reglab/housing_qa huggingface dataset:
Ohio Rev Code § 5815.24 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.24 | Limitations on Liability.

Effective: March 27, 2013|Latest Legislation:  House Bill 479 - 129th General Assembly|(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 creditors; a partner, agent, officer of a public or private corporation, or public officer; or any other person acting in a fiduciary capacity for any person, trust, or estate. (B) A fiduciary, or a custodian, who is a transferee of real or personal property that is held by a fiduciary other than the person or entity serving as the transferee, is not required to inquire into any act, or audit any account, of the transferor fiduciary, unless the transferee is specifically directed to do so in the instrument governing the transferee or unless the transferee has actual knowledge of conduct of the transferor that would constitute a breach of the transferor's fiduciary responsibilities.(C) If a trustee is authorized or directed in a trust instrument to pay or advance all or any part of the trust property to the personal representative of a decedent's estate for the payment of the decedent's legal obligations, death taxes, bequests, or expenses of administration, the trustee is not liable for the application of the trust property paid or advanced to the personal representative and is not liable for any act or omission of the personal representative with respect to the trust property, unless the trustee has actual knowledge, prior to the payment or advancement of the trust property, that the personal representative does not intend to use the trust property for such purposes.(D) Regardless of whether a beneficiary is subject to the claims of any creditor, a trustee may pay any expense incurred by a beneficiary to the extent that payment is permitted by the instrument governing the trust, and the trustee may make those payments even if the payments exhaust the income and principal of the trust. A trustee is not liable to any creditor of a beneficiary for paying the expenses of a beneficiary as allowed by this division.
Ohio Rev Code § 5815.27 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.27 | Application of Generation-Skipping Transfer Tax Provisions.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(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 trust agreement by Chapter 13 of subtitle B of the "Internal Revenue Code of 1986," 100 Stat. 2718, 26 U.S.C. 2601-2624, as amended, unless the provision of the will or trust agreement specifically states, using the words "generation-skipping transfer tax," that the payment of the tax imposed under that chapter is included within the provision of the will or trust agreement.(B) This section applies to wills and trust agreements that are executed before or after March 14, 1979.
Ohio Rev Code § 5815.31 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.31 | Termination of Marriage Revokes Any Trust Provision Conferring a Beneficial Interest or a Power or Nomination.

