reglab/housing_qa huggingface dataset:
Ohio Rev Code § 5808.14 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.14 | Judicial Standard of Review for Discretionary Trusts.

Effective: March 22, 2012|Latest Legislation:  Senate Bill 117 - 129th General Assembly|(A) The judicial standard of review for discretionary trusts is that the trustee shall exercise a discretionary power reasonably, in good faith, and in accordance with the terms and purposes of the trust and the interests of the beneficiaries, except that with respect to distribution decisions a reasonableness standard shall not be applied to the exercise of discretion by the trustee of a wholly discretionary trust. The greater the grant of discretion by the settlor to the trustee, the broader the range of permissible conduct by the trustee in exercising it. (B) Subject to division (D) of this section, and unless the terms of the trust expressly indicate that a rule in this division does not apply:(1) A person other than a settlor who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary distributions to or for the trustee's personal benefit may exercise the power only in accordance with an ascertainable standard.(2) A trustee may not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee personally owes another person.(C) A power whose exercise is limited or prohibited by division (B) of this section may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, the court may appoint a special fiduciary with authority to exercise the power.(D) Division (B) of this section does not apply to any of the following:(1) A power held by the settlor's spouse who is the trustee of a trust for which a marital deduction, as defined in section 2056(b)(5) or 2523(e) of the Internal Revenue Code, was previously allowed;(2) Any trust during any period that the trust may be revoked or amended by its settlor;(3) A trust if contributions to the trust qualify for the annual exclusion under section 2503(c) of the Internal Revenue Code.(E) For purposes of division (A) of this section, a trustee who acts reasonably and in good faith in exercising the power to distribute trust income or principal to the trustee of a second trust in accordance with division (A) or (B) of section 5808.18 of the Revised Code is presumed to have acted in accordance with the terms and purposes of the trust and the interests of the beneficiaries.
Ohio Rev Code § 5808.15 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5808 | Trust Administration|Section 5808.15 | General Powers of Trustee.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A trustee, without authorization by the court, may exercise powers conferred by the terms of the trust and, except as limited by the terms of the trust, may exercise all of the following powers:(1) All powers over the trust property that an unmarried competent owner has over individually owned property;(2) Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property;(3) Any other powers conferred by Chapters 5801. to 5811. of the Revised Code.(B) The exercise of a power is subject to the fiduciary duties prescribed by Chapter 5808. of the Revised Code.
Ohio Rev Code § 5809.01 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5809 | Ohio Uniform Prudent Investor Act|Section 5809.01 | Trustee Duty to Comply With Act.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A)(1) As used in the Revised Code, the "Ohio Uniform Prudent Investor Act" means sections 5809.01 to 5809.08, 5808.03, 5808.05, and 5808.06, division (A) of section 5808.02, and division (B) of section 5808.07 of the Revised Code, and those sections may be cited as the "Ohio Uniform Prudent Investor Act."(2) As used in the Ohio Uniform Prudent Investor Act, "trustee" means a trustee under any testamentary, inter vivos, or other trust.(B) Except as provided in division (C) or (D) of this section, a trustee who invests and manages trust assets under the Ohio Uniform Prudent Investor Act owes a duty to the beneficiaries of the trust to comply with the Ohio Uniform Prudent Investor Act.(C) The Ohio Uniform Prudent Investor Act may be expanded, restricted, eliminated, or otherwise altered, without express reference by the instrument creating a trust to the Ohio Uniform Prudent Investor Act or any section of the Revised Code that is part of that act.(D) A trustee is not liable to a beneficiary of a trust to the extent the trustee acted in reasonable reliance on the provisions of the trust.
Ohio Rev Code § 5809.02 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5809 | Ohio Uniform Prudent Investor Act|Section 5809.02 | Standard of Care - Portfolio Strategy - Risk and Return Objectives.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this requirement, the trustee shall exercise reasonable care, skill, and caution.(B) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.(C) A trustee's investment and management decisions respecting individual trust assets shall not be evaluated in isolation but in the context of the trust portfolio as a whole and as part of an overall investment strategy having risk and return objectives reasonably suited to the trust.(D) Among circumstances that a trustee shall consider in investing and managing trust assets are the following as are relevant to the trust or its beneficiaries:(1) The general economic conditions;(2) The possible effect of inflation or deflation;(3) The expected tax consequences of investment decisions or strategies;(4) The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property;(5) The expected total return from income and appreciation of capital;(6) Other resources of the beneficiaries;(7) Needs for liquidity, regularity of income, and preservation or appreciation of capital;(8) An asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.
Ohio Rev Code § 5809.03 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5809 | Ohio Uniform Prudent Investor Act|Section 5809.03 | Investment Authority - Diversification.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A trustee may invest in any kind of property or type of investment provided that the investment is consistent with the requirements and standards of the Ohio Uniform Prudent Investor Act.(B) A trustee shall diversify the investments of a trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.
