reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.06 | New or Additional Bond.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
The probate court that appoints a fiduciary may, on its own motion or on the application of any interested party, and after notice to the fiduciary, require a new bond or sureties or an additional bond or sureties whenever, in the opinion of the court, the interests of the trust demand it.
Immediately upon the filing of the inventory by a fiduciary, the court shall determine whether the amount of the bond of the fiduciary is sufficient and shall require new or additional bond if in the opinion of the court the interests of the trust demand it.
When a new bond is required as provided in this section, the sureties in the prior bond shall nevertheless be liable for all breaches of the conditions set forth in the bond that are committed before the new bond is approved by the court.
The court shall remove a fiduciary who fails within the time fixed by the court to furnish new or additional bond or sureties, and the court shall appoint a successor fiduciary.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.07 | Bond Conditions - Administrator - When Not Required.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
(A) The bond required of an administrator by section 2109.04 of the Revised Code shall not be required in either of the following cases:
(1) It shall not be required of a surviving spouse to administer the deceased spouse's estate if the surviving spouse is entitled to the entire net proceeds of the estate.
(2) It shall not be required of an administrator to administer an estate if there is no will, if the administrator is the next of kin, and if the administrator is entitled to the entire net proceeds of the estate.
(B) The bond otherwise required by section 2109.04 of the Revised Code of an administrator shall be conditioned as follows:
(1) To file with the probate court within the time required by section 2115.02 of the Revised Code an inventory of all tangible and intangible personal property of the deceased that is to be administered and that comes to the administrator's possession or knowledge and an inventory of the deceased's interest in real property located in this state;
(2) To administer and distribute according to law all tangible and intangible personal property of the deceased, the proceeds of any action for wrongful death or of any settlement, with or without suit, of a wrongful death claim, and the proceeds of all real property in which the deceased had an interest, that is located in this state, and that is sold, when the property or proceeds have come to the possession of the administrator or to the possession of a person for the administrator;
(3) To render a just and true account of the administrator's administration at the times required by section 2109.301 of the Revised Code;
(4) To deliver the letters of administration into court if a will of the deceased is proved and allowed.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.08 | Bond Conditions - Special Administrator.

Effective:
October 1, 1996
Latest Legislation:
House Bill 391 - 121st General Assembly
The bond required by section 2109.04 of the Revised Code of a special administrator shall be conditioned as follows:
(A) To file with the probate court within three months an inventory of the tangible and intangible personal property of the deceased that has or may come to the special administrator's possession or knowledge;
(B) To account for the tangible and intangible personal property of the deceased and for the debts of the deceased that the special administrator receives as special administrator, whenever required by the court, and deliver them to the person authorized to receive them.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.09 | Bond Conditions - Executor.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
(A) Unless the testator has specified otherwise in the will, the bond required of an executor by section 2109.04 of the Revised Code shall not be required of the executor to administer an estate in accordance with the will of the testator if the executor is the next of kin and if the executor is entitled to the entire net proceeds of the estate.
(B) The bond otherwise required of an executor by section 2109.04 of the Revised Code shall be conditioned as follows:
(1) To file with the probate court within the time required by section 2115.02 of the Revised Code an inventory of all the tangible and intangible personal property of the testator that is to be administered and that comes to the executor's possession or knowledge and an inventory of the testator's interest in real property located in this state;
(2) To administer and distribute according to law and the will of the testator all the testator's tangible and intangible personal property, the proceeds of any action for wrongful death or of any settlement, with or without suit, of a wrongful death claim, and the proceeds of all real property in which the testator had an interest, that is located in this state, and that is sold, when the property or proceeds have come to the possession of the executor or to the possession of another person for the executor;
(3) To render a just and true account of the executor's administration at the times required by section 2109.301 of the Revised Code.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.10 | Bond When Executor or Administrator Is Sole Residuary Legatee or Distributee.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
If an executor or administrator is sole residuary legatee or distributee and if division (A) of section 2109.07 or division (A) of section 2109.09 of the Revised Code does not apply, instead of giving the bond prescribed by section 2109.04 of the Revised Code, the executor or administrator may give a bond to the satisfaction of the probate court conditioned as follows:
(A) To pay the costs of administration and all the debts and legacies of the decedent to the extent of the assets of the estate;
(B) If there is a will, to pay over the testator's estate to the person entitled to the testator's estate if the will is set aside;
(C) If there is no will offered at the opening of the estate, to pay over the testator's estate to the person entitled to the testator's estate if a will is probated after the administrator's initial appointment.