Effective: March 24, 2010|Latest Legislation:  Senate Bill 106 - 128th General Assembly|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 marriage annulled, or, upon actual separation from the grantor's spouse, enters into a separation agreement pursuant to which the parties intend to fully and finally settle their prospective property rights in the property of the other, whether by expected inheritance or otherwise, the spouse or former spouse of the grantor shall be deemed to have predeceased the grantor, and any provision in the trust conferring any beneficial interest or a general or special power of appointment on the spouse or former spouse or nominating the spouse or former spouse as trustee or trust advisor shall be revoked. If the grantor remarries the grantor's former spouse or if the separation agreement is terminated, the spouse shall not be deemed to have predeceased the grantor, and any provision in the trust conferring any beneficial interest or a general or special power of appointment on the spouse or former spouse or nominating the spouse or former spouse as trustee or trust advisor shall not be revoked.
Ohio Rev Code § 5815.32 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.32 | Revocation of Power of Attorney Upon Termination of Marriage or Entering Separation Agreement.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|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 enter into a separation agreement pursuant to which they intend to fully and finally settle each spouse's prospective property rights in the property of the other, the designation in the power of attorney of the spouse or former spouse of the principal to act as attorney in fact for the principal is revoked, unless the power of attorney provides otherwise. The subsequent remarriage of the principal to the principal's former spouse, or the termination of a separation agreement between the principal and the principal's spouse, does not revive a power of attorney that is revoked under this section.
Ohio Rev Code § 5815.33 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.33 | Termination of Marriage Revokes Designation of Spouse as Beneficiary.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(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 benefit plan" means any funded or unfunded plan or program, or any fund, that is established to provide the beneficiaries of an employee participating in the plan, program, or fund with benefits that may be payable upon the death of that employee.(3) "Individual retirement plan" means an individual retirement account or individual retirement annuity as defined in section 408 of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 408, as amended.(B)(1) Unless the designation of beneficiary or the judgment or decree granting the divorce, dissolution of marriage, or annulment specifically provides otherwise, and subject to division (B)(2) of this section, if a spouse designates the other spouse as a beneficiary or if another person having the right to designate a beneficiary on behalf of the spouse designates the other spouse as a beneficiary, and if, after either type of designation, the spouse who made the designation or on whose behalf the designation was made, is divorced from the other spouse, obtains a dissolution of marriage, or has the marriage to the other spouse annulled, then the other spouse shall be deemed to have predeceased the spouse who made the designation or on whose behalf the designation was made, and the designation of the other spouse as a beneficiary is revoked as a result of the divorce, dissolution of marriage, or annulment.(2) If the spouse who made the designation or on whose behalf the designation was made remarries the other spouse, then, unless the designation no longer can be made, the other spouse shall not be deemed to have predeceased the spouse who made the designation or on whose behalf the designation was made, and the designation of the other spouse as a beneficiary is not revoked because of the previous divorce, dissolution of marriage, or annulment.(C) An agent, bank, broker, custodian, issuer, life insurance company, plan administrator, savings and loan association, transfer agent, trustee, or other person is not liable in damages or otherwise in a civil or criminal action or proceeding for distributing or disposing of property in reliance on and in accordance with a designation of beneficiary as described in division (B)(1) of this section, if both of the following apply:(1) The distribution or disposition otherwise is proper;(2) The agent, bank, broker, custodian, issuer, life insurance company, plan administrator, savings and loan association, transfer agent, trustee, or other person did not have any notice of the facts that resulted in the revocation of the beneficiary designation by operation of division (B)(1) of this section.
Ohio Rev Code § 5815.41 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.41 | Consignment of Art Works Definitions.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|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.(C) "On consignment" means delivered to an art dealer for the purpose of sale or exhibition, or both, to the public by the art dealer other than at a public auction.(D) "Work of art" means an original art work that is any of the following:(1) A visual rendition including, but not limited to, a painting, drawing, sculpture, mosaic, or photograph;(2) A work of calligraphy;(3) A work of graphic art, including, but not limited to, an etching, lithograph, offset print, or silk screen;(4) A craft work in materials, including, but not limited to, clay, textile, fiber, wood, metal, plastic, or glass;(5) A work in mixed media, including, but not limited to, a collage or a work consisting of any combination of the items listed in divisions (D)(1) to (4) of this section.
Ohio Rev Code § 5815.42 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.42 | Art Dealer's Acceptance of Work on Consignment From Artist.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|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 of art is trust property and the art dealer is a trustee for the benefit of the artist until the work of art is sold to a bona fide third party or returned to the artist.(C) The proceeds of the sale of the work of art are trust property and the art dealer is a trustee for the benefit of the artist until the amount due the artist from the sale is paid.(D) The art dealer is strictly liable for the loss of, or damage to, the work of art while it is in the art dealer's possession or control. The value of the work of art is, for the purpose of this division, the value established in the written contract between the artist and art dealer entered into pursuant to section 5815.45 of the Revised Code.
Ohio Rev Code § 5815.43 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.43 | When Work of Art Ceases to Be Trust Property.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(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 own account, until the purchase price specified pursuant to division (A)(3) of section 5815.45 of the Revised Code is paid in full to the artist.(B) If an art dealer resells a work of art that the art dealer purchased for the art dealer's own account to a bona fide third party before the artist has been paid in full, the work of art ceases to be trust property and the proceeds of the resale are trust funds in the possession or control of the art dealer for the benefit of the artist to the extent necessary to pay any balance still due to the artist. The trusteeship of the proceeds continues until the artist is paid in full under the contract entered into pursuant to section 5815.45 of the Revised Code.
Ohio Rev Code § 5815.44 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.44 | Work of Art Not Subject to Claims of Creditors of Art Dealer.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|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 § 5815.45 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.45 | Written Contract Prerequisite for Accepting Work of Art.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(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 contains all of the following:(1) The value of the work of art and whether it may be sold;(2) The time within which the proceeds of the sale are to be paid to the artist, if the work of art is sold;(3) The minimum price for the sale of the work of art;(4) The fee or percentage of the sale price that is to be paid to the art dealer for displaying or selling the work of art.(B) If an art dealer violates this section, a court, at the request of the artist, may void the obligation of the artist to that art dealer or to a person to whom the obligation is transferred, other than a holder in due course.
Ohio Rev Code § 5815.46 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.46 | Display Conditions.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|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 photograph of the work of art, unless both of the following occur:(A) Notice is given to users or viewers that the work of art is the work of the artist;(B) The artist gives prior written consent to the particular use or display.
Ohio Rev Code § 5815.47 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.47 | Waiver of Provisions Is Void.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|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 § 5815.48 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5815 | Miscellaneous Provisions|Section 5815.48 | Liability for Violations.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|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 incidental and consequential damages, sustained by the artist by reason of the violation.
Ohio Rev Code § 5816.01 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5816 | Ohio Legacy Trust Act|Section 5816.01 | Short Title.

Effective: March 27, 2013|Latest Legislation:  House Bill 479 - 129th General Assembly|This chapter may be cited as the Ohio legacy trust act.
Ohio Rev Code § 5816.03 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5816 | Ohio Legacy Trust Act|Section 5816.03 | Spendthrift Provisions.

