Effective: January 1, 2007
Latest Legislation: House Bill 416 - 126th General Assembly
(A) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power.
(B) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.
(C) A person who in good faith delivers assets to a trustee is not required to ensure their proper application.
(D) A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.
(E) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.
Structure Ohio Revised Code
Chapter 5810 | Breach of Trust
Section 5810.01 | Breach of Trust Defined - Judicial Remedies.
Section 5810.02 | Liability to Beneficiaries for Breach - Contribution.
Section 5810.03 | Trustee Not Accountable or Liable for Profit or Loss Absent Breach.
Section 5810.04 | Award of Costs, Expenses, and Attorney Fees From Trust.
Section 5810.05 | Limitations Period for Action Against Trustee.
Section 5810.06 | Trustee Reliance on Terms of Trust.
Section 5810.07 | Reasonable Care to Ascertain Material Event.
Section 5810.08 | Enforceability of Exculpatory Trust Term.
Section 5810.09 | Beneficiary or Representative's Consent to Conduct Constituting Breach.
Section 5810.10 | Personal Contract and Tort Liability of Trustee.
Section 5810.11 | Personal Liability of Trustee on Contract as Partner.
Section 5810.12 | Person Assisting or Dealing With Trustee in Good Faith.
Section 5810.13 | Certification of Trust Furnished to Person Not Beneficiary.