Ohio Rev Code § 5809.031 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5809 | Ohio Uniform Prudent Investor Act|Section 5809.031 | Duties of a Trustee With Respect to the Acquisition, Retention, or Ownership of a Life Insurance Policy.

Effective: March 22, 2013|Latest Legislation:  House Bill 247 - 129th General Assembly|(A) Notwithstanding any other provision of the Ohio Uniform Prudent Investor Act, unless otherwise provided by the terms of the trust, the duties of a trustee with respect to the acquisition, retention, or ownership of a life insurance policy as a trust asset do not include any of the following duties: (1) To determine whether the policy is or remains a proper investment;(2) To diversify the investment in the policy relative to any other life insurance policies or to any other trust assets;(3) To exercise or not to exercise any option, right, or privilege available under the policy, including the payment of premiums unless there is sufficient cash or there are other readily marketable trust assets from which to pay the premiums or there are other trust assets that were designated by the settlor or any other person transferring those assets to the trust to be used for that purpose, regardless of whether that exercise or nonexercise results in the lapse or termination of the policy;(4) To investigate the financial strength or changes in the financial strength of the life insurance company maintaining the policy;(5) To inquire about changes in the health or financial condition of the insured or insureds under the policy.(B) The trustee, the attorney who drafted a trust, or any person who was consulted with regard to the creation of a trust, in the absence of fraud, is not liable to the beneficiaries of the trust or to any other person for any loss arising from the absence of the duties specified in divisions (A)(1) to (5) of this section.(C) Unless otherwise provided by the terms of the trust, this section applies to a trust established before, on, or after March 22, 2012, and to a life insurance policy acquired, retained, or owned by a trustee before, on, or after March 22, 2012.
Ohio Rev Code § 5809.04 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5809 | Ohio Uniform Prudent Investor Act|Section 5809.04 | Duties at Inception of Trusteeship.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of trust assets in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and in order to comply with the requirements and standards of the Ohio Uniform Prudent Investor Act.
Ohio Rev Code § 5809.05 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5809 | Ohio Uniform Prudent Investor Act|Section 5809.05 | Reviewing Compliance.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|Compliance with the Ohio Uniform Prudent Investor Act shall be determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.
Ohio Rev Code § 5809.06 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5809 | Ohio Uniform Prudent Investor Act|Section 5809.06 | Delegation of Investment and Management Functions.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A trustee may delegate investment and management functions of a trust that a prudent trustee having comparable skills could properly delegate under the circumstances. A trustee that exercises its delegation authority under this division shall comply with the requirements of division (A) of section 5808.07 of the Revised Code.(B) In performing investment or management functions of a trust that are delegated to an agent, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.(C) A trustee who delegates a function to an agent in compliance 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 to whom the function was delegated.(D) By accepting the delegation of investment or management functions of a trust that is subject to the laws of this state, an agent submits to the jurisdiction of this state.
Ohio Rev Code § 5809.07 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5809 | Ohio Uniform Prudent Investor Act|Section 5809.07 | Language Invoking Standard of Act.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted by the Ohio Uniform Prudent Investor Act: "investments permissible by law for investment of trust funds"; "legal investments"; "authorized investments"; "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds considering the probable income as well as the probable safety of their capital"; "prudent man rule"; "prudent trustee rule"; "prudent person rule"; and "prudent investor rule."
Ohio Rev Code § 5809.08 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5809 | Ohio Uniform Prudent Investor Act|Section 5809.08 | Application and Construction.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) The Ohio Uniform Prudent Investor Act shall be applied and construed to effectuate the general purpose to make uniform the law with respect to the subject of these sections among the states enacting it.(B) The Ohio Uniform Prudent Investor Act applies to trusts existing on or created after March 22, 1999. As applied to trusts existing on March 22, 1999, the Ohio Uniform Prudent Investor Act governs only decisions or actions occurring after March 22, 1999.(C) The temporary investment of cash or funds pursuant to section 5815.26 or 2109.372 of the Revised Code shall be considered a prudent investment in compliance with the Ohio Uniform Prudent Investor Act.
Ohio Rev Code § 5810.01 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5810 | Breach of Trust|Section 5810.01 | Breach of Trust Defined - Judicial Remedies.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.(B) To remedy a breach of trust that has occurred or may occur, the court may do any of the following:(1) Compel the trustee to perform the trustee's duties;(2) Enjoin the trustee from committing a breach of trust;(3) Compel the trustee to redress a breach of trust by paying money, restoring property, or other means;(4) Order a trustee to account;(5) Appoint a special fiduciary to take possession of the trust property and administer the trust;(6) Suspend the trustee;(7) Remove the trustee as provided in section 5807.06 of the Revised Code;(8) Reduce or deny compensation to the trustee;(9) Subject to section 5810.12 of the Revised Code, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds;(10) Order any other appropriate relief.