The giving of that bond shall not discharge the lien on the decedent's real property for the payment of the decedent's debts, except that part that has been lawfully sold by the executor or administrator.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.11 | Bond Conditions - Testamentary Trustees.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
The bond required by section 2109.04 of the Revised Code of a testamentary trustee shall be conditioned as follows:
(A) To make and return to the probate court within the time required by section 2109.58 of the Revised Code a true inventory of all moneys, rights, credits, other personal property, and real property belonging to the trust that come to the trustee's possession or knowledge;
(B) To administer and distribute according to law and the will of the testator all moneys, rights, credits, other personal property and real property belonging to the trust that come to the possession of the trustee or to the possession of any other person for the trustee;
(C) To render a just and true account of the trustee's administration at the times required by section 2109.303 of the Revised Code.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.12 | Bond Conditions - Guardians.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
Any bond required by or pursuant to section 2109.04 of the Revised Code of a guardian shall be conditioned as follows:
(A) If applicable, to make and return to the probate court within the time required by section 2111.14 of the Revised Code a true inventory of all moneys, rights, credits, other personal property, and real property belonging to the ward that come to the guardian's possession or knowledge;
(B) To administer and distribute according to law all moneys, rights, credits, other personal property, and real property belonging to the ward that come to the possession of the guardian or to the possession of any other person for the guardian;
(C) To render a just and true account of the guardian's administration at any times required by or pursuant to section 2109.302 of the Revised Code.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.14 | Deposit of Works of Art in Museum Authorized - Reduction of Bond.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
If the estate held by a fiduciary consists in whole or in part of works of nature or of art that are suitable for preservation and exhibition in a museum or other similar institution, the probate court may authorize and direct that any or all of those works be deposited with a corporation conducting the museum or other similar institution; provided that no such deposit shall be authorized or directed except with a corporation having a net worth of at least ten times the value of the works to be deposited. The deposit shall be made in the name of the fiduciary, and the property deposited shall not be withdrawn from the custody of the depository or otherwise deposited except upon the special order of the court. The probate judge may impose any conditions relative to insurance and the care and protection of the property deposited that the court thinks best for the interests of the estate and the beneficiaries of the estate. After the deposit has been made, a receipt for that property executed by that corporation shall be filed with the court, and the receipt shall acknowledge that the property is held by that corporation subject to the order of the court. When the receipt is filed, the court may fix or reduce the amount of the bond so that the amount of the penalty of the bond is determined with respect to the value of the remainder only of the estate or fund, without including the value of the property deposited. Neither the fiduciary nor the fiduciary's sureties shall be liable for any loss to the trust estate resulting from a deposit authorized and directed by the court pursuant to this section, provided the fiduciary has acted in good faith.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.15 | Informality of Bond.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
No bond executed by a fiduciary shall be void or held invalid because of any informality in such bond or because of informality or illegality in the appointment of such fiduciary. Such bond shall have the same effect as if the appointment had been legally made and the bond executed in proper form.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.16 | One Bond for Two or More Wards.

Effective:
October 4, 1984
Latest Legislation:
House Bill 263 - 115th General Assembly
When a person is appointed guardian of several minors who are children of the same parentage and inherit from the same estate, separate bonds shall not be required. In such cases, only one application for letters of guardianship is necessary, and the letters issued to such guardian shall be in one copy and not one copy for each minor. The probate court approving and recording the bond of the guardian, if any, and issuing such letters shall charge the fees allowed by section 2101.16 of the Revised Code for such services. Such fees shall be charged but once for all the wards and not once for each ward.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.17 | Sureties.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
If the bond of a fiduciary is executed by personal sureties, one or more of the sureties shall be a resident of the county in which the fiduciary applies for appointment. The sureties shall own real property worth double the sum to be secured, over and above all encumbrances, and shall have property in this state liable to execution equal to the sum to be secured. If two or more sureties are offered on the same bond, they must have in the aggregate the qualifications prescribed in this section. The sureties shall qualify under oath and may be required to exhibit to the probate court satisfactory evidence of the ownership of the real property.
