Ohio Revised Code Search

...vised 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.

...other eleemosynary purposes or a governmental organization to the extent that it holds funds exclusively for any of those purposes. (B) "Governing board" means the body responsible for the management 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 ...

...rdance 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 division (B) of this section. (B) An institution's governing board may request that an amount be distributed to the institution for the fiscal year, and that amount shall not exceed the sum of ...

... 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 ...

...out its educational, religious, charitable, or other eleemosynary purposes; the institution's present and anticipated financial requirements; the expected total return on the investments held by the institution and held by the trustee under the applicable trust instrument; price level trends; and general economic conditions. (B) In determining the expected total return on the investments held by a trustee of an inst...

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

...9 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 do not apply to the institutional trust fund.

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

...This chapter may be cited as the Ohio legacy trust act.

... Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C. 1 et seq., as amended. (J) "Investment decision" means any participation in any decision regarding the retention, purchase, sale, exchange, tender, or other transaction affecting the ownership of or rights in investments. (K)(1) "Legacy trust" means a trust evidenced by a written trust instrument to which all of the following apply: (a) The trust has, names, or ...

... a legacy trust shall restrain both voluntary and involuntary transfer of a transferor's interest in that trust. Any spendthrift provision in a legacy trust is enforceable under any applicable nonbankruptcy law within the meaning of section 541(c)(2) of the Bankruptcy Code regardless of whether or not the relevant legacy trust instrument makes any reference to that enforceability. In addition to the restraints ...

...the corpus or income of a legacy trust unless those rights, powers, or interests are granted, permitted, or recognized by both section 5816.05 of the Revised Code and the governing legacy trust instrument. Any written, verbal, tacit, express, or implied agreement or understanding or any other agreement or understanding purporting to grant, permit, or recognize any greater rights, powers, or interests than are ...

...n a power to appoint to a transferor, a creditor of the transferor, the estate of the transferor, or a creditor of the transferor's estate, that is exercisable by will or by other written instrument of a transferor effective upon the death of the transferor or during the lifetime of the transferor; (D) The right of a transferor to receive trust income as set forth in the trust instrument. (E) Both of the followin...

...ansferor does not intend to defraud any creditor by transferring the property to the legacy trust. (5) There are no pending or threatened court actions against the transferor, except for any court action identified by the affidavit or an attachment to the affidavit. (6) The transferor is not involved in any administrative proceeding, except for any proceeding identified by the affidavit or an attachment to the af...

...ash equivalents. (ii) "Cash" means the coins or currency of the United States or any other nation. (iii) "Cash equivalent" includes certified or uncertified checks; money orders; bank drafts; any electronic transfer of funds; negotiable instruments; instruments indorsed in blank or in bearer form; securities issued or guaranteed by the United States, any state of the United States, or any state or federal agen...

...position of a partial, co-ownership, or undivided interest in property by a transferor other than the transferor whose qualified disposition is avoided, together with the legacy trust itself, shall remain valid and effective. (3) If the court is satisfied that a trustee has not acted in bad faith in accepting or administering the property that is the subject of the avoided qualified disposition, all of the foll...

...: (a) "Court" includes a judicial tribunal, an administrative tribunal, or other adjudicative body or panel. (b) "Order" includes any order, writ, judgment, entry, edict, mandate, directive, instruction, or decree issued or entered by any court. (B) In all cases other than the situation described in division (A) of this section, both of the following apply: (1) If a legacy trust ceases to have at least one qu...

...as other than a qualified disposition solely because the nonqualified trustee is a trustee of a nonlegacy trust. (D) A disposition to any nonqualified trustee of a legacy trust shall be treated as a qualified disposition if at the time of the disposition any of the following applies: (1) There is at least one qualified trustee serving pursuant to the terms of that legacy trust. (2) There is no qualified trustee...

...advisor shall be considered a fiduciary unless the terms of a legacy trust instrument expressly provide otherwise.

...y provided otherwise by the terms of a legacy trust instrument, each trustee and each advisor of a legacy trust shall have the greatest discretion permitted by law in connection with all matters of trust administration, all trust distributions, and all other trustee or advisor decisions.

...advisors, either acting alone or in conjunction with any other person, including any person authorized to veto any distributions from the legacy trust.

...n or after the effective date of this amendment.

...ss of the person to perform any duty unless such period is contemporaneous with an active duty period. (B) "Benefits" means the employment benefits, other than salary or wages, that an employer regularly provides or makes available to employees, including, but not limited to, medical insurance, disability insurance, life insurance, pension plans, and retirement plans. (C) "Employer" means a person who employs...

...ths and for at least one thousand two hundred fifty hours in the twelve months immediately preceding commencement of the leave. (2) The employee is the parent, spouse, or a person who has or had legal custody of a person who is a member of the uniformed services and who is called into active duty in the uniformed services for a period longer than thirty days or is injured, wounded, or hospitalized while servin...

...shall not deprive an employee who takes leave pursuant to section 5906.02 of the Revised Code of any benefit that accrued before the date that leave commences. (D) An employer shall not require an employee to waive the rights to which the employee is entitled pursuant to this chapter. (E) On and after the effective date of this section, an employer shall not enter into a collective bargaining agreement or emplo...