Ohio Rev Code § 5810.02 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5810 | Breach of Trust|Section 5810.02 | Liability to Beneficiaries for Breach - Contribution.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of the following:(1) The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred;(2) The profit the trustee made by reason of the breach.(B) Except as otherwise provided in this division, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received.
Ohio Rev Code § 5810.03 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5810 | Breach of Trust|Section 5810.03 | Trustee Not Accountable or Liable for Profit or Loss Absent Breach.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) Absent a breach of trust, a trustee is not accountable to a beneficiary for any profit made by the trustee arising from the administration of the trust.(B) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.
Ohio Rev Code § 5810.04 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5810 | Breach of Trust|Section 5810.04 | Award of Costs, Expenses, and Attorney Fees From Trust.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|In a judicial proceeding involving the administration of a trust, including a trust that contains a spendthrift provision, the court, as justice and equity may require, may award costs, expenses, and reasonable attorney's fees to any party, to be paid by another party, from the trust that is the subject of the controversy, or from a party's interest in the trust that is the subject of the controversy.
Ohio Rev Code § 5810.05 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5810 | Breach of Trust|Section 5810.05 | Limitations Period for Action Against Trustee.

Effective: September 12, 2008|Latest Legislation:  House Bill 499 - 127th General Assembly|(A) A beneficiary may not commence a proceeding against a trustee for breach of trust more than two years after the date the beneficiary, a representative of the beneficiary, or a beneficiary surrogate is sent a report that adequately discloses the existence of a potential claim for breach of trust and informs the beneficiary, the representative of the beneficiary, or the beneficiary surrogate of the time allowed for commencing a proceeding against a trustee. (B) A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or the representative of the beneficiary knows of the potential claim or should know of the existence of the potential claim.(C) If division (A) of this section does not apply, notwithstanding section 2305.09 of the Revised Code, a judicial proceeding by a beneficiary against a trustee for breach of trust must be commenced within four years after the first of the following to occur:(1) The removal, resignation, or death of the trustee;(2) The termination of the beneficiary's interest in the trust;(3) The termination of the trust;(4) The time at which the beneficiary knew or should have known of the breach of trust.(D) Nothing in Chapters 5801. to 5811. of the Revised Code limits the operation of any principle of law or equity, including the doctrines of laches, unclean hands, estoppel, and waiver, that can bar claims.
Ohio Rev Code § 5810.06 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5810 | Breach of Trust|Section 5810.06 | Trustee Reliance on Terms of Trust.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.
Ohio Rev Code § 5810.07 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5810 | Breach of Trust|Section 5810.07 | Reasonable Care to Ascertain Material Event.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee's lack of knowledge.
Ohio Rev Code § 5810.08 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5810 | Breach of Trust|Section 5810.08 | Enforceability of Exculpatory Trust Term.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries or was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor.
Ohio Rev Code § 5810.09 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5810 | Breach of Trust|Section 5810.09 | Beneficiary or Representative's Consent to Conduct Constituting Breach.

Effective: March 22, 2012|Latest Legislation:  Senate Bill 117 - 129th General Assembly|A trustee is not liable to a beneficiary for breach of trust if the beneficiary or the beneficiary's representative under the representation provisions of Chapter 5803. of the Revised Code consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless the consent, release, or ratification of the beneficiary or representative was induced by improper conduct of the trustee or, at the time of the consent, release, or ratification, the beneficiary or representative did not know of the beneficiary's rights or of the material facts relating to the breach. This section applies regardless of whether the conduct being consented to, released, or ratified constitutes one or more breaches of fiduciary duty, violates one or more provisions of the Revised Code, or is taken without required court approval.
Ohio Rev Code § 5810.10 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5810 | Breach of Trust|Section 5810.10 | Personal Contract and Tort Liability of Trustee.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) Except as otherwise provided in the contract, for contracts entered into on or after March 22, 1984, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity. The words "trustee," "as trustee," "fiduciary," or "as fiduciary," or other words that indicate one's trustee capacity, following the name or signature of a trustee are sufficient disclosure for purposes of this division.(B) A trustee is personally liable for torts committed in the course of administering a trust or for obligations arising from ownership or control of trust property, including liability for violation of environmental law, only if the trustee is personally at fault.(C) A claim based on a contract entered into by a trustee in the trustee's fiduciary capacity, on an obligation arising from ownership or control of trust property, or on a tort committed in the course of administering a trust may be asserted in a judicial proceeding against the trustee in the trustee's fiduciary capacity, whether or not the trustee is personally liable for the claim.