No corporate surety shall be acceptable on a fiduciary's bond in the probate court unless the surety is acceptable to the United States government on surety bonds in the same amount, as shown by the regulations issued by the secretary of the treasury of the United States, or in any other manner, to the satisfaction of the court. The surety shall also be qualified to do business in this state.
A surety on the bond of a fiduciary shall not be held liable for any debt of the fiduciary to the estate represented by the fiduciary existing at the time the fiduciary was appointed; but the surety shall be liable to the extent that the debt has been made uncollectible by wrongful act of the fiduciary after appointment.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.18 | Release of a Fiduciary's Sureties.

Effective:
October 31, 2001
Latest Legislation:
House Bill 85 - 124th General Assembly
A surety of a fiduciary or the executor or administrator of a surety may make application at any time to the probate court to be released from the bond of such fiduciary. Such surety shall file a written request therefor with the probate judge of such court and give at least five days' notice in writing to such fiduciary. If, upon the hearing, the court is of the opinion that there is good reason therefor, it shall release such surety. The death of a surety shall always be good cause.
A fiduciary may make application at any time to the court for the release of the fiduciary's sureties. Such fiduciary shall file a written request therefor with the judge of such court and give at least five days' notice in writing to such sureties. If, upon the hearing, the court is of the opinion that there is good reason to release such sureties, it shall order the fiduciary to file an account, as provided by section 2109.301, 2109.302, or 2109.303 of the Revised Code, and such sureties shall be released after the fiduciary files a new bond which is approved by the court.
If such fiduciary fails to give new bond as directed, the fiduciary shall be removed and the fiduciary's letters of appointment superseded. Such original sureties shall not be released until the fiduciary gives a bond, but shall be liable for such fiduciary's acts only from the time of executing the original bond to the filing and approval by the court of the new bond.
The costs of such proceeding shall be paid by the surety applying to be released, unless it appears to the court that the fiduciary is insolvent, incompetent, or is wasting the assets of the estate.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.19 | Bond of Indemnity to Surety.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
If a fiduciary wastes or unfaithfully administers an estate, on the application of a surety on the fiduciary's bond the probate court granting letters of appointment to the fiduciary may order the fiduciary to render an account and to execute to the surety a bond of indemnity with sureties approved by the court. Upon neglect or refusal to execute the bond within the time ordered, the court may remove the fiduciary, revoke the fiduciary's letters of appointment, and appoint another fiduciary in the fiduciary's place.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.20 | Guardian May Give Real Property Mortgage to Secure Bond.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
Instead of the sureties required on a guardian's bond by section 2109.04 of the Revised Code, a guardian of the person and estate or of the estate only of any ward may execute to the ward a mortgage upon unencumbered real property. The guardian first shall furnish to the probate court a title guarantee or a mortgagee's title insurance policy for the benefit of the guardianship, with respect to the real property, and it shall be shown to the court's satisfaction that, exclusive of improvements on the real property, the real property is of a value sufficient to secure the bond. The mortgage shall be recorded in the county in which the property is situated and filed with the court.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.22 | Marriage No Disqualification for Fiduciary.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
The marriage of any person does not disqualify the person from acting as fiduciary, whether the marriage occurs before or after the person's appointment and qualification, and all of the person's acts in that capacity shall have the same validity as though the person were unmarried.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.24 | Resignation or Removal of Fiduciary.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
The probate court at any time may accept the resignation of any fiduciary upon the fiduciary's proper accounting, if the fiduciary was appointed by, is under the control of, or is accountable to the court. The fiduciary may resign by filing a written statement with the court after giving at least fifteen days notice to the persons known to be interested in the estate. Upon notice or a motion of the fiduciary to resign, the court may set the matter for a hearing and may notify all interested persons. No fiduciary shall resign without an order of the court.
