reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.02 | Issuers of Securities and Holders of Record.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
As used in sections 5815.02 and 5815.03 of the Revised Code:
(A) "Fiduciary" includes a trustee under any trust, expressed, implied, resulting, or constructive; an executor, administrator, public administrator, guardian, committee, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, 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) "Good faith" includes an act done honestly, whether it is done negligently or not.
(C) "Issuer" includes domestic corporations, companies, associations, and trusts; foreign corporations, companies, associations, and trusts, to the extent that securities issued by them are held of record by persons in this state or are held on deposit in this state, and to the extent that such foreign corporation, company, association, or trust is a holder of record of, or otherwise interested in, securities of domestic corporations, companies, associations, or trusts; and also the transfer agents and registrars of the issuer and the depositories for its securities.
(D) "Person" includes a corporation, partnership, association, or two or more persons having a joint or common interest.
(E) "Securities" includes the items in the following enumeration, which, however, is not exclusive:
(1) Shares, share certificates, and other certificates and evidences of ownership or participation in property, assets, or trust estate; bonds, notes, debentures, certificates, or evidences of indebtedness, certificates of interest or participation, collateral trust certificates, equipment-trust certificates, preorganization or subscription certificates or receipts, and voting-trust certificates; passbooks or certificates of deposit of money, securities, or other property; scrip certificates, fractional interests certificates, and, in general, interests or instruments commonly known as securities, and certificates of interest or participation in, temporary or interim certificates or receipts for, or warrants or rights to subscribe to, purchase, or receive, any of the foregoing, whether such securities were issued by the issuer in its corporate capacity, in its individual capacity, or in a fiduciary capacity;
(2) Securities that were issued originally by other corporations, companies, associations, or trusts, but have become the securities of the present issuer, individually or as a fiduciary.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.03 | Issuer of Securities May Treat Holders of Record as Competent.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
Unless there has been delivered to an issuer a certified copy of an order, judgment, or decree of a court, judge, or administrative body or official, the legal effect of which is to restrict, suspend, or remove such capacity or authority, the issuer may treat all persons in whose names its securities are of record on its records as being of full age and competent and as having capacity and authority to exercise all rights of ownership in respect of the securities, including the right to receive and to give receipts for payments and distributions, the right to transfer the securities, and the right to vote or to give consent in person or by proxy, notwithstanding any description, limitation, or qualification appearing on the securities or on the records, any reference thereon to another instrument or to any fiduciary or pledgee or other relationship, or any knowledge or notice, actual or constructive, of the right, interest, or claim of any other person or of the infancy or lack of capacity or authority of the persons in whose names the securities are of record.
The issuer may treat a fiduciary as having capacity and authority to exercise all rights of ownership in respect of the securities that are of record in the name of a decedent holder, of a person in conservation, receivership, or bankruptcy, or of a minor, incompetent person, or person under disability, and the issuer shall be protected in any action taken or suffered by it in reliance upon any instrument showing the appointment of the fiduciary.
The issuer is not liable for loss caused by any act done or omitted by it under this section. The issuer need not see to the execution of any trust, or to the observance or performance of any obligation of a holder of record, a fiduciary, or a pledgee of the securities, and it need not inquire or inform itself concerning those matters.
This section does not enlarge the capacity, right, or authority of any holder of record of the securities as against any person other than the issuer, nor prevent any court of competent jurisdiction from enforcing or protecting any right, title, or interest in the securities in any person who is not a holder of record the securities.
This section does not protect any issuer who participates with a fiduciary in a breach of the fiduciary's trust with knowledge of such facts that the action of the issuer amounts to bad faith.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.04 | Uniform Fiduciary Act Definitions.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
As used in sections 5815.04 to 5815.11 of the Revised Code:
(A) "Bank" includes any person, carrying on the business of banking and any financial institution defined in section 5725.01 of the Revised Code.
(B) "Fiduciary" includes a trustee under any trust, expressed, implied, resulting, or constructive, an executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust, or estate.
(C) "Person" includes a corporation, partnership, association, or two or more persons having a joint or common interest.
(D) "Principal" includes any person to whom a fiduciary as such owes an obligation.
(E) "Good faith" includes an act when it is in fact done honestly.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.05 | Transferee Not Responsible for Proper Application of Money.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
