Effective: January 1, 2007
Latest Legislation: House Bill 416 - 126th General Assembly
(A) As used in this section:
(1) "Beneficiary" means a beneficiary of a life insurance policy, an annuity, a payable on death account, an individual retirement plan, an employer death benefit plan, or another right to death benefits arising under a contract.
(2) "Employer death benefit plan" means any funded or unfunded plan or program, or any fund, that is established to provide the beneficiaries of an employee participating in the plan, program, or fund with benefits that may be payable upon the death of that employee.
(3) "Individual retirement plan" means an individual retirement account or individual retirement annuity as defined in section 408 of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 408, as amended.
(B)(1) Unless the designation of beneficiary or the judgment or decree granting the divorce, dissolution of marriage, or annulment specifically provides otherwise, and subject to division (B)(2) of this section, if a spouse designates the other spouse as a beneficiary or if another person having the right to designate a beneficiary on behalf of the spouse designates the other spouse as a beneficiary, and if, after either type of designation, the spouse who made the designation or on whose behalf the designation was made, is divorced from the other spouse, obtains a dissolution of marriage, or has the marriage to the other spouse annulled, then the other spouse shall be deemed to have predeceased the spouse who made the designation or on whose behalf the designation was made, and the designation of the other spouse as a beneficiary is revoked as a result of the divorce, dissolution of marriage, or annulment.
(2) If the spouse who made the designation or on whose behalf the designation was made remarries the other spouse, then, unless the designation no longer can be made, the other spouse shall not be deemed to have predeceased the spouse who made the designation or on whose behalf the designation was made, and the designation of the other spouse as a beneficiary is not revoked because of the previous divorce, dissolution of marriage, or annulment.
(C) An agent, bank, broker, custodian, issuer, life insurance company, plan administrator, savings and loan association, transfer agent, trustee, or other person is not liable in damages or otherwise in a civil or criminal action or proceeding for distributing or disposing of property in reliance on and in accordance with a designation of beneficiary as described in division (B)(1) of this section, if both of the following apply:
(1) The distribution or disposition otherwise is proper;
(2) The agent, bank, broker, custodian, issuer, life insurance company, plan administrator, savings and loan association, transfer agent, trustee, or other person did not have any notice of the facts that resulted in the revocation of the beneficiary designation by operation of division (B)(1) of this section.
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.