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Ohio Statutes, Title 58

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Title 58, Title 58. Trusts

17 chapters · 226 sections in this title.

All chapters in Title 58226 Ch 5815, Chapter 5815 | Miscellaneous Provisions39 Ch 5812, Chapter 5812 | Uniform Principal And…31 Ch 5808, Chapter 5808 | Trust Administration19 Ch 5801, Chapter 5801 | Ohio Trust Code18 Ch 5804, Chapter 5804 | Creation, Modificatio…18 Ch 5810, Chapter 5810 | Breach Of Trust14 Ch 5816, Chapter 5816 | Ohio Legacy Trust Act14 Ch 5817, Chapter 5817 | Determination Of Vali…14 Ch 5814, Chapter 5814 | Ohio Transfers To Min…10 Ch 5807, Chapter 5807 | Trustees9 Ch 5809, Chapter 5809 | Ohio Uniform Prudent …9 Ch 5805, Chapter 5805 | Spendthrift Trust Pro…7 Ch 5813, Chapter 5813 | Institutional Trust F…7 Ch 5802, Chapter 5802 | Jurisdiction Of Court5

39 sections·Filtered byTitle 58✕Ch 5815✕

Ohio Rev. Code Ann. § 5815.01 Inheritance and bequest defined
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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 section or sections of t…
Ohio Rev. Code Ann. § 5815.02 Issuers of securities and holders of record
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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 bankru…
Ohio Rev. Code Ann. § 5815.03 Issuer of securities may treat holders of record as competent
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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 issuer may treat all persons in whose…
Ohio Rev. Code Ann. § 5815.04 Uniform fiduciary act definitions
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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, expressed, implied, resu…

Ohio Rev. Code Ann. § 5815.05 Transferee not responsible for proper application of money

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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. Any right or title acquired from the fiduciar…

Ohio Rev. Code Ann. § 5815.06 Deposit in name of fiduciary as such - liability of bank

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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 deposit is entered, without being liable to the principal, unless the bank pays t…

Ohio Rev. Code Ann. § 5815.07 Check drawn by fiduciary upon account of his principal - liability of bank

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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 is committing a breach of the obligation as fiducia…

Ohio Rev. Code Ann. § 5815.08 Deposit to personal credit of fiduciary

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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 upon an account in the name of the pr…

Ohio Rev. Code Ann. § 5815.09 Deposit in name of two or more trustees - checks

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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 holder nor the bank is bound to inquire whether it is a breach of trust to autho…

Ohio Rev. Code Ann. § 5815.10 Interpretation and construction

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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.

Ohio Rev. Code Ann. § 5815.11 Rules of law and equity applicable

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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.

Ohio Rev. Code Ann. § 5815.12 Power of appointment defined

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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 the law of property,…

Ohio Rev. Code Ann. § 5815.13 Exercising power of appointment

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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 over.

Ohio Rev. Code Ann. § 5815.14 Release and disclaimer of a power

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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 because it was given either for or without con…

Ohio Rev. Code Ann. § 5815.15 Notice of release

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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 is delivered to the fiduciary or other person having pos…

Ohio Rev. Code Ann. § 5815.16 Duty of attorney to third parties

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(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 party to whom the fiduciar…

Ohio Rev. Code Ann. § 5815.21 Federal estate tax marital deduction distributions

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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 federal estate tax marital deduction prescribed…

Ohio Rev. Code Ann. § 5815.22 Spendthrift provisions

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(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 of the following:…

Ohio Rev. Code Ann. § 5815.23 Effect of requiring or permitting accumulation for more than one year of any income of property

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(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 following:(1) The property is granted t…

Ohio Rev. Code Ann. § 5815.24 Limitations on liability

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(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 cr…

Ohio Rev. Code Ann. § 5815.25 Administrative duties and responsibilities of trust; exclusion of fiduciaries

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(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 instrument or other applicable written…

Ohio Rev. Code Ann. § 5815.26 Holding cash or making temporary investments

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(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 term trust-quality investment fund"…

Ohio Rev. Code Ann. § 5815.27 Application of generation-skipping transfer tax provisions

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(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 is imposed on any transfer under any other will or…

Ohio Rev. Code Ann. § 5815.28 Supplemental services for beneficiary with physical or mental disability

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(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…

Ohio Rev. Code Ann. § 5815.31 Termination of marriage revokes any trust provision conferring a beneficial interest or a power or nomination