If a fiduciary fails to make and file an inventory as required by sections 2109.58, 2111.14, and 2115.02 of the Revised Code or to render a just and true account of the fiduciary's administration at the times required by section 2109.301, 2109.302, or 2109.303 of the Revised Code, and if the failure continues for thirty days after the fiduciary has been notified by the court of the expiration of the relevant time, the fiduciary may be removed by the court and shall receive no allowance for the fiduciary's services unless the court enters upon its journal its findings that the delay was necessary and reasonable.
The court may remove any fiduciary, after giving the fiduciary not less than ten days' notice, for habitual drunkenness, neglect of duty, incompetency, or fraudulent conduct, because the interest of the property, testamentary trust, or estate that the fiduciary is responsible for administering demands it, or for any other cause authorized by law.
The court may remove a testamentary trustee upon the written application of more than one-half of the persons having an interest in the estate controlled by the testamentary trustee, but the testamentary trustee is not to be considered as a person having an interest in the estate under the proceedings; except that no testamentary trustee appointed under a will shall be removed upon the written application unless for a good cause.
Upon the resignation or removal of the fiduciary, the court shall revoke all letters of authority for the fiduciary.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.25 | Fiduciary in Military Service - Removal and Reinstatement.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
(A) Whenever it appears to the satisfaction of the probate court that a fiduciary is unable to perform the fiduciary's duties because the fiduciary is engaged or is about to engage in military service as defined by this section, the court may remove the fiduciary and appoint a substitute or authorize the remaining fiduciaries to execute the trust. That action may be taken on the court's own motion or on the application of any party in interest, including the fiduciary or cofiduciary, either without notice or upon notice to those persons and in the manner that the court shall direct.
If any of the duties of that office remain unexecuted when a fiduciary who has resigned or been removed on account of the fiduciary's military service ceases to be in that military service, the fiduciary shall be reappointed as fiduciary upon the fiduciary's application to the court and upon any notice that the court may direct, provided the fiduciary is at the time a suitable and competent person and has the qualifications as to residence required by section 2109.21 of the Revised Code. If the person is reappointed, the court shall remove the substitute fiduciary and revoke the substitute fiduciary's letters of appointment and shall make such further order or decree as justice requires.
(B) As used in this section, "military service" means any service, work, or occupation that in the opinion of the court is directly or indirectly in furtherance of any military effort of the United States. "Military service" includes internment in an enemy country, residence in any foreign country, or residence in any possession or dependency of the United States, if by reason of the internment or residence the fiduciary is unable to return to this state.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.26 | Vacancy Before Termination of the Trust - Accounting - Successor Fiduciary.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
If a sole fiduciary dies, is dissolved, declines to accept, resigns, is removed, or becomes incapacitated prior to the termination of the trust, the probate court shall require a final account of all dealings of the trust to be filed by the fiduciary if a living person and able to act. If the fiduciary is a living person but unable to act, the final account shall be filed by the fiduciary's guardian or, if there is no guardian, by some other suitable person in the fiduciary's behalf, appointed or approved by the court. If the fiduciary is a deceased person, the final account shall be filed by the fiduciary's executor or administrator. If no estate is commenced for a deceased fiduciary, the deceased fiduciary's successor shall file the final account. If the fiduciary is a dissolved corporation, the final account shall be filed by those persons that are charged by law with winding up the affairs of the dissolved corporation. The court shall cause the proceedings to be had as are provided by sections 2109.30 to 2109.36 of the Revised Code.
