Section 5814.08 | Accounting by and Determination of Liability of Custodian.
Effective: April 6, 2017 Latest Legislation: House Bill 432 – 131st General Assembly (A) The minor, if the minor has attained the age of fourteen years, or the legal representative of the minor, a member of the minor’s family who is eighteen years of age or older, or a donor or transferor or the donor’s […]
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.”
Section 5814.01 | Transfers to Minors Act Definitions.
Effective: January 1, 2018 Latest Legislation: House Bill 49 – 132nd General Assembly As used in sections 5814.01 to 5814.10 of the Revised Code, unless the context otherwise requires: (A) “Benefit plan” means any plan of an employer for the benefit of any employee, any plan for the benefit of any partner, or any plan […]
Section 5814.02 | Subject of Gift or Transfer.
Effective: April 6, 2017 Latest Legislation: House Bill 432 – 131st General Assembly (A) A person who is eighteen years of age or older may, during the person’s lifetime, make a gift or transfer of a security, money, a life or endowment insurance policy, an annuity contract, a benefit plan, real estate, tangible or intangible […]
Section 5814.03 | Effect of Gift or Transfer.
Effective: April 6, 2017 Latest Legislation: House Bill 432 – 131st General Assembly (A) A gift or transfer made in a manner prescribed in sections 5814.01 to 5814.10 of the Revised Code, is irrevocable and conveys to the minor indefeasibly vested legal title to the security, money, life or endowment insurance policy, annuity contract, benefit […]
Section 5814.04 | Custodian – Powers and Duties.
Effective: April 6, 2017 Latest Legislation: House Bill 432 – 131st General Assembly (A) The custodian shall collect, hold, manage, invest, and reinvest the custodial property. (B) The custodian shall pay over to the minor for expenditure by the minor, or expend for the use or benefit of the minor, as much of or all […]
Section 5814.05 | Fees and Compensation of Custodian.
Effective: April 6, 2017 Latest Legislation: House Bill 432 – 131st General Assembly (A) A custodian is entitled to reimbursement from the custodial property for reasonable expenses incurred in the performance of the custodian’s duties. (B) A custodian may act without compensation for the custodian’s services. (C) Unless the custodian is a donor or transferor, […]