A person who in good faith pays or transfers to a fiduciary any money or other property that the fiduciary as such is authorized to receive is not responsible for the proper application of the money or other property by the fiduciary. Any right or title acquired from the fiduciary in consideration of the payment or transfer is not invalid because of a misapplication by the fiduciary.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.06 | Deposit in Name of Fiduciary as Such - Liability of Bank.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
If a deposit is made in a bank to the credit of a fiduciary as such, the bank may pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which the deposit is entered, without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of the obligation as fiduciary in drawing the check or with knowledge of such facts that its action in paying the check amounts to bad faith.
If such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of the obligation as fiduciary in drawing or delivering the check.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.07 | Check Drawn by Fiduciary Upon Account of His Principal - Liability of Bank.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
If a check is drawn upon the principal's account by a fiduciary who is empowered to do so, the bank may pay the check without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of the obligation as fiduciary in drawing the check or with knowledge of such facts that its action in paying the check amounts to bad faith.
If such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of the obligation as fiduciary in drawing or delivering the check.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.08 | Deposit to Personal Credit of Fiduciary.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
If a fiduciary makes a deposit in a bank to the fiduciary's personal credit of checks drawn by the fiduciary upon an account in the fiduciary's own name as fiduciary, checks payable to the fiduciary as fiduciary, checks drawn by the fiduciary upon an account in the name of the principal if the fiduciary is empowered to draw checks thereon, checks payable to the principal and indorsed by the fiduciary if the fiduciary is empowered to indorse the checks, or if the fiduciary otherwise makes a deposit of funds held by the fiduciary as fiduciary, the bank receiving the deposit is not bound to inquire whether the fiduciary is committing a breach of the obligation as fiduciary.
The bank may pay the amount of the deposit or any part thereof upon the personal check of the fiduciary without being liable to the principal, unless the bank receives the deposit or pays the check with actual knowledge that the fiduciary is committing a breach of the obligation as fiduciary in making the deposit or in drawing the check, or with knowledge of such facts that the action of the bank in receiving the deposit or paying the check amounts to bad faith.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.09 | Deposit in Name of Two or More Trustees - Checks.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee authorized to do so by the other, neither the payee or other holder nor the bank is bound to inquire whether it is a breach of trust to authorize the trustee to draw checks upon the trust account and neither is liable unless the circumstances are such that the action of the payee or other holder or the bank amounts to bad faith.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.10 | Interpretation and Construction.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
Sections 5815.04 to 5815.11 of the Revised Code shall be construed to effectuate their general purpose of making the law of this state uniform with the law of those states that enact similar legislation.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.11 | Rules of Law and Equity Applicable.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
In any case not provided for in sections 5815.04 to 5815.11 of the Revised Code, the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments, and banking apply.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.12 | Power of Appointment Defined.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
As used in sections 5815.13, 5815.14, and 5815.15 of the Revised Code, "power of appointment" means any power that is in effect a power to appoint, however created, regardless of the nomenclature used in creating the power and regardless of connotations under the law of property, trusts, or wills. The power includes but is not limited to powers which are special, general, limited, absolute, in gross, appendant, appurtenant, or collateral.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.13 | Exercising Power of Appointment.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
Any power of appointment that is not subject to an express condition that it may be exercised only by a donee or holder of a greater age may be exercised by any donee or holder of the age of eighteen years or over.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.14 | Release and Disclaimer of a Power.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
Any power of appointment may be released in whole or in part by the donee or holder of the power by an instrument in writing, signed and acknowledged in the manner prescribed for the execution of deeds. No such release is ineffective because it was given either for or without consideration, because it was signed and acknowledged before June 3, 1943, or because no delivery is made of a copy of the release as provided for in section 5815.15 of the Revised Code.
Sections 5815.14 and 5815.15 of the Revised Code do not affect the validity of a release of a power of appointment effected in any other form or manner.
A donee or holder of a power of appointment may disclaim the same at any time, wholly or in part, in the same manner and to the same extent as the donee or holder of the power might release it.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.15 | Notice of Release.

