reglab/housing_qa huggingface dataset:
Ohio Rev Code § 5812.46 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.46 | Income Taxes.

Effective: April 6, 2017|Latest Legislation:  House Bill 432 - 131st General Assembly|(A) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income.(B) A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority.(C) A tax required to be paid by a trustee on the trust's share of an entity's taxable income shall be paid as follows:(1) From income, to the extent that receipts from the entity are allocated only to income;(2) From principal, to the extent that receipts from the entity are allocated only to principal;(3) Proportionately from principal and income, to the extent that receipts from the entity are allocated to both income and principal;(4) From principal, to the extent that the tax exceeds the total receipts from the entity.(D) After applying divisions (A) to (C) of this section, the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary.
Ohio Rev Code § 5812.47 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.47 | Adjustments Between Principal and Income Because of Taxes.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries that arise from any of the following:(1) Elections and decisions, other than those described in division (B) of this section, that the fiduciary makes from time to time regarding tax matters;(2) An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust;(3) The ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or beneficiary.(B) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement shall equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced shall be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.
Ohio Rev Code § 5812.51 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.51 | Citing Chapter.

Effective: April 6, 2017|Latest Legislation:  House Bill 432 - 131st General Assembly|(A) Sections 5812.01 to 5812.52 of the Revised Code may be cited as the "uniform principal and income act."(B) In applying and construing the "uniform principal and income act," consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact the "uniform principal and income act."
Ohio Rev Code § 5812.52 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|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 Code.
Ohio Rev Code § 5813.01 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5813 | Institutional Trust Funds Act|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 holds funds exclusively for any of those purposes.(B) "Governing board" means the body responsible for the management of an institution.(C) "Institutional trust fund" means a trust fund, or a part of a trust fund, that is held by a trustee for the exclusive use, benefit, or purposes of one or more institutions and that is not wholly distributable to the institution or institutions on a current basis under the terms of the applicable trust instrument. "Institutional trust fund" does not include a fund in which a beneficiary that is not an institution has an interest other than a right that may arise upon a violation of a covenant under the terms of the applicable trust instrument or upon a violation of or the failure of the purposes of the fund.(D) "Applicable fund value" means for any particular fiscal year the sum of the month-end values of the net assets of an institutional trust fund for the prior fiscal year for those months in which the institutional trust fund has been in existence during such prior fiscal year divided by the number of those months. The month-end values shall be determined by the trustee in accordance with the trustee's records, and any such determination made by a trustee in good faith is conclusive.(E) "Trust instrument" means a testamentary or inter vivos trust under which the trustee of the trust holds an institutional trust fund.(F) "Trustee" means an individual, corporation, institution, or organization, including, but not limited to, a bank, trust company, or other financial institution, serving as a trustee or as sole trustee under a trust instrument. "Trustee" includes an original trustee and any successor or added trustee.
Ohio Rev Code § 5813.02 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5813 | Institutional Trust Funds Act|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 of the following:(1) The income from the assets of the institutional trust fund for the fiscal year as determined in accordance with the applicable trust instrument and applicable law without regard to sections 5813.01 to 5813.07 of the Revised Code;(2) The amount requested by the institution's governing board for the fiscal year pursuant to division (B) of this section.(B) An institution's governing board may request that an amount be distributed to the institution for the fiscal year, and that amount shall not exceed the sum of both of the following:(1) Five per cent of the applicable fund value for the institutional trust fund for the fiscal year;(2) If, in any prior fiscal year that is after September 15, 1999, the governing board requested less than five per cent of the applicable fund value for that prior fiscal year and if the amount the institution actually received from the institutional trust fund pursuant to division (A) of this section was less than five per cent for that prior fiscal year, the aggregate difference between five per cent of the applicable fund value with respect to each such prior fiscal year and the amount the institution actually received pursuant to division (A) of this section for each prior fiscal year.(C) If, under a trust instrument, more than one institution is a beneficiary of an institutional trust fund, the trustee shall take such actions that the trustee determines appropriate or necessary to allow for the distributions of income as contemplated by division (A) of this section, which actions may include dividing the institutional trust fund into separate shares according to the interest that each institution has in the total institutional trust fund held under the trust instrument.(D) This section does not limit the authority or obligation of a trustee to distribute, or the authority of a governing board to request, funds as permitted or required under the terms of the applicable trust instrument.
