Ohio Revised Code Search

...yer's general assets or from a separate fund created by the payer. For purposes of divisions (D), (E), (F), and (G) of this section, "payment" also includes any payment made from any separate fund regardless of the reason for the payment. (2) "Separate fund" includes a private or commercial annuity, an individual retirement account, or a pension, profit-sharing, stock-bonus, or stock-ownership plan. (B) To the exte...

...evised Code, or any asset for which the trustee establishes a reserve for depreciation under section 5812.44 of the Revised Code. (B) A trustee shall allocate to income ten per cent of the receipts from a liquidating asset and the balance to principal.

...(A) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate the receipts in accordance with all of the following: (1) If received as nominal delay rental or nominal annual rent on a lease, a receipt shall be allocated to income. (2) If received from a production payment, a receipt shall be allocated to income if ...

...(A) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts in accordance with all of the following: (1) To income, to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income intere...

...duction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under section 5812.03 of the Revised Code and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with ...

... and financial instruments that gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets. (B) To the extent that a trustee does not account under section 5812.20 of the Revised Code for transactions in derivatives, the tru...

... of the Revised Code applies. (B) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment that the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal. (C) If a trust receives one or more payments in exchange fo...

...A trustee shall make all of the following disbursements from income to the extent that they are not disbursements to which division (B)(2) or (3) of section 5812.07 of the Revised Code applies: (A) One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee; (B) One-half of all expenses for accountings, judicial proceedings, or other matt...

...(A) A trustee shall make all of the following disbursements from principal: (1) The remaining one-half of the disbursements described in divisions (A) and (B) of section 5812.42 of the Revised Code; (2) All of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to prepare property for sale; (3) Payments on the principal of a trust debt; ...

...rincipal need not be held as a separate fund.

...(A) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements. (B) Principal disbursements to which division (A) of this section applies include all of the following, but only to the extent that the ...

...(A) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. (B) A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority. (C) A tax required to be paid by a trustee on the trust's share of an entity's taxable income shall be paid as follows: (1) From i...

...ng or a distribution from the estate or trust; (3) The ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or beneficiary. (B) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purpo...

...(A) Sections 5812.01 to 5812.52 of the Revised Code may be cited as the "uniform principal and income act." (B) In applying and construing the "uniform principal and income act," consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact the "uniform principal and income act."

...2.51 of the Revised Code apply to every trust or decedent's estate existing on January 1, 2003, except as otherwise expressly provided in the will or terms of the trust or in sections 5812.01 to 5812.51 of the Revised Code.

... of an institution. (C) "Institutional trust fund" means a trust fund, or a part of a trust fund, that is held by a trustee for the exclusive use, benefit, or purposes of one or more institutions and that is not wholly distributable to the institution or institutions on a current basis under the terms of the applicable trust instrument. "Institutional trust fund" does not include a fund in which a beneficiary that i...

...institution from an institutional trust fund, income means the greater of the following: (1) The income from the assets of the institutional trust fund for the fiscal year as determined in accordance with the applicable trust instrument and applicable law without regard to sections 5813.01 to 5813.07 of the Revised Code; (2) The amount requested by the institution's governing board for the fiscal year pursuant to ...

...a designation of an institutional trust fund as an endowment; a direction or authorization in the applicable trust instrument to use only "income," "interest," "dividends," or "rents, issues, or profits," or "to preserve the principal intact," or a direction that contains other words of a similar import; a direction in a trust instrument that income and principal are to be determined by reference to certain statutory...

...rom a trustee of an institutional trust fund in accordance with divisions (A) and (B) of section 5813.02 of the Revised Code, members of a governing board of an institution shall exercise ordinary business care and prudence under the facts and circumstances prevailing at the time of the action or decision and shall make requests for amounts under divisions (A) and (B) of section 5813.02 of the Revised Code only as is...

...stributions from an institutional trust fund in accordance with sections 5813.01 to 5813.07 of the Revised Code.

...Revised Code. (B) If an institutional trust fund is also an institutional fund as defined in division (C) of section 1715.51 of the Revised Code with the result that sections 1715.51 to 1715.59 of the Revised Code also are applicable to the institutional trust fund, then sections 1715.51 to 1715.59 of the Revised Code apply to the institutional trust fund, and sections 5813.01 to 5813.07 of the Revised Code d...

...ay be cited as the "institutional trust funds act."

...te, stock, treasury stock, common trust fund, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under an oil, gas, or mining title or lease, collateral trust certificate, transferable share, voting trust certificate, or, in general, any interest or instrument commonly known as a security, or any certificate of ...

...is eighteen years of age or older, or a trust company, followed, in substance, by the words: "as custodian for ________________ (name of minor) under the Ohio Transfers to Minors Act ; " (2) If the subject of the gift or transfer is a security not in registered form, by delivering it to the donor or transferor, another person who is eighteen years of age or older, or a trust company, accompanied by a statement of a...

...r third person dealing with a person or trust company designated as custodian, the respective powers, rights, and immunities provided in these sections.