reglab/housing_qa huggingface dataset:
Ohio Rev Code § 5806.02 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5806 | Powers of Settlor|Section 5806.02 | Revocation or Amendment of Trust.

Effective: September 12, 2008|Latest Legislation:  House Bill 499 - 127th General Assembly|(A) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This division does not apply to a trust created under an instrument executed before January 1, 2007. (B) If a revocable trust is created or funded by more than one settlor, all of the following apply:(1) To the extent the trust consists of community property, either spouse acting alone may revoke the trust, but the trust may be amended only by joint action of both spouses.(2) To the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution.(3) Upon the revocation or amendment of the trust by less than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.(C) The settlor may revoke or amend a revocable trust by substantial compliance with a method provided in the terms of the trust or, if the terms of the trust do not provide a method, by any method manifesting clear and convincing evidence of the settlor's intent, provided that a revocable trust may not be revoked or amended by a will or codicil, regardless of whether it refers to the trust or specifically devises property that would otherwise have passed according to the terms of the trust unless the terms of the trust expressly allow it to be revoked or amended by a will or codicil.(D) Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.(E) An agent under a power of attorney may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only to the extent expressly authorized by both the terms of the trust and the power.(F) A guardian of the estate of the settlor or, if no guardian of the estate has been appointed, a guardian of the person of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only with the approval of the court supervising the guardianship.(G) A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked.
Ohio Rev Code § 5806.03 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5806 | Powers of Settlor|Section 5806.03 | Control of Rights of Beneficiaries and Duties of Trustees.

Effective: September 12, 2008|Latest Legislation:  House Bill 499 - 127th General Assembly|(A) During the lifetime of the settlor of a revocable trust, whether or not the settlor has capacity to revoke the trust, the rights of the beneficiaries are subject to the control of the settlor, and the duties of the trustee, including the duties to inform and report under section 5808.13 of the Revised Code, are owed exclusively to the settlor. If the trustee breaches its duty during the lifetime of the settlor, any recovery obtained from the trustee after the settlor becomes incapacitated or dies shall be apportioned by the court. If the settlor is living when the recovery is obtained, the court shall apportion the recovery between the settlor and the trust, or allocate the entire recovery to the settlor or the trust, as it determines to be equitable under the circumstances. If the settlor is not living when the recovery is obtained, the court shall apportion the recovery between the settlor's estate and the trust, or allocate the entire recovery to the settlor's estate or the trust, as it determines to be equitable under the circumstances. (B) During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
Ohio Rev Code § 5807.01 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5807 | Trustees|Section 5807.01 | Acceptance or Rejection of Trusteeship.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) Except as otherwise provided in division (C) of this section, a person designated as trustee accepts the trusteeship by substantially complying with a method of acceptance provided in the terms of the trust or, if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.(B) A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.(C) A person designated as trustee, without accepting the trusteeship, may do either or both of the following:(1) Act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary;(2) Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
Ohio Rev Code § 5807.02 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5807 | Trustees|Section 5807.02 | Bond of Trustee.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.(B) The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.(C) A regulated financial-service institution qualified to do trust business in this state need not give bond, even if required by the terms of the trust.
Ohio Rev Code § 5807.03 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5807 | Trustees|Section 5807.03 | Cotrustees - Delegation - Liability.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) If there are three or more cotrustees serving, the cotrustees may act by majority decision.(B) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust.(C) A cotrustee must participate in the performance of a trustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity or the cotrustee has properly delegated the performance of the function to another trustee.(D) If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law, or other temporary incapacity and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.(E) A trustee may delegate to a cotrustee duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. A delegation made under this division shall be governed by section 5808.07 of the Revised Code. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.(F) Except as otherwise provided in division (G) of this section, and subject to divisions (C) and (E) of this section, a trustee who does not join in an action of another trustee is not liable for the action.(G) Except as otherwise provided in this division, each trustee shall exercise reasonable care to prevent a cotrustee from committing a serious breach of trust and to compel a cotrustee to redress a serious breach of trust. A trustee is not required to exercise reasonable care of that nature under this division, and a trustee is not liable for resulting losses, when section 5815.25 of the Revised Code is applicable or there is more than one other trustee and the other trustees act by majority vote.(H) A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action.
Ohio Rev Code § 5807.04 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5807 | Trustees|Section 5807.04 | Vacancy Defined - Priority in Filling - Additional Trustees.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A vacancy in a trusteeship occurs under any of the following circumstances:(1) A person designated as trustee rejects the trusteeship;(2) A person designated as trustee cannot be identified or does not exist;(3) A trustee resigns;(4) A trustee is disqualified or removed;(5) A trustee dies;(6) A guardian of the estate or person is appointed for an individual serving as trustee.(B) If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.(C) A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:(1) By a person designated in the terms of the trust to act as successor trustee;(2) By a person appointed by someone designated in the terms of the trust to appoint a successor trustee;(3) By a person appointed by unanimous agreement of the qualified beneficiaries;(4) By a person appointed by the court.(D) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:(1) By a person designated in the terms of the trust to act as successor trustee;(2) By a person appointed by someone designated in the terms of the trust to appoint a successor trustee;(3) By a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust;(4) By a person appointed by the court.(E) Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.
Ohio Rev Code § 5807.05 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5807 | Trustees|Section 5807.05 | Resignation of Trustee - Notice - Approval.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A trustee may resign upon at least thirty days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees or with the approval of the court.(B) In approving a resignation of a trustee, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.(C) Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
Ohio Rev Code § 5807.06 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5807 | Trustees|Section 5807.06 | Removal of Trustee - Grounds - Protective Measures.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or the court may remove a trustee on its own initiative.(B) The court may remove a trustee for any of the following reasons:(1) The trustee has committed a serious breach of trust;(2) Lack of cooperation among cotrustees substantially impairs the administration of the trust;(3) Because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries.(C) Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order any appropriate relief under division (B) of section 5810.01 of the Revised Code that is necessary to protect the trust property or the interests of the beneficiaries.
Ohio Rev Code § 5807.07 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5807 | Trustees|Section 5807.07 | Powers and Duties of Removed or Resigned Trustee.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.(B) A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to it.
Ohio Rev Code § 5807.08 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5807 | Trustees|Section 5807.08 | Compensation of Trustee.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances.(B) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if the duties of the trustee are substantially different from those contemplated when the trust was created or the compensation specified by the terms of the trust would be unreasonably low or high.
Ohio Rev Code § 5807.09 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5807 | Trustees|Section 5807.09 | Reimbursement of Trustee for Administrative Expenses.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for expenses that were properly incurred in the administration of the trust and, to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.(B) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
Ohio Rev Code § 5808.01 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.01 | Duties of Trustee Generally.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with Chapters 5801. to 5811. of the Revised Code.
Ohio Rev Code § 5808.03 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.03 | Multiple Beneficiaries - Duty of Impartiality.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests.
Ohio Rev Code § 5808.04 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.04 | Duty to Act as Prudent Person.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|A trustee shall administer the trust as a prudent person would and shall consider the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
Ohio Rev Code § 5808.05 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.05 | Reasonable Administrative Costs Allowed.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|Except as otherwise permitted by law, in administering a trust, a trustee may incur only costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.
Ohio Rev Code § 5808.06 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.06 | Trustee to Use Any Special Skills or Expertise.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise.
Ohio Rev Code § 5808.07 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.07 | Delegation of Powers and Duties.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A trustee may delegate duties and powers that a prudent trustee having comparable skills could properly delegate under the circumstances. In accordance with this division, a trustee shall exercise reasonable care, skill, and caution in doing all of the following:(1) Selecting an agent, cotrustee, or other fiduciary to whom the delegation is made;(2) Establishing the scope and terms of the delegation consistent with the purposes and terms of the trust;(3) Periodically reviewing the agent's, cotrustee's, or other fiduciary's actions in order to monitor the agent's, cotrustee's, or other fiduciary's performance and compliance with the terms of the delegation.(B) In performing a delegated function, an agent, cotrustee, or other fiduciary owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.(C) A trustee who complies with division (A) of this section is not liable to the beneficiaries of the trust or to the trust for the decisions or actions of the agent, cotrustee, or other fiduciary to whom the function was delegated.(D) By accepting the delegation of powers or duties from the trustee of a trust that is subject to the laws of this state, an agent, cotrustee, or other fiduciary submits to the jurisdiction of this state.
Ohio Rev Code § 5808.08 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.08 | Direction of Settlor Contrary to Terms - Power of Modification.

