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Section 2131.01 | Present value determinations.
Effective:
October 29, 1999
Latest Legislation:
House Bill 59 - 123rd General Assembly
Present values for probate matters shall be the values determined for Ohio estate tax purposes pursuant to division (B) of section 5731.01 of the Revised Code. |
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Section 2131.02 | Legal disability defined.
Effective:
January 1, 1974
Latest Legislation:
Senate Bill 1 - 110th General Assembly
"Legal disability" as used in Chapters 2101., 2103., 2105., 2107., 2109., 2111., 2113., 2115., 2117., 2119., 2121., 2123., 2125., 2127., 2129., and 2131. of the Revised Code includes the following: (A) Persons under the age of eighteen years; (B) Persons of unsound mind; (C) Persons in captivity; (D) Persons under guardianship of the person and estate, or either. |
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Section 2131.03 | Definitions.
Effective:
April 3, 2023
Latest Legislation:
Senate Bill 202 - 134th General Assembly
As used in sections 2131.03 to 2131.036 of the Revised Code: (A) "Disability" has the same meaning as in the "Americans with Disabilities Act of 1990," 42 U.S.C. 12102; (B) "Supportive services" means any service provided through a program or agency at the federal, state, or local level that is intended to assist a person with a disability with day-to-day responsibilities and activities, including those associated with the care and supervision of a minor. Last updated March 3, 2023 at 4:29 PM |
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Section 2131.031 | Disability barred as a factor for minor's caretaker.
Effective:
April 3, 2023
Latest Legislation:
Senate Bill 202 - 134th General Assembly
(A) No court, public children services agency, private child placing agency, or private noncustodial agency shall deny or limit a person from any of the following solely on the basis that the person has a disability: (1) Exercising custody, parenting time, or visitation rights with a minor; (2) Adopting a minor; (3) Serving as a foster caregiver for a minor; (4) Appointment as a guardian for a minor. (B) Division (A) of this section shall not be construed to guarantee or grant a person with a disability a right to conduct activities or exercise authority as described in that division. Last updated March 3, 2023 at 4:29 PM |
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Section 2131.032 | Determination of whether to implement modifications or supportive services.
Effective:
April 3, 2023
Latest Legislation:
Senate Bill 202 - 134th General Assembly
(A) A court, public children services agency, private child placing agency, or private noncustodial agency, when determining whether to grant a person with a disability the right to conduct activities or exercise authority as described in division (A) of section 2131.031 of the Revised Code, shall determine whether modifications or supportive services designed to assist the person regarding the activities or authority are necessary and reasonable. (B) A public children services agency, private child placing agency, or private noncustodial agency shall provide its reasons for a determination under division (A) of this section. (C) A court shall make specific written findings of fact and conclusions of law providing the basis for its determination under division (A) of this section. Last updated March 3, 2023 at 4:30 PM |
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Section 2131.033 | Require implementation of modifications or supportive services after positive determination.
Effective:
April 3, 2023
Latest Legislation:
Senate Bill 202 - 134th General Assembly
If modifications and supportive services are determined to be necessary and reasonable under section 2131.032 of the Revised Code, the court, public children services agency, private child placing agency, or private noncustodial agency that made the determination may require the modifications or services to be implemented to assist the person with a disability to conduct the activities or exercise the authority as described in division (A) of section 2131.031 of the Revised Code. The court, public children services agency, private child placing agency, or private noncustodial agency imposing the modifications or services shall review their continued necessity and reasonableness after a reasonable amount of time. Last updated March 3, 2023 at 4:30 PM |
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Section 2131.034 | Deny or limit conduct after negative determination.
Effective:
April 3, 2023
Latest Legislation:
Senate Bill 202 - 134th General Assembly
If modifications and supportive services are not determined reasonable under section 2131.032 of the Revised Code, the court, public children services agency, private child placing agency, or private noncustodial agency that made the determination shall deny or limit conduct of activities or exercise of authority described under division (A) of section 2131.031 of the Revised Code by the person with a disability. Last updated March 3, 2023 at 4:30 PM |
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Section 2131.035 | Challenging a determination.