Ohio Rev Code § 5813.03 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5813 | Institutional Trust Funds Act|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.(B) A restriction upon the definition of income in division (A) of section 5813.02 of the Revised Code may not be inferred from a designation of an institutional trust fund as an endowment; a direction or authorization in the applicable trust instrument to use only "income," "interest," "dividends," or "rents, issues, or profits," or "to preserve the principal intact," or a direction that contains other words of a similar import; a direction in a trust instrument that income and principal are to be determined by reference to certain statutory provisions; or, subject to division (A) of this section, the inclusion of specified provisions in a trust instrument setting forth the way in which income and principal are to be determined.(C) The rule of construction set forth in division (B) of this section applies to trust instruments executed or in effect before, on, or after September 15, 1999.
Ohio Rev Code § 5813.04 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5813 | Institutional Trust Funds Act|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 care and prudence under the facts and circumstances prevailing at the time of the action or decision and shall make requests for amounts under divisions (A) and (B) of section 5813.02 of the Revised Code only as is prudent under this standard. In so doing, the governing board shall consider the long- and short-term needs of the institution in carrying out its educational, religious, charitable, or other eleemosynary purposes; the institution's present and anticipated financial requirements; the expected total return on the investments held by the institution and held by the trustee under the applicable trust instrument; price level trends; and general economic conditions.(B) In determining the expected total return on the investments held by a trustee of an institutional trust fund under the applicable trust instrument, the members of the governing board of an institution may follow, and are not required to examine independently, the determination of the trustee regarding the expected total return on the investments held by the trustee.(C) A trustee of an institutional trust fund has no duty to inquire or ascertain whether the governing board of an institution has satisfied the standards set forth in divisions (A) and (B) of this section, and the trustee does not have any liability for the failure of the governing board to satisfy those standards.
Ohio Rev Code § 5813.05 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5813 | Institutional Trust Funds Act|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 requesting, or a trustee from making, distributions from an institutional trust fund in accordance with sections 5813.01 to 5813.07 of the Revised Code.
Ohio Rev Code § 5813.06 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5813 | Institutional Trust Funds Act|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 division (B) of section 5813.02 of the Revised Code nor the amount actually requested by a governing board pursuant to that section shall be construed or interpreted to limit or expand what is a prudent amount that can be expended by a governing board of an institution under sections 1715.51 to 1715.59 of the Revised Code. (B) If an institutional trust fund is also an institutional fund as defined in division (C) of section 1715.51 of the Revised Code with the result that sections 1715.51 to 1715.59 of the Revised Code also are applicable to the institutional trust fund, then sections 1715.51 to 1715.59 of the Revised Code apply to the institutional trust fund, and sections 5813.01 to 5813.07 of the Revised Code do not apply to the institutional trust fund.
Ohio Rev Code § 5813.07 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5813 | Institutional Trust Funds Act|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."
Ohio Rev Code § 5814.03 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5814 | Ohio Transfers to Minors Act|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 plan, real estate, tangible or intangible personal property, or other property given or, subject to the right of the owner of the policy, contract, or benefit plan to change the beneficiary if the custodian is not the owner, to the proceeds of a life or endowment insurance policy, an annuity contract, or a benefit plan given, but no guardian of the minor has any right, power, duty, or authority with respect to the custodial property except as provided in sections 5814.01 to 5814.10 of the Revised Code.(B) By making a gift or transfer in a manner prescribed in sections 5814.01 to 5814.10 of the Revised Code, the donor or transferor incorporates in the gift or transfer all the provisions of these sections and grants to the custodian, and to any issuer, transfer agent, financial institution, broker, or third person dealing with a person or trust company designated as custodian, the respective powers, rights, and immunities provided in these sections.
