
Effective: October 12, 2016 Latest Legislation: House Bill 158 – 131st General Assembly (A) As used in this section: (1) “Ascertainable standard” includes a standard in a trust instrument requiring the trustee to provide for the care, comfort, maintenance, welfare, education, or general well-being of the beneficiary. (2) “Disability” means any substantial, medically determinable impairment […]
Section 5815.09 | Deposit in Name of Two or More Trustees – Checks.
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 […]