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.
Structure Ohio Revised Code
Chapter 5815 | Miscellaneous Provisions
Section 5815.01 | Inheritance and Bequest Defined.
Section 5815.02 | Issuers of Securities and Holders of Record.
Section 5815.03 | Issuer of Securities May Treat Holders of Record as Competent.
Section 5815.04 | Uniform Fiduciary Act Definitions.
Section 5815.05 | Transferee Not Responsible for Proper Application of Money.
Section 5815.06 | Deposit in Name of Fiduciary as Such - Liability of Bank.
Section 5815.07 | Check Drawn by Fiduciary Upon Account of His Principal - Liability of Bank.
Section 5815.08 | Deposit to Personal Credit of Fiduciary.
Section 5815.09 | Deposit in Name of Two or More Trustees - Checks.
Section 5815.10 | Interpretation and Construction.
Section 5815.11 | Rules of Law and Equity Applicable.
Section 5815.12 | Power of Appointment Defined.
Section 5815.13 | Exercising Power of Appointment.
Section 5815.14 | Release and Disclaimer of a Power.
Section 5815.15 | Notice of Release.
Section 5815.16 | Duty of Attorney to Third Parties.
Section 5815.21 | Federal Estate Tax Marital Deduction Distributions.
Section 5815.22 | Spendthrift Provisions.
Section 5815.24 | Limitations on Liability.
Section 5815.25 | Administrative Duties and Responsibilities of Trust; Exclusion of Fiduciaries.
Section 5815.26 | Holding Cash or Making Temporary Investments.
Section 5815.27 | Application of Generation-Skipping Transfer Tax Provisions.
Section 5815.28 | Supplemental Services for Beneficiary With Physical or Mental Disability.
Section 5815.33 | Termination of Marriage Revokes Designation of Spouse as Beneficiary.
Section 5815.34 | Termination of Marriage Affects Survivorship Rights.
Section 5815.35 | General Partners Acting as Fiduciary.
Section 5815.37 | Temporary Conveyances.
Section 5815.41 | Consignment of Art Works Definitions.
Section 5815.42 | Art Dealer's Acceptance of Work on Consignment From Artist.
Section 5815.43 | When Work of Art Ceases to Be Trust Property.
Section 5815.44 | Work of Art Not Subject to Claims of Creditors of Art Dealer.
Section 5815.45 | Written Contract Prerequisite for Accepting Work of Art.
Section 5815.46 | Display Conditions.