Whenever such a vacancy occurs and that contingency is not otherwise provided for by law or by the instrument creating the trust or whenever the instrument names no fiduciary, the court shall, on its own motion or on the application of any person beneficially interested, issue letters of appointment as fiduciary to a competent person or persons who shall qualify according to law and execute the trust to its proper termination. The vacancy and the appointment of a successor fiduciary shall not affect the liability of the former fiduciary or the former fiduciary's sureties that was previously incurred.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.27 | Surviving Fiduciaries.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When two or more fiduciaries have been appointed jointly to execute a trust and one or more of them dies, declines, resigns, or is removed, the title shall pass to the remaining fiduciaries who shall execute the trust, unless the creating instrument expresses a contrary intention or unless the probate court on the application of persons interested in the trust determines otherwise. The remaining fiduciaries shall within ninety days after the death, resignation, or removal of a cofiduciary, file in the court a complete account covering all matters to the time of such death, resignation, or removal.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.28 | Merger of Fiduciaries.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A trust company or state or national bank having trust powers, resulting from merger or consolidation shall, upon filing proof thereof in the probate court, and without a new appointment, succeed to the rights and duties of all predecessor companies, as fiduciary. A purchase of substantially all the assets and assumption of substantially all the liabilities is a merger for the purposes of sections 2109.01 to 2109.58, inclusive, of the Revised Code. In all cases of merger or consolidation the bond given by any predecessor fiduciary shall remain liable for all acts of the successor fiduciary except as to any surety released upon application as provided in section 2109.18 of the Revised Code.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.29 | Rights as to Shares in Corporation.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A corporation need not, unless ordered by a court, take notice of any duty of a fiduciary, or any restriction or limitation of the right, capacity, authority, or interest of such fiduciary, or see to the performance of any duty or requirement imposed upon such fiduciary by Chapters 2101. to 2131., inclusive, of the Revised Code, as to any of such corporation's shares of record in the name of or owned by such fiduciary or in the name of or owned by a decedent, ward, or beneficiary for whom such fiduciary is acting.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.30 | Accounts of Fiduciaries.

Effective:
October 31, 2001
Latest Legislation:
House Bill 85 - 124th General Assembly
(A) Every executor and administrator shall render an account of the executor's and administrator's administration at the time and in the manner prescribed in section 2109.301 of the Revised Code. Every guardian or conservator shall render an account of the ward's estate at the time and in the manner prescribed in section 2109.302 of the Revised Code. Every testamentary trustee and other fiduciary not subject to sections 2109.301 and 2109.302 of the Revised Code shall render an account of the testamentary trustee's or other fiduciary's administration at the time and in the manner prescribed in section 2109.303 of the Revised Code.
(B) An account showing complete administration before distribution of assets shall be designated "final account." An account filed subsequent to the final account and showing distribution of assets shall be designated "account of distribution." An account showing complete administration and distribution of assets shall be designated "final and distributive account."
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.34 | Representation in Account Proceeding.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
If an interest in an estate or trust is or may be possessed by persons who will compose a certain class upon the happening of any future event, the unborn members of that class shall be considered to be represented in any hearing upon a fiduciary's account required by section 2109.32 of the Revised Code, if any living member of the class is made a party to that proceeding or if a trustee for the proceeding is appointed by the probate court. The unborn members of the class need not be served by publication. An order made in the proceeding shall be binding upon all members of the class, except that the order may be vacated for fraud as provided in section 2109.35 of the Revised Code.