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Unless the trust or separation agreement provides otherwise, if, after executing a trust in which the grantor reserves to self a power to alter, amend, revoke, or terminate the provisions of the trust, a grantor is divorced, obtains a dissolution of marriage, has the grantor's ma…

Ohio Rev. Code Ann. § 5815.32 Revocation of power of attorney upon termination of marriage or entering separation agreement

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If a principal executes a power of attorney designating the principal's spouse as the attorney in fact for the principal and if after executing the power of attorney, the principal and the principal's spouse are divorced, obtain a dissolution or annulment of their marriage, or en…

Ohio Rev. Code Ann. § 5815.33 Termination of marriage revokes designation of spouse as beneficiary

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(A) As used in this section:(1) "Beneficiary" means a beneficiary of a life insurance policy, an annuity, a payable on death account, an individual retirement plan, an employer death benefit plan, or another right to death benefits arising under a contract.(2) "Employer death ben…

Ohio Rev. Code Ann. § 5815.34 Termination of marriage affects survivorship rights

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(A)(1) Unless the judgment or decree granting the divorce, dissolution of marriage, or annulment specifically provides otherwise, and subject to division (A)(2) of this section, if the title to any personal property is held by two persons who are married to each other, if the tit…

Ohio Rev. Code Ann. § 5815.35 General partners acting as fiduciary

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(A)(1) As used in this division, "fiduciary" means any person, association, or corporation, other than a trustee of a testamentary trust, an assignee or trustee for an insolvent debtor, or a guardian under Chapter 5905. of the Revised Code, that is appointed by and accountable to…

Ohio Rev. Code Ann. § 5815.36 Disclaiming testamentary and nontestamentary succession to real and personal property

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(A) As used in this section: (1) "Disclaimant" means any person, any guardian or personal representative of a person or estate of a person, or any attorney-in-fact or agent of a person having a general or specific authority to act granted in a written instrument, who is any of th…

Ohio Rev. Code Ann. § 5815.37 Temporary conveyances

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(A) If any interest in real property held by any trustee of an express trust that is wholly or partially governed by a law of this state or any interest in real property located in this state that is held by the trustee of a trust wholly governed by the law of one or more jurisdi…

Ohio Rev. Code Ann. § 5815.41 Consignment of art works definitions

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As used in sections 5815.41 to 5815.48 of the Revised Code:(A) "Art dealer" means a person engaged in the business of selling works of art, other than a person exclusively engaged in the business of selling goods at public auction.(B) "Artist" means the creator of a work of art.(…

Ohio Rev. Code Ann. § 5815.42 Art dealer's acceptance of work on consignment from artist

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If an art dealer accepts a work of art, on a fee, commission, or other compensation basis, on consignment from the artist who created the work of art, the following consequences attach:(A) The art dealer is, with respect to that work of art, the agent of the artist.(B) The work o…

Ohio Rev. Code Ann. § 5815.43 When work of art ceases to be trust property

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(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 directly or indirectly for the art dealer's ow…

Ohio Rev. Code Ann. § 5815.44 Work of art not subject to claims of creditors of art dealer

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A work of art that is trust property under section 5815.42 or 5815.43 of the Revised Code is not subject to the claims, liens, or security interests of the creditors of the art dealer, notwithstanding Chapters 1301. to 1310. of the Revised Code.

Ohio Rev. Code Ann. § 5815.45 Written contract prerequisite for accepting work of art

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(A) An art dealer shall not accept a work of art, on a fee, commission, or other compensation basis, on consignment from the artist who created the work of art unless, prior to or at the time of acceptance, the art dealer enters into a written contract with the artist that contai…

Ohio Rev. Code Ann. § 5815.46 Display conditions

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An art dealer who accepts a work of art, on a fee, commission, or other compensation basis, on consignment from the artist who created the work of art shall not use or display the work of art or a photograph of the work of art, or permit the use or display of the work of art or a…

Ohio Rev. Code Ann. § 5815.47 Waiver of provisions is void

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Any portion of an agreement that waives any provision of sections 5815.41 to 5815.48 of the Revised Code is void.

Ohio Rev. Code Ann. § 5815.48 Liability for violations

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Any art dealer who violates section 5815.45 or 5815.46 of the Revised Code is liable to the artist for the artist's reasonable attorney's fees and in an amount equal to the greater of either of the following:(A) Fifty dollars;(B) The actual damages, if any, including the incident…