Effective:
April 3, 2023
Latest Legislation:
Senate Bill 202 - 134th General Assembly
A person with a disability may bring an action or, in the case of a court determination, file a motion, to challenge either of the following: (A) The modifications or supportive services required under section 2131.033 of the Revised Code; (B) The limitation or denial under section 2131.034 of the Revised Code. Last updated March 3, 2023 at 4:31 PM |
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Section 2131.036 | Court requirements upon receiving a challenge to a determination.
Effective:
April 3, 2023
Latest Legislation:
Senate Bill 202 - 134th General Assembly
A court shall do one of the following regarding an action or motion under section 2131.035 of the Revised Code: (A) Affirm the modifications or supportive services required under section 2131.033 of the Revised Code or limitation or denial under section 2131.034 of the Revised Code and make specific written findings of fact and conclusions of law providing the basis for its decision as to why reasonable modifications or supportive services are necessary in order to conduct the activity or exercise the authority in question or insufficient to alleviate any concerns. With regard to a motion to challenge a court determination, the court shall consider, and address in its decision, any new arguments or evidence provided with the motion. (B) Rescind the modifications or supportive services or limitation or denial and grant the person the right to conduct activities or exercise authority described in section 2131.031 of the Revised Code, with or without reasonable modifications or support services. Last updated March 3, 2023 at 4:32 PM |
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Section 2131.04 | Expectant estates descendible, devisable, and alienable.
Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
Remainders, whether vested or contingent, executory interests, and other expectant estates are descendible, devisable, and alienable in the same manner as estates in possession. |
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Section 2131.05 | Validity of remainders.
Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
A remainder valid in its creation shall not be defeated by the determination of the precedent estate before the happening of the contingency on which the remainder was limited to take effect. Should such contingency afterwards happen, the remainder shall take effect in the same manner and to the same extent as if the precedent estate had continued to the same period. |
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Section 2131.06 | When expectant estates defeated.
Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
An expectant estate cannot be defeated or barred by any transfer or other act of the owner of the intermediate or precedent estate, nor by any destruction of such precedent estate by disseizen, forfeiture, surrender, merger, or otherwise; but an expectant estate may be defeated in any manner which the party creating such estate, in the creation thereof, has provided for or authorized. An expectant estate thus liable to be defeated shall not, on that ground, be adjudged void in its creation. |
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Section 2131.07 | Estate in fee simple may be made defeasible.
Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
An estate in fee simple may be made defeasible upon the death of the holder thereof without having conveyed or devised the same, and the limitation over upon such event shall be a valid future interest. For the purpose of involuntary alienation, such a defeasible fee is a fee simple absolute. |
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Section 2131.08 | Rule against perpetuities.
Effective:
March 27, 2013
Latest Legislation:
House Bill 479 - 129th General Assembly
(A) Subject to sections 1746.14, 1747.09, and 2131.09 of the Revised Code, no interest in real or personal property shall be good unless it must vest, if at all, not later than twenty-one years after a life or lives in being at the creation of the interest. All estates given in tail, by deed or will, in real property lying within this state shall be and remain an absolute estate in fee simple to the issue of the first donee in tail. It is the intention by the adoption of this section to make effective in this state what is generally known as the common law rule against perpetuities, except as set forth in divisions (B) and (C) of this section. (B) For the purposes of this section and subject to sections 1746.14, 1747.09, and 2131.09 of the Revised Code, the time of the creation of an interest in real or personal property subject to a power reserved by the grantor to revoke or terminate the interest shall be the time at which the reserved power expires by reason of the death of the grantor, by release of the power, or otherwise. (C) Any interest in real or personal property that would violate the rule against perpetuities under division (A) of this section shall be reformed, within the limits of the rule, to approximate most closely the intention of the creator of the interest. In determining whether an interest would violate the rule and in reforming an interest, the period of perpetuities shall be measured by actual rather than possible events. (D) For purposes of this section and subject to sections 1746.14, 1747.09, and 2131.09 of the Revised Code, the following apply: (1) The time of the creation of an interest in real or personal property resulting from the exercise of a general power of appointment exercisable in a nonfiduciary capacity by deed, whether or not also exercisable by will, shall be the time at which that power of appointment is exercised. (2) The time of the creation of an interest in real or personal property resulting from the termination, without exercise, of a general power of appointment exercisable in a nonfiduciary capacity by deed, whether or not also exercisable by will, shall be the time at which that power of appointment terminates by reason of the death of the power holder, by release of the power, or otherwise. (E) Divisions (B) and (C) of this section shall be effective with respect to interests in real or personal property created by wills of decedents dying after December 31, 1967, with respect to interests in real or personal property created by inter vivos instruments executed after December 31, 1967, and with respect to interests in real or personal property created by inter vivos instruments executed on or before December 31, 1967, that by reason of division (B) of this section will be treated as interests created after December 31, 1967. Divisions (B) and (C) of this section shall be effective with respect to interests in real or personal property created by the exercise of a power of appointment if divisions (B) and (C) of this section apply to the instrument that exercises the power, whether or not divisions (B) and (C) of this section apply to the instrument that creates the power. (F) Divisions (D) and (G) of this section are intended to be a statement of the common law of this state and shall be effective with respect to interests in real or personal property whenever created. (G) For purposes of this section: (1) "General power of appointment" has the same meaning as in section 2131.09 of the Revised Code. (2) "Exercisable by deed" in reference to a power of appointment means a power that can be exercised during the power holder's lifetime by an instrument that takes effect immediately. |
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Section 2131.09 | Exemption of certain trusts.
