Effective: January 1, 1997
Latest Legislation: House Bill 538 - 121st General Assembly
(A) A trust company may receive and hold money and other property in a fiduciary capacity generally in trust as trustee unless the instrument or other authority appointing the trust company as trustee directs that the money and property be held, in whole or in part, separately from other money and property held in a fiduciary capacity.
(B) Moneys held in a fiduciary capacity by a trust company may, pending distribution, payment of current obligations, or investment, be treated as a deposit in the trust company. Such moneys may also be deposited in an affiliate of the trust company that is authorized to receive deposits, or in any other institution that is authorized to receive deposits. In the event the trust company, affiliate, or other institution in which such moneys are deposited becomes insolvent, closes, or is suspended, the claims for such moneys shall be preferred. The assets of the trust company, affiliate, or other institution in which such moneys are deposited shall be impressed with a trust for the payment of such claims.
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.