Ohio Rev Code § 5814.05 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5814 | Ohio Transfers to Minors Act|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, the custodian may receive from custodial property reasonable compensation for the custodian's services determined by one of the following standards in the order stated:(1) A direction by the donor or transferor when the gift or transfer is made;(2) A statute of this state applicable to custodians;(3) The statute of this state applicable to guardians;(4) An order of the court.(D) Except as otherwise provided in sections 5814.01 to 5814.10 of the Revised Code, a custodian shall not be required to give a bond for the performance of the custodian's duties.(E) A custodian not compensated for the custodian's services is not liable for losses to the custodial property unless they result from the custodian's bad faith, intentional wrongdoing, or gross negligence or from the custodian's failure to maintain the standard of prudence in investing the custodial property provided in sections 5814.01 to 5814.10 of the Revised Code.
Ohio Rev Code § 5814.06 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5814 | Ohio Transfers to Minors Act|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 act as a custodian is not required to do any of the following:(A) Determine either of the following:(1) Whether the person or trust company designated by the purported donor or transferor, or the person or trust company purporting to act as a custodian, has been duly designated;(2) Whether any purchase, sale, or transfer to or by, or any other act of, any person or trust company purporting to act as a custodian is in accordance with or authorized by sections 5814.01 to 5814.10 of the Revised Code.(B) Inquire into the validity or propriety under sections 5814.01 to 5814.10 of the Revised Code of any instrument or instructions executed or given by a person purporting to act as a donor or transferor or by a person or trust company purporting to act as a custodian;(C) See to the application by any person or trust company purporting to act as a custodian of any money or other property paid or delivered to the person or trust company.
Ohio Rev Code § 5814.08 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5814 | Ohio Transfers to Minors Act|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 or transferor's legal representative may petition the court for an accounting by the custodian or the custodian's legal representative. A successor custodian may petition the court for an accounting by the custodian that the successor custodian succeeded.(B) The court, in a proceeding under sections 5814.01 to 5814.10 of the Revised Code, or otherwise, may require or permit the custodian or the custodian's legal representative to account and, if the custodian is removed, shall so require and order delivery of all custodial property to the successor custodian and the execution of all instruments required for the transfer of the custodial property.
Ohio Rev Code § 5814.09 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5814 | Ohio Transfers to Minors Act|Section 5814.09 | Delayed Time for Delivery of Custodial Property.

Effective: April 6, 2017|Latest Legislation:  House Bill 432 - 131st General Assembly|(A) Subject to the requirements and limitations of this section, the time for delivery to the minor of custodial property transferred under or pursuant to division (A) of section 5814.02 of the Revised Code may be delayed until a specified time after the minor attains the age of twenty-one years, which time shall be specified in the written instrument that makes or provides for the gift or transfer pursuant to divisions (A)(1) to (9) of section 5814.02 of the Revised Code. (B) To specify a delayed time for delivery to the minor of the custodial property, the words "as custodian for __________________ (name of minor) until age _______________ (age of delivery of property to minor) under the Ohio Transfers to Minors Act," shall be substituted in substance for the words "as custodian for __________________ (name of minor) under the Ohio Transfers to Minors Act." (C) The time for delivery to the minor of custodial property transferred under a will, trust instrument, or irrevocable exercise of a testamentary power of appointment may be delayed under this section only if the governing will, trust, or exercise of the power of appointment provides in substance that the custodianship is to continue until the time the minor attains a specified age, which time shall not be later than the date the minor attains the age of twenty-five years. (D) If the custodial property is transferred by inter vivos gift and the time for delivery of the custodial property to the minor is delayed beyond the time the minor attains the age of twenty-one years, the custodian, nevertheless, shall deliver the custodial property to the minor if requested in writing by the minor within sixty days of the minor attaining the age of twenty-one years, unless the donor or transferor, in the written instrument of gift or transfer pursuant to divisions (A)(1) to (9) of section 5814.02 of the Revised Code, provides that the custodial property may not be delivered to the minor prior to attaining the specified age of delivery, which time shall not be later than the date the minor attains the age of twenty-five years. (E) If the time for delivery to the minor of custodial property is delayed until a specified time after the minor attains the age of twenty-one years and the minor dies prior to attaining that age, the custodian shall, upon the minor's death, deliver the custodial property to the estate of the minor. (F) A custodian may not commingle the assets of custodial property that have different delivery dates.