Effective: March 27, 2013|Latest Legislation:  House Bill 479 - 129th General Assembly|(A) While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. (B) As provided in section 5815.25 of the Revised Code, a trustee is not liable for losses resulting from certain actions or failures to act when other persons are granted certain powers with respect to the administration of the trust.(C) The terms of a trust may confer upon a trustee or other person a power to direct the modification or termination of the trust.(D) Except to the extent otherwise provided by the terms of a trust, a person other than a beneficiary who holds a power to direct, including, but not limited to, a power to direct the modification or termination of a trust, is presumptively a fiduciary who, as a fiduciary, is required to act in good faith with regard to the purposes of the trust and the interests of the beneficiaries. The holder of a power to direct is liable for any loss that results from breach of a fiduciary duty.
Ohio Rev Code § 5808.09 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.09 | Taking Control and Protection of Property.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|A trustee shall take reasonable steps to take control of and protect the trust property.
Ohio Rev Code § 5808.10 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.10 | Adequate Records of Administration.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A trustee shall keep adequate records of the administration of the trust.(B) A trustee shall keep trust property separate from the trustee's own property.(C) Except as otherwise provided in division (D) of this section and in section 2131.21 of the Revised Code, a trustee not subject to federal or state banking regulation shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.(D) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two or more separate trusts.
Ohio Rev Code § 5808.11 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.11 | Enforcement and Defense of Claims.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.
Ohio Rev Code § 5808.12 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.12 | Collection of Trust Property - Successor Trustees.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|A trustee shall take reasonable steps to collect trust property held by third persons. The responsibility of a successor trustee with respect to the administration of the trust by a prior trustee shall be governed by section 5815.24 of the Revised Code.