Effective:
April 3, 2023
Latest Legislation:
Senate Bill 202 - 134th General Assembly
(A) A trust of real or personal property created by an employer as part of a stock bonus plan, pension plan, disability or death benefit plan, or profit-sharing plan, for the benefit of some or all of the employees, to which contributions are made by the employer or employees, or both, for the purpose of distributing to the employees or their beneficiaries the earnings or the principal, or both earnings and principal, of the fund so held in trust is not invalid as violating the rule against perpetuities, any other existing law against perpetuities, or any law restricting or limiting the duration of trusts; but the trust may continue for the time that is necessary to accomplish the purposes for which it was created. The income arising from any trust within the classifications mentioned in this division may be accumulated in accordance with the terms of the trust for as long a time as is necessary to accomplish the purposes for which the trust was created, notwithstanding any law limiting the period during which trust income may be accumulated. No rule of law against perpetuities or the suspension of the power of alienation of the title to property invalidates any trust within the classifications mentioned in this division unless the trust is terminated by decree of a court in a suit instituted within two years after June 25, 1951. (B)(1) No rule of law against perpetuities or suspension of the power of alienation of the title to property, any other existing law against perpetuities, or any law restricting or limiting the duration of trusts shall apply with respect to any interest in real or personal property held in trust if both of the following apply: (a) The instrument creating the trust specifically states that the rule against perpetuities or the provisions of division (A) of section 2131.08 of the Revised Code shall not apply to the trust. (b) The trustee has unlimited power, or one or more persons have the unlimited power to direct the trustee or to approve the trustee's decision, either to sell all trust assets or to terminate the entire trust. (2) Division (B)(1) of this section shall apply to the interpretation of a testamentary or inter vivos trust instrument that creates an interest in real or personal property in relation to which one or more of the following conditions apply: (a) The instrument creating the testamentary or inter vivos trust is executed in this state. (b) The sole trustee or one of the trustees is domiciled in this state. (c) The testamentary or inter vivos trust is administered in this state or the situs of a substantial portion of the assets subject to the testamentary portion of the testamentary or inter vivos trust is in this state, even though some part or all of those assets are physically deposited for safekeeping in a state other than this state. (d) The instrument creating the testamentary or inter vivos trust states that the law of this state is to apply. (3) Subject to division (C) of this section, division (B) of this section shall be effective with respect to all of the following: (a) An interest in real or personal property in trust created under the terms of a will of a decedent dying on or after March 22, 1999; (b) An interest in real or personal property created under the terms of an inter vivos or testamentary trust instrument executed on or after March 22, 1999; (c) An interest in real or personal property in trust created by the exercise of a general power of appointment on or after March 22, 1999; (d) An interest in real or personal property in trust created by the exercise of a nongeneral power of appointment over any portion of a trust that meets the requirements of division (B) of this section, but only if the date of creation of that nongeneral power of appointment is on or after March 27, 2013. (C) The exercise of a nongeneral power of appointment granted over any portion of a trust to which the rule against perpetuities does not apply because the terms of the trust meet the requirements of division (B) of this section shall nevertheless be subject to section 2131.08 of the Revised Code, except that interests created pursuant to the exercise of a nongeneral power of appointment that has a date of creation on or after March 27, 2013, shall be required to vest not later than one thousand years after the date of creation of that power. (D) For purposes of this section, the instrument creating a trust subject to a power reserved by the grantor to amend, revoke, or terminate the trust shall include the original instrument establishing the trust and all amendments to the instrument made prior