Effective:
January 30, 2014
Latest Legislation:
House Bill 72 - 130th General Assembly
No fiduciary or other person having the possession or control of any property subject to a power of appointment, other than the donee or holder of such power, has notice of a release of the power until a copy of the release is delivered to the fiduciary or other person having possession or control.
No purchaser or mortgagee of real property subject to a power of appointment has notice of a release of the power until a copy of the release is delivered to the officer charged by law with the recording of deeds in the county in which the property is situated. If the property is in this state, the county recorder to whom a release is delivered shall record the release in the official records, and shall charge a fee computed in the same manner as the fee charged for recording deeds.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.16 | Duty of Attorney to Third Parties.

Effective:
March 22, 2019
Latest Legislation:
House Bill 595 - 132nd General Assembly
(A) Absent an express agreement to the contrary, an attorney who performs legal services for a fiduciary, by reason of the attorney performing those legal services for the fiduciary, has no duty or obligation in contract, tort, or otherwise to any third party to whom the fiduciary owes fiduciary obligations.
(B) Any communication between an attorney and a client who is acting as a fiduciary is privileged and protected from disclosure to third parties to whom the fiduciary owes fiduciary duties to the same extent as if the client was not acting as a fiduciary.
(C) As used in this section, "fiduciary" means a trustee under an express trust or an executor or administrator of a decedent's estate.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.21 | Federal Estate Tax Marital Deduction Distributions.

Effective:
January 1, 2007
Latest Legislation:
House Bill 416 - 126th General Assembly
Whenever the executor of a will or the trustee of a testamentary or inter vivos trust is permitted or required to select assets in kind to satisfy a gift, devise, or bequest, whether outright or in trust, intended to qualify for the federal estate tax marital deduction prescribed by the United States "Internal Revenue Code of 1954," 68A Stat. 392, 26 U.S.C.A. 2056, or any comparable federal statute enacted after July 20, 1965, and the will or trust instrument empowers or requires the fiduciary to satisfy such gift, devise, or bequest by allocating assets thereto at any values other than market values at the date of satisfaction of such gift, devise, or bequest, the executor or trustee shall satisfy such gift, devise, or bequest by distribution of assets having a value fairly representative in the aggregate of appreciation or depreciation in the value of all property, including cash, available for distribution in satisfaction of such gift, devise, or bequest, unless the will or trust instrument expressly requires that distribution be made in a manner so as not to be fairly representative of such appreciation or depreciation.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5815 | Miscellaneous Provisions › Section 5815.23 | Effect of Requiring or Permitting Accumulation for More Than One Year of Any Income of Property.

Effective:
April 6, 2017
Latest Legislation:
House Bill 432 - 131st General Assembly
(A) Except as provided in division (B) of this section, an instrument that creates an inter vivos or testamentary trust shall not require or permit the accumulation for more than one year of any income of property that satisfies both of the following:
(1) The property is granted to a surviving spouse of the testator or other settlor.
(2) The property qualifies for the federal estate tax marital deduction allowed by subtitle B, Chapter 11 of the "Internal Revenue Code of 1986," 26 U.S.C. 2056, as amended, the estate tax marital deduction allowed by division (A) of section 5731.15 of the Revised Code, or the qualified terminable interest property deduction allowed by division (B) of section 5731.15 of the Revised Code.
(B)(1) Division (A) of this section does not apply if an instrument that creates an inter vivos or testamentary trust expressly states the intention of the testator or other settlor that obtaining a marital deduction or a qualified terminable interest property deduction as described in division (A)(2) of this section is less important than requiring or permitting the accumulation of income of property in accordance with a provision in the instrument that requires or permits the accumulation for more than one year of any income of property.
(2) Division (A) of this section does not apply to any beneficiary of an inter vivos or testamentary trust other than the surviving spouse of the testator or other settlor or to any inter vivos or testamentary trust of which the surviving spouse of the testator or other settlor is a beneficiary if an interest in property does not qualify for a marital deduction or a qualified terminable interest property deduction as described in division (A)(2) of this section.
(C) Divisions (A) and (B) of this section are intended to codify existing fiduciary and trust law principles relating to the interpretation of a testator's or other settlor's intent with respect to the income provisions of a trust. Divisions (A) and (B) of this section apply to trust instruments executed prior to and existing on October 1, 1996, or executed thereafter. The trustee of a trust described in division (A) or (B) of this section, in a written trust amendment, may elect to not apply divisions (A) and (B) of this section to the trust. Any election of that nature, when made, is irrevocable.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5816 | Ohio Legacy Trust Act › Section 5816.09 | Automatic Removal of Trustees; General Rules on Successor.

