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.
Structure Ohio Revised Code
Title 21 | Courts-Probate-Juvenile
Section 2109.01 | Fiduciary Defined.
Section 2109.02 | Appointment and Duties.
Section 2109.021 | Fiduciary Filings by Mail or in Person.
Section 2109.03 | Fiduciary's Attorney.
Section 2109.05 | Bond - Trust Created by Will.
Section 2109.06 | New or Additional Bond.
Section 2109.07 | Bond Conditions - Administrator - When Not Required.
Section 2109.08 | Bond Conditions - Special Administrator.
Section 2109.09 | Bond Conditions - Executor.
Section 2109.10 | Bond When Executor or Administrator Is Sole Residuary Legatee or Distributee.
Section 2109.11 | Bond Conditions - Testamentary Trustees.
Section 2109.12 | Bond Conditions - Guardians.
Section 2109.13 | Deposit of Personal Property in Lieu of Bond.
Section 2109.14 | Deposit of Works of Art in Museum Authorized - Reduction of Bond.
Section 2109.15 | Informality of Bond.
Section 2109.16 | One Bond for Two or More Wards.
Section 2109.18 | Release of a Fiduciary's Sureties.
Section 2109.19 | Bond of Indemnity to Surety.
Section 2109.20 | Guardian May Give Real Property Mortgage to Secure Bond.
Section 2109.21 | Residence Qualifications of Fiduciary.
Section 2109.22 | Marriage No Disqualification for Fiduciary.
Section 2109.24 | Resignation or Removal of Fiduciary.
Section 2109.25 | Fiduciary in Military Service - Removal and Reinstatement.
Section 2109.26 | Vacancy Before Termination of the Trust - Accounting - Successor Fiduciary.
Section 2109.27 | Surviving Fiduciaries.
Section 2109.28 | Merger of Fiduciaries.
Section 2109.29 | Rights as to Shares in Corporation.
Section 2109.30 | Accounts of Fiduciaries.
Section 2109.301 | Administrator or Executor Rendering Account.
Section 2109.302 | Guardian or Conservator Rendering Account.
Section 2109.303 | Testamentary Trustee Rendering Account.
Section 2109.31 | Citation to Fiduciary to File Account.
Section 2109.32 | Hearing on Fiduciary's Account.
Section 2109.33 | Service of Additional Notice - Exceptions to Account.
Section 2109.34 | Representation in Account Proceeding.
Section 2109.35 | Effect of Order Settling Account - Vacation of Order.
Section 2109.36 | Order of Distribution.
Section 2109.361 | Application by Beneficiary for Approval of Third-Party Distribution.
Section 2109.37 | Investment of Trust Funds by Fiduciary.
Section 2109.371 | Additional Eligible Investments.
Section 2109.372 | Holding Cash or Making Temporary Investments.
Section 2109.38 | Retaining Unauthorized Investments.
Section 2109.39 | Receiving Distribution in Kind.
Section 2109.40 | Participation in Corporate Reorganization.
Section 2109.41 | Deposit of Funds.
Section 2109.42 | Liability for Failure to Invest.
Section 2109.43 | Personal Use of Trust Property Prohibited.
Section 2109.44 | Prohibited Transactions; Purchase of Property.
Section 2109.45 | Statement Filed Before Private Sale Confirmed.
Section 2109.46 | Mortgage by Fiduciary.
Section 2109.47 | Mortgage by a Guardian.
Section 2109.48 | Amount of Loan.
Section 2109.49 | Investigation of Trust.
Section 2109.50 | Proceedings When Assets Concealed or Embezzled.
Section 2109.51 | Imprisonment for Disobeying Citation.
Section 2109.52 | Judgment on the Complaint.
Section 2109.53 | Judgment Against Fiduciary - Removal.
Section 2109.54 | Certificate of Judgment - Delivery to Clerk of the Court of Common Pleas.
Section 2109.55 | Judgment in Favor of State.
Section 2109.56 | Conveyances.
Section 2109.57 | Appointment of Trustee of Funds of Unknown or Nonresident.
Section 2109.58 | Inventory by Fiduciary.
Section 2109.59 | Failure of Fiduciary to Make Payment or Distribution.
Section 2109.60 | Probate Court May Send Case to the Court of Common Pleas.
Section 2109.61 | Bond - Parties to Suit.
Section 2109.62 | Court Termination of Trust.
Section 2109.68 | Allocation of Receipts and Expenditures Between Principal and Income.
Section 2109.69 | Application of Trust Code Provisions to Testamentary Trusts.