to the time at which the reserved power expires by reason of the death of the grantor, by release of the power, or otherwise. (E) The amendment of division (B)(1) of this section and divisions (D) and (F) of this section are intended to clarify the provisions of divisions (B) and (C) of this section as originally enacted and apply to trust instruments that are in existence prior to, on, or after March 22, 1999. (F) For purposes of this section: (1) "General power of appointment" means a power that is exercisable in favor of the individual possessing the power, the individual's estate, the individual's creditors, or the creditors of the individual's estate other than either of the following: (a) A power that is limited by an ascertainable standard as defined in section 5801.01 of the Revised Code; (b) A power of withdrawal held by an individual, but only to the extent that it does not exceed the amount specified in section 2041(b)(2) or 2514(e) of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C. 1 et seq., as amended. (2) "Nongeneral power of appointment" means any power of appointment that is not a general power of appointment. (3) The "date of creation" of a nongeneral power of appointment created by the exercise of one or more powers of appointment, except by the exercise of a general power of appointment exercisable by deed, shall be the date of creation of the first of those powers of appointment to be exercised. (4) "Exercisable by deed" has the same meaning as in section 2131.08 of the Revised Code. Last updated March 3, 2023 at 1:59 PM |
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Section 2131.10 | Payable on death accounts.
Effective:
August 29, 2000
Latest Legislation:
House Bill 313 - 123rd General Assembly
A natural person, adult or minor, referred to in sections 2131.10 and 2131.11 of the Revised Code as the owner, may enter into a written contract with any bank, building and loan or savings and loan association, credit union, or society for savings, authorized to receive money on an investment share certificate, share account, deposit, or stock deposit, and transacting business in this state, whereby the proceeds of the owner's investment share certificate, share account, deposit, or stock deposit may be made payable on the death of the owner to another person or to any entity or organization, referred to in such sections as the beneficiary, notwithstanding any provisions to the contrary in Chapter 2107. of the Revised Code. In creating such accounts, "payable on death" or "payable on the death of" may be abbreviated to "P.O.D." Every contract of an investment share certificate, share account, deposit, or stock deposit authorized by this section shall be deemed to contain a right on the part of the owner during the owner's lifetime both to withdraw the proceeds of such investment share certificate, share account, deposit, or stock deposit, in whole or in part, as though no beneficiary has been named, and to designate a change in beneficiary. The interest of the beneficiary shall be deemed not to vest until the death of the owner. No change in the designation of the beneficiary shall be valid unless executed in the form and manner prescribed by the bank, building and loan or savings and loan association, credit union, or society for savings. |
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Section 2131.11 | Release and discharge of payable on death account.
Effective:
January 13, 2012
Latest Legislation:
Senate Bill 124 - 129th General Assembly
If an investment share certificate, share account, deposit, or stock deposit is made in any bank, building and loan or savings and loan association, credit union, or society for savings, payable to the owner during the owner's lifetime, and to another on the owner's death, the investment share certificate, share account, deposit, or stock deposit, any part of that certificate, account, or deposit, or any interest or dividend on the certificate, account, or deposit, may be paid to the owner during the owner's lifetime, and on the owner's death the investment share certificate, share account, deposit, or stock deposit, any part of that certificate, account, or deposit, or any interest or dividend on the certificate, account, or deposit, may be paid to the designated beneficiary, and the receipt of acquittance of the person paid is a sufficient release and discharge of the bank, building and loan or savings and loan association, credit union, or society for savings for any payment so made. |
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Section 2131.12 | Joint ownership with right of survivorship in motor vehicle or in watercraft or outboard motor.