If the beneficiaries, both present and future, of a charitable trust are not represented by a trustee or an existing corporation or other organization, they shall be represented in any proceeding under this section by the attorney general if the attorney general is made a party to the proceeding. Any order made in the proceeding shall be binding upon those beneficiaries, except for fraud.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.36 | Order of Distribution.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
An application for an order of distribution of the assets of an estate or trust held by a fiduciary may be set for hearing before the probate court at the time that the court shall designate. The fiduciary may serve notice of the hearing upon the application, or cause the notice to be served, upon any person who may be affected by an order disposing of the application; or the court, upon motion of any interested person for good cause shown or at its own instance, may order the notice to be served upon that person. The notice shall set forth the time and place of the hearing and shall be accompanied by a statement of the proposed distribution. At the hearing upon the application the court shall inquire into, consider, and determine all matters relative to the application, and make an order that the court considers proper. If the court makes an order of distribution, the fiduciary shall comply with the order and shall account to the court for the fiduciary's distribution, verified by vouchers or proof. An order of distribution shall have the effect of a judgment. The order may be reviewed upon appeal and may be vacated as provided in section 2109.35 of the Revised Code.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.38 | Retaining Unauthorized Investments.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
Sections 2109.37, 2109.371, and 2109.372 of the Revised Code do not prohibit a fiduciary from retaining any part of a trust estate as received by the fiduciary even though that part is not of the class or percentage permitted to fiduciaries, or from retaining any investment made by the fiduciary after the investment ceases to be of a class or exceeds the percentage permitted by law, provided the circumstances are not such as to require the fiduciary to dispose of the investment in the performance of the fiduciary's duties.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.39 | Receiving Distribution in Kind.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
A fiduciary entitled to a distributive share of the assets of an estate or trust has the same right as other beneficiaries to accept or demand distribution in kind and may retain any security or investment so distributed to the fiduciary as though it were a part of the original estate received by the fiduciary.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.40 | Participation in Corporate Reorganization.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
Unless the instrument creating a trust forbids, a fiduciary may do all of the things that an individual holder might do with respect to securities held by the fiduciary, including the exercise or sale of subscription rights, the acceptance of new stock in the same corporation in place of the stock held, or in the event of reorganization, sale, or merger in a different corporation, and with the approval of the probate court, the investment of additional funds if required of all shareholders participating in a reorganization.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.41 | Deposit of Funds.

Effective:
March 22, 2019
Latest Legislation:
House Bill 595 - 132nd General Assembly
(A) Immediately after appointment and throughout the term of the appointment, but subject to section 2109.372 of the Revised Code and except as provided in division (C) of this section, every fiduciary, pending payment of current obligations of the fiduciary's trust or estate, distribution, or investment pursuant to law, shall deposit all funds received by the fiduciary in the fiduciary's name as such fiduciary in one or more depositaries. Each depositary shall be a bank, savings bank, savings and loan association, or credit union located in this state. A corporate fiduciary, authorized to receive deposits of fiduciaries, may be the depositary of funds held by it as fiduciary. All deposits made pursuant to division (A) of this section shall be in such class of account as will be most advantageous to the trust or estate, and each depositary shall pay interest at the highest rate customarily paid to its patrons on deposits in accounts of the same class.
(B) The placing of funds in such depositaries under the joint control of the fiduciary and a surety on the bond of the fiduciary shall not increase the liability of the fiduciary.
(C) A fiduciary of a trust or estate may transfer funds received by the fiduciary in the fiduciary's name as such fiduciary to the fiduciary's attorney for deposit in an interest on lawyer's trust account established under division (A)(1)(b) of section 4705.09 of the Revised Code that is maintained by the attorney if the attorney, in consultation with the fiduciary, has determined that the funds are nominal in amount or will be held in the interest on lawyer's trust account for a short period of time.
(D) Notwithstanding any contrary provision in this chapter, a probate court examining a trust or estate may only access the account information of an interest on lawyer's trust account created under this section for purposes of obtaining information related to that particular trust or estate and shall not access records of the interest on lawyer's trust account that pertain to assets of any other estate or trust held in the interest on lawyer's trust account.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.42 | Liability for Failure to Invest.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
Subject to section 2109.372 of the Revised Code, a fiduciary who has funds belonging to a trust that are not required for payment of current obligations of the fiduciary's trust or distribution shall, unless otherwise ordered by the probate court, invest those funds within a reasonable time according to section 2109.37 or 2109.371 of the Revised Code. On failure to do so, the fiduciary shall account to the trust for any loss of interest that is found by the court to be due to the fiduciary's negligence.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.43 | Personal Use of Trust Property Prohibited.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
No fiduciary shall make any personal use of the funds or property belonging to a trust. For a violation of this section, the fiduciary and the fiduciary's bond shall be liable in an action for any loss occasioned by that use and for any additional amount by way of forfeiture, not exceeding the amount of the loss occasioned by the use, that may be fixed by the probate court hearing the case. Those amounts shall be payable for the benefit of the beneficiary, if living, and to the beneficiary's estate if the beneficiary is deceased. In addition to the penalties under this section, the court may remove the fiduciary pursuant to section 2109.24 of the Revised Code for fraudulent conduct or dereliction of duty related to the fiduciary's personal use or misuse of funds or property belonging to a trust. However, if all interested persons consent to the fiduciary's use of the property in a signed writing filed with the probate court, the fiduciary may make personal use of property belonging to the trust.