Effective: March 27, 2013|Latest Legislation:  House Bill 479 - 129th General Assembly|(A) In addition to any other method allowed by law, the spendthrift provision of a legacy trust may be stated as provided in division (B) of section 5805.01 of the Revised Code. (B) Except as otherwise provided in this section, the spendthrift provisions of a legacy trust shall restrain both voluntary and involuntary transfer of a transferor's interest in that trust. Any spendthrift provision in a legacy trust is enforceable under any applicable nonbankruptcy law within the meaning of section 541(c)(2) of the Bankruptcy Code regardless of whether or not the relevant legacy trust instrument makes any reference to that enforceability. In addition to the restraints required by this division, a legacy trust and its spendthrift provisions may provide for any other restraints on alienation that are permitted by any law of this state.(C) Notwithstanding division (B) of this section or the terms of any spendthrift provision, but subject to divisions (D), (E), and (F) of this section, a transferor's interest in property that is the subject of a qualified disposition may be attached or otherwise involuntarily alienated in connection with any debt that the transferor owes pursuant to an agreement or court order for either of the following:(1) The payment of child or spousal support or alimony to or for the transferor's spouse, former spouse, child, or children, or to any governmental agency that is designated by statute, rule, or regulation to be the payee of that child or spousal support or alimony;(2) The division or distribution of property in favor of the transferor's spouse or former spouse.(D) A transferor's interest in property that is transferred pursuant to a qualified disposition and the transferor's beneficial interest in a legacy trust shall not be subject to any claim for forced heirship or legitime.(E) A transferor's interest in property that is transferred pursuant to a qualified disposition and the transferor's beneficial interest in a legacy trust shall not be subject to a distributive award under section 3105.171 of the Revised Code or to any similar award under the law of another jurisdiction, to any person other than the transferor's spouse or former spouse. A court shall liberally construe and apply this provision in finding that such similarity exists.(F) Nothing in this section shall deprive any beneficiary of any exemption rights that the beneficiary may have under any applicable law after the trust property is received by that beneficiary.
Ohio Rev Code § 5816.04 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5816 | Ohio Legacy Trust Act|Section 5816.04 | Limits to Transferor's Authority.

Effective: March 27, 2013|Latest Legislation:  House Bill 479 - 129th General Assembly|To the extent conferred by the governing legacy trust instrument, a transferor to a legacy trust may have any or all of the rights, powers, and interests described in section 5816.05 of the Revised Code. A transferor shall have no rights, powers, or interests in, over, to, or regarding the corpus or income of a legacy trust unless those rights, powers, or interests are granted, permitted, or recognized by both section 5816.05 of the Revised Code and the governing legacy trust instrument. Any written, verbal, tacit, express, or implied agreement or understanding or any other agreement or understanding purporting to grant, permit, or recognize any greater rights, powers, or interests than are provided in this section or the governing legacy trust instrument is void. Any portion of a legacy trust instrument that is not voided under this section shall remain valid and effective.
Ohio Rev Code § 5816.06 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5816 | Ohio Legacy Trust Act|Section 5816.06 | Qualified Affidavits and Related Rules.

Effective: August 17, 2021|Latest Legislation:  House Bill 7 - 134th General Assembly|(A) Except as otherwise provided in this section, a transferor shall sign a qualified affidavit before or substantially contemporaneously with making a qualified disposition.  (B) A qualified affidavit shall be notarized and shall contain all of the following statements under oath: (1) The property being transferred to the trust was not derived from unlawful activities. (2) The transferor has full right, title, and authority to transfer the property to the legacy trust. (3) The transferor will not be rendered insolvent immediately after the transfer of the property to the legacy trust. (4) The transferor does not intend to defraud any creditor by transferring the property to the legacy trust. (5) There are no pending or threatened court actions against the transferor, except for any court action identified by the affidavit or an attachment to the affidavit. (6) The transferor is not involved in any administrative proceeding, except for any proceeding identified by the affidavit or an attachment to the affidavit. (7) The transferor does not contemplate at the time of the transfer the filing for relief under the Bankruptcy Code. (C) A qualified affidavit is considered defective if it materially fails to meet the requirements set forth in division (B) of this section, but a qualified affidavit is not considered defective due to any one or more of the following: (1) Any nonsubstantive variances from the language set forth in division (B) of this section; (2) Any statements or representations in addition to those set forth in division (B) of this section if the statements or representations do not materially contradict the statements or representations required by that division; (3) Any technical errors in the form, substance, or method of administering an oath if those errors were not the fault of the affiant, and the affiant reasonably relied upon another person to prepare or administer the oath. (D)(1) A qualified affidavit is not required from a transferor who is not a beneficiary of the legacy trust that receives the disposition. (2) A subsequent qualified affidavit is not required in connection with any qualified disposition made after the execution of an earlier qualified affidavit if that disposition is a part of, is required by, or is the direct result of, a prior qualified disposition that was made in connection with that earlier qualified affidavit. (E) If a qualified affidavit is required by this section and a transferor fails to timely sign a qualified affidavit or signs a defective qualified affidavit, then, subject to the normal rules of evidence, that failure or defect may be considered as evidence in any proceeding commenced pursuant to section 5816.07 of the Revised Code, but the legacy trust or the validity of any attempted qualified disposition shall not be affected in any other way due to that failure or defect. Last updated May 20, 2021 at 2:23 PM