Effective:
August 17, 2021
Latest Legislation:
House Bill 7 - 134th General Assembly
Any successor or replacement trustees of a legacy trust shall be determined or selected in the following manners:
(A)(1) Division (A)(2) of this section applies if in any action involving a legacy trust or any trustee of the legacy trust a court enters or issues any order in which or by which the court declines to apply the law of this state in determining any of the following matters:
(a) The validity, construction, or administration of the trust;
(b) The effect of any term or condition of the trust, including, but not limited to, a spendthrift provision;
(c) The rights and remedies of any creditor or other suitor in connection with a qualified disposition.
(2) Immediately upon the court's entry or issuance of an order referred to in division (A)(1) of this section, and without the need for any other order of any court, any qualified trustee who is a party to that action shall cease in all respects to be a trustee of the legacy trust, and the position of trustee shall be occupied in accordance with the terms of the trust instrument that governed the legacy trust immediately before that cessation, or, if the terms of the trust instrument do not provide for another trustee and the trust would otherwise be without a trustee, any court of this state, upon the application of any beneficiary of the legacy trust, shall appoint a successor qualified trustee upon the terms and conditions that it determines to be consistent with the purposes of the trust and this chapter. Upon a qualified trustee ceasing to be a trustee pursuant to division (A)(2) of this section, that qualified trustee shall have no power or authority other than to convey trust property to any other trustee that is appointed, installed, or serving in accordance with that division.
(3) For purposes of division (A) of this section:
(a) "Court" includes a judicial tribunal, an administrative tribunal, or other adjudicative body or panel.
(b) "Order" includes any order, writ, judgment, entry, edict, mandate, directive, instruction, or decree issued or entered by any court.
(B) In all cases other than the situation described in division (A) of this section, both of the following apply:
(1) If a legacy trust ceases to have at least one qualified trustee, the vacancy in the qualified trusteeship shall be filled pursuant to section 5807.04 of the Revised Code except to the extent that the legacy trust expressly provides otherwise.
(2) If a legacy trust ceases to have at least one trustee, the vacancy in the trusteeship shall be filled pursuant to section 5807.04 of the Revised Code, and the successor trustee shall be a qualified trustee unless the legacy trust instrument expressly provides otherwise.
Last updated May 20, 2021 at 2:23 PM
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5816 | Ohio Legacy Trust Act › Section 5816.11 | Trust Advisors; Eligibility; Default Fiduciary Status.

Effective:
March 27, 2013
Latest Legislation:
House Bill 479 - 129th General Assembly
(A) Any person may serve as an advisor of a legacy trust except that a transferor may act as an advisor only in connection with investment decisions.
(B) An advisor shall be considered a fiduciary unless the terms of a legacy trust instrument expressly provide otherwise.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5816 | Ohio Legacy Trust Act › Section 5816.12 | Rules Regarding Discretion.

Effective:
March 27, 2013
Latest Legislation:
House Bill 479 - 129th General Assembly
Except to the extent expressly provided otherwise by the terms of a legacy trust instrument, each trustee and each advisor of a legacy trust shall have the greatest discretion permitted by law in connection with all matters of trust administration, all trust distributions, and all other trustee or advisor decisions.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5816 | Ohio Legacy Trust Act › Section 5816.13 | Discretionary Interests Not Property of a Beneficiary.

Effective:
March 27, 2013
Latest Legislation:
House Bill 479 - 129th General Assembly
No beneficiary or other person shall be considered to have a property interest in any property of a legacy trust to the extent that the distribution of that property is subject to the discretion of one or more qualified trustees or advisors, either acting alone or in conjunction with any other person, including any person authorized to veto any distributions from the legacy trust.
2023 Ohio Revised Code › Title 58 | Trusts › Chapter 5816 | Ohio Legacy Trust Act › Section 5816.14 | Applicability of Chapter.

Effective:
August 17, 2021
Latest Legislation:
House Bill 7 - 134th General Assembly
This chapter applies to qualified dispositions made on or after March 27, 2013, except that division (S)(1)(b)(ii) of section 5816.02 of the Revised Code applies to any legacy trust settled or administered on or after the effective date of this amendment.
Last updated May 21, 2021 at 11:02 AM