Section 5814.06 | Responsibility of Issuer, Transfer Agent, Financial Institution, Broker, or Life Insurance Company.
Effective: April 6, 2017 Latest Legislation: House Bill 432 – 131st General Assembly An issuer, transfer agent, financial institution, broker, life insurance company, or other person acting on the instructions of or otherwise dealing with any person purporting to act as a donor or transferor or dealing with any person or trust company purporting to […]
Section 5812.27 | Insurance Policies and Similar Contracts.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) Except as otherwise provided in division (B) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that […]
Section 5812.52 | Application to Existing Trusts and Estates.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly Sections 5812.01 to 5812.51 of the Revised Code apply to every trust or decedent’s estate existing on January 1, 2003, except as otherwise expressly provided in the will or terms of the trust or in sections 5812.01 to 5812.51 of the Revised […]
Section 5812.31 | Insubstantial Allocations Not Required.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly If a trustee determines that an allocation between principal and income required by section 5812.32, 5812.33, 5812.34, 5812.35, or 5812.38 of the Revised Code is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in […]
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 5812.32 | Deferred Compensation, Annuities and Similar Payments.
Effective: April 6, 2017 Latest Legislation: House Bill 432 – 131st General Assembly (A) As used in this section: (1) “Payment” means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in […]
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 5812.33 | Liquidating Asset.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) As used in this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. “Liquidating asset” includes a leasehold, patent, copyright, royalty right, and right […]
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 5812.34 | Minerals, Water and Other Natural Resources.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate the receipts in accordance with all of the following: (1) If received as nominal delay […]