An action under this section shall be brought not later than one year after the termination of the trust or the discovery of that loss.
It is within the court's discretion, upon application, notice to interested persons, and a hearing, to allow the personal use of trust property by the fiduciary.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.44 | Prohibited Transactions; Purchase of Property.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) Fiduciaries shall not buy from or sell to themselves and shall not have in their individual capacities any dealings with the estate, except as expressly authorized by the instrument creating the trust and then only with the approval of the probate court in each instance. No corporate fiduciary, as defined in section 1101.01 of the Revised Code, that is not subject to examination or regulatory oversight by the superintendent of financial institutions or the comptroller of the currency shall be permitted to deal with the estate, any power in the instrument creating the trust to the contrary notwithstanding. This section does not prohibit a fiduciary from making an advancement if the advancement has been expressly authorized by the instrument creating the trust or if the probate court approves or from engaging in any act authorized by this chapter.
(B) The fiduciary may petition the court for authority to purchase property of the estate if all of the following requirements are met:
(1) Written consent to the purchase is signed by the following:
(a) Each known heir whose interest in the estate would be affected by the proposed purchase;
(b) Each known devisee whose interest in the estate would be affected by the proposed purchase.
(2) The written consents are filed with the court.
(3) The purchase is shown to be to the advantage of the estate.
(C) The court shall deliver notice of the hearing on the petition to the heirs, devisees, or legatees of the estate or any interested person.
Last updated September 6, 2023 at 2:40 PM
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.45 | Statement Filed Before Private Sale Confirmed.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
Before the probate court confirms a sale by an executor, administrator, guardian, assignee, or trustee made under an order allowing that officer to make a private sale, the court shall require that officer to file a statement indicating that the private sale was made after diligent endeavor to obtain the best price for the property and that the private sale was at the highest price the executor, administrator, guardian, assignee, or trustee could obtain for the property.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.46 | Mortgage by Fiduciary.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
When it appears to be for the best interests of the entrusted estate, a fiduciary other than an executor or administrator may, with the approval of the probate court, borrow money and mortgage real property belonging to the entrusted estate, whether the real property was acquired by purchase or by descent and distribution.
The fiduciary proposing to borrow money shall file in the probate court that appointed the fiduciary a complaint describing all of the real property in the trust and stating the nature and amount of the encumbrances on that real property, the date those encumbrances became or will become due, and the rate of interest on those encumbrances. The complaint shall also contain a statement of the personal property in the trust, the income from the personal property, and the income from the real property in the trust. The complaint if filed by a guardian shall state the names, ages, and residences of the ward and next of kin known to be a resident of this state, including the spouse of the ward and persons holding liens on the real property unless the liens will be extinguished, all of whom shall be made defendants and be notified of the pendency and prayer of the complaint in the manner that the court directs. In addition, the complaint shall contain a statement of the nature of the incompetency or incapacity, if any, of the ward, whether temporary or confirmed and its duration. Except as provided in this section, the defendants and notice to the defendants shall be the same as though the real property proposed to be mortgaged were being sold by the fiduciary. The complaint shall set forth the purpose of the loan, the amount required for the loan, and any other facts that may be pertinent to the question whether the money should be borrowed and shall contain a prayer that the fiduciary be authorized to mortgage so much of the ward's lands as may be necessary to secure the loan.
