Effective: January 1, 2018
Latest Legislation: House Bill 49 - 132nd General Assembly
(A) A trust company's license to solicit or engage in trust business in this state is not transferable or assignable.
(B) Subject to section 2109.28 of the Revised Code, if any trust company enters into a merger or consolidation in which the trust company is not the surviving corporation, or transfers all or substantially all of its assets and liabilities to another corporation, the resulting, surviving, or transferee corporation shall succeed the trust company as fiduciary as a matter of law and without necessity to do anything further, if the resulting, surviving, or transferee corporation is a trust company or a national bank or federal savings association authorized to accept and execute trusts and doing business under authority granted by the office of the comptroller of the currency. If the trust company is not the surviving corporation of a merger, enters a consolidation, or after transferring substantially all of its assets and liabilities ceases to solicit or engage in trust business in this state, the trust company shall surrender its trust company license in accordance with section 1111.31 of the Revised Code.
Structure Ohio Revised Code
Title 11 | Banks-Savings and Loan Associations
Chapter 1111 | Trust Companies
Section 1111.01 | Trust Company Definitions.
Section 1111.02 | Authority to Solicit or Engage in Trust Business.
Section 1111.03 | Authority of National Bank or Federal Savings Association.
Section 1111.04 | Trust Company Pledging Securities.
Section 1111.05 | Individual, Schedule, or Blanket Fidelity Bonds for Employees and Officers.
Section 1111.06 | Applying for Trust Company License.
Section 1111.07 | No Transferring or Assigning License.
Section 1111.08 | Transferring Fiduciary Account or Relationship.
Section 1111.09 | Trust Service Offices.
Section 1111.11 | Trust Company - Powers and Duties.
Section 1111.12 | Use of Trust Companies by Courts.
Section 1111.13 | Investing of Trust Funds.
Section 1111.14 | Collective Investments.
Section 1111.15 | Purchase of Services or Products.
Section 1111.16 | Fiduciary Capacity for Holding Money and Property.
Section 1111.17 | Will, Trust Instrument or Other Authority Governs.
Section 1111.18 | Separating Fiduciary Assets and Records.
Section 1111.21 | Stated Capital Security for Faithful Discharge of Duties.
Section 1111.22 | Records Kept Separate.
Section 1111.23 | Requirements for Oaths, Affidavits and Signatures.
Section 1111.26 | Regulation by Superintendent and Division of Financial Institutions.
Section 1111.27 | Reporting to Superintendent.
Section 1111.28 | Court Order for Investigation of Trust.
Section 1111.31 | Ceasing Trust Business.