Effective:
June 30, 2021
Latest Legislation:
House Bill 74 - 134th General Assembly
(A) As used in this section: (1) "Motor vehicle" has the same meaning as in section 4505.01 of the Revised Code. (2) "Joint ownership with right of survivorship" means a form of ownership of a motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor that is established pursuant to this section and pursuant to which the entire interest in the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor is held by two persons for their joint lives and thereafter by the survivor of them. (3) "Watercraft" has the same meaning as in division (A) of section 1548.01 of the Revised Code. (4) "All-purpose vehicle" has the same meaning as in section 4519.01 of the Revised Code. (5) "Off-highway motorcycle" has the same meaning as in section 4519.01 of the Revised Code. (B)(1) Any two persons may establish in accordance with this section joint ownership with right of survivorship in a motor vehicle, an all-purpose vehicle, an off-highway motorcycle, a watercraft, or an outboard motor for which a certificate of title is required under Chapter 1548., 4505., or 4519. of the Revised Code. (2) If two persons wish to establish joint ownership with right of survivorship in a motor vehicle, an all-purpose vehicle, an off-highway motorcycle, a watercraft, or an outboard motor that is required to be titled under Chapter 1548., 4505., or 4519. of the Revised Code, they may make a joint application for a certificate of title under section 1548.07, 4505.06, or 4519.55 of the Revised Code, as applicable. (C) If two persons have established in a certificate of title joint ownership with right of survivorship in a motor vehicle, an all-purpose vehicle, an off-highway motorcycle, a watercraft, or an outboard motor that is required to be titled under Chapter 1548., 4505., or 4519. of the Revised Code, and if one of those persons dies, the interest of the deceased person in the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor shall pass to the survivor of them upon transfer of title to the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor in accordance with section 1548.11, 4505.10, or 4519.60 of the Revised Code. The motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor shall not be considered an estate asset and shall not be included and stated in the estate inventory. Last updated April 9, 2021 at 1:20 PM |
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Section 2131.13 | Transfer-on-Death of Motor Vehicle, Watercraft, or Outboard Motor Statute.
Effective:
June 30, 2021
Latest Legislation:
House Bill 74 - 134th General Assembly
(A) As used in this section: (1) "Designate or designation in beneficiary form" means to designate, or the designation of, a motor vehicle, an all-purpose vehicle, an off-highway motorcycle, a watercraft, or an outboard motor in a certificate of title that indicates the present owner of the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor and the intention of the present owner with respect to the transfer of ownership on the present owner's death by designating one or more persons as the beneficiary or beneficiaries who will become the owner or owners of the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor upon the death of the present owner. (2) "Motor vehicle" has the same meaning as in section 4505.01 of the Revised Code. (3) "Person" means an individual, a corporation, an organization, or other legal entity. (4) "Transfer-on-death beneficiary or beneficiaries" means a person or persons specified in a certificate of title of a motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor who will become the owner or owners of the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor upon the death of the present owner of the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor. (5) "Watercraft" has the same meaning as in section 1548.01 of the Revised Code. (6) "Owner" includes the plural as well as the singular, as specified in section 1.43 of the Revised Code. (7) "Joint ownership with right of survivorship" has the same meaning as in section 2131.12 of the Revised Code. (8) "All-purpose vehicle" has the same meaning as in section 4519.01 of the Revised Code. (9) "Off-highway motorcycle" has the same meaning as in section 4519.01 of the Revised Code. (B)(1) An individual whose certificate of title of a motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor shows sole ownership by that individual may make an application for a certificate of title under section 1548.07, 4505.06, or 4519.55 of the Revised Code to designate that motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor in beneficiary form pursuant to this section. (2) Individuals whose certificate of title of a motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor shows joint ownership with right of survivorship may jointly make an application for a certificate of title under section 1548.07, 4505.06, or 4519.55 of the Revised Code to designate that motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor in beneficiary form pursuant to this section. (C)(1) A motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor is designated in beneficiary form if the certificate of title of the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor includes the name or names of the transfer-on-death beneficiary or beneficiaries. (2) The designation of a motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor in beneficiary form is not required to be supported by consideration, and the certificate of title in which the designation is made is not required to be delivered to the transfer-on-death beneficiary or beneficiaries in order for the designation in beneficiary form to be effective. (D) The designation of a motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor in beneficiary form may be shown in the certificate of title by the words "transfer-on-death" or