Upon the filing of the complaint, the proceedings as to pleadings and proof shall be the same as on a complaint to sell real property belonging to the trust.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.47 | Mortgage by a Guardian.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
Before the probate court makes an order authorizing a guardian to mortgage real property for the purpose of borrowing money to make repairs or improvements, the court shall appoint disinterested persons whose duty it shall be to investigate fully the necessity for and the advisability of making the repairs or improvements and their probable cost and to report their conclusions to the court.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.48 | Amount of Loan.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
If on the final hearing of a fiduciary's complaint to borrow money and mortgage real property belonging to the trust it appears to be for the best interests of the trust that the prayer of the complaint be granted, the probate court shall fix the amount necessary to be borrowed, direct what real property shall be encumbered by mortgage to secure that amount, and issue an order to the fiduciary directing the fiduciary to ascertain and report to the court the rate of interest and the length of time for which the fiduciary can borrow that amount.
If the report of the fiduciary and the terms proposed are satisfactory to the court, they may be accepted and confirmed and the fiduciary ordered, as fiduciary, to execute a note for the amount to be borrowed and a mortgage on the real property so designated, which shall be a valid lien on the property. The fiduciary in no way shall be personally liable for the payment of any part of the sum borrowed, but the mortgaged real property alone shall be bound for its payment. The court shall direct the distribution of the fund and the fiduciary shall report to the court, for its approval, the execution of the notes and mortgage and the fiduciary's distribution of the fund.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.49 | Investigation of Trust.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
The probate judge, if the probate judge considers it necessary or upon the written application of any party interested in the trust estate, may appoint a suitable person to investigate the administration of the trust or estate and report to the court. The expense of the investigation shall be taxed as costs against the party asking for the examination or the trust fund, as the court may decree. This section shall not apply to a corporate trustee that is subject to section 1111.28 of the Revised Code.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.50 | Proceedings When Assets Concealed or Embezzled.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
Upon complaint made to the probate court of the county having jurisdiction of the administration of an estate, a testamentary trust, or a guardianship or of the county where a person resides against whom the complaint is made, by a person interested in the estate, testamentary trust, or guardianship or by the creditor of a person interested in the estate, testamentary trust, or guardianship against any person suspected of having concealed, embezzled, or conveyed away or of being or having been in the possession of any moneys, personal property, or choses in action of the estate, testamentary trust, or guardianship, the court shall by citation or other judicial order compel the person or persons suspected to appear before it to be examined, on oath, touching the matter of the complaint. If necessary, the citation or other judicial order may be issued into any county in the state and shall be served and returned by the officer to whom it is delivered. The officer to whom the process is delivered shall be liable for negligence in its service or return in a similar manner as sheriffs are liable for negligence in not serving or returning a capias issued upon an indictment. Before issuing an extra-county citation or other judicial order, the probate judge may require the complainant to post security with the probate court in an amount and in a form that the probate judge finds acceptable in order to cover the costs of the proceeding under this section, including in those costs a reasonable allowance for the travel expenses of the person or persons against whom an extra-county citation or other judicial order is to be issued. The security may be in the form of a bond, the amount, terms, conditions, and sureties of which shall be subject to the approval of the probate judge.
The probate court may initiate proceedings on its own motion.
The probate court shall promptly proceed to hear and determine the matter.
The examinations, including questions and answers, shall be reduced to writing, signed by the party examined, and filed in the probate court.
If required by either party, the probate court shall swear the witnesses who are offered by either party touching the matter of the complaint and cause the examination of every witness, including questions and answers, to be reduced to writing, signed by the witness, and filed in the probate court.
All costs of the proceedings, including the reasonable travel expenses of a person against whom an extra-county citation or judicial order is issued, shall be assessed against and paid by the party making the complaint, except as provided by section 2109.52 of the Revised Code.
2023 Ohio Revised Code › Title 21 | Courts-Probate-Juvenile › Chapter 2109 | Fiduciaries › Section 2109.51 | Imprisonment for Disobeying Citation.

Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
If a person compelled under section 2109.50 of the Revised Code to appear for examination refuses to answer interrogatories propounded, the probate court shall commit the person to the county jail, and the person shall remain in close custody until the person submits to the court's order.