the abbreviation "TOD" after the name of the owner of a motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor and before the name or names of the transfer-on-death beneficiary or beneficiaries. (E) The designation of a transfer-on-death beneficiary or beneficiaries on a certificate of title has no effect on the ownership of a motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor until the death of the owner of the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor. The owner of a motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor may cancel or change the designation of a transfer-on-death beneficiary or beneficiaries on a certificate of title at any time without the consent of the transfer-on-death beneficiary or beneficiaries by making an application for a certificate of title under section 1548.07, 4505.06, or 4519.55 of the Revised Code. (F)(1) Upon the death of the owner of a motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor designated in beneficiary form, the ownership of the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor shall pass to the transfer-on-death beneficiary or beneficiaries who survive the owner upon transfer of title to the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor in accordance with section 1548.11, 4505.10, or 4519.60 of the Revised Code. The transfer-on-death beneficiary or beneficiaries who survive the owner may apply for a certificate of title to the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor upon submitting proof of the death of the owner of the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor. (2) If no transfer-on-death beneficiary or beneficiaries survive the owner of a motor vehicle, watercraft, or outboard motor, the motor vehicle, watercraft, or outboard motor shall be included in the probate estate of the deceased owner. (G)(1) Any transfer of a motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor to a transfer-on-death beneficiary or beneficiaries that results from a designation of the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor in beneficiary form is not testamentary. (2) This section does not limit the rights of any creditor of the owner of a motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor against any transfer-on-death beneficiary or beneficiaries or other transferees of the motor vehicle, all-purpose vehicle, off-highway motorcycle, watercraft, or outboard motor under other laws of this state. (H)(1) This section shall be known and may be cited as the "Transfer-on-Death of Motor Vehicle, All-Purpose Vehicle, Off-Highway Motorcycle, Watercraft, or Outboard Motor Statute." (2) Divisions (A) to (H) of this section shall be liberally construed and applied to promote their underlying purposes and policy. (3) Unless displaced by particular provisions of divisions (A) to (H) of this section, the principles of law and equity supplement the provisions of those divisions. Last updated April 9, 2021 at 1:20 PM |
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Section 2131.21 | Deposit of securities held in fiduciary capacity.
Effective:
January 1, 1976
Latest Legislation:
Senate Bill 145 - 111th General Assembly
Any person holding securities in a fiduciary capacity, or any state bank, trust company, or national bank, any of which is holding securities as a custodian, managing agent, or custodian for a fiduciary, is authorized to deposit or arrange for the deposit of the securities in a federal reserve bank, a clearing corporation, or a securities depository. When the securities are so deposited, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the federal reserve bank, clearing corporation, or securities depository with any other such securities deposited in the federal reserve bank, clearing corporation, or securities depository by any person, regardless of the ownership of the securities, and certificates of small denomination may be merged into one or more certificates of larger denomination. The records of the fiduciary and the records of a state bank, trust company, or national bank acting as custodian, managing agent, or custodian for a fiduciary shall at all times show the name of the party for whose account the securities are so deposited. Title to the securities may be transferred by bookkeeping entry on the books of the federal reserve bank, clearing corporation, or securities depository without physical delivery of certificates representing the securities. A state bank, trust company, or national bank depositing securities pursuant to this section shall be subject to the rules as, in the case of state chartered institutions, the superintendent of banks or state bank commissioner of another state, and in the case of national banking associations, the comptroller of the currency, may issue. A state bank, trust company, or national bank, acting as custodian for a fiduciary, shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the state bank, trust company, or national bank in the federal reserve bank, clearing corporation, or securities depository for the account of the fiduciary. A fiduciary shall, on demand by any party to a judicial proceeding for the settlement of the fiduciary's account, or on demand by the attorney for such a party, certify in writing to the party the securities deposited by the fiduciary in the federal reserve bank, clearing corporation, or securities depository. This section shall apply to any fiduciary holding securities in its fiduciary capacity, and to any state bank, trust company, or national bank holding securities as a custodian, managing agent, or custodian for a fiduciary, or who thereafter may act, regardless of the date of the agreement, instrument, or court order by which it is appointed, and regardless of whether or not the fiduciary, custodian, managing agent, or custodian for a fiduciary owns capital stock of the clearing corporation or securities depository. |