As Introduced 1
122nd General Assembly 4
Regular Session H. B. No. 701 5
1997-1998 6
REPRESENTATIVES MASON-WOMER BENJAMIN-HARRIS-TERWILLEGER- 8
TAYLOR-GARCIA 9
11
A B I L L
To amend sections 1111.13, 2109.37, and 2109.371; to 13
amend, for purposes of adopting a new section 14
number as indicated in parentheses, section 15
1339.60 (1339.68); and to enact new section 16
1339.60 and sections 1339.52, 1339.53, 1339.54, 18
1339.55, 1339.56, 1339.57, 1339.58, 1339.59, and 19
1339.61 of the Revised Code to adopt the Uniform 20
Prudent Investor Act of the National Conference 22
of Commissioners on Uniform State Laws. 23
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 25
Section 1. That sections 1111.13, 2109.37, and 2109.371 be 27
amended, section 1339.60 (1339.68) be amended for the purpose of 28
adopting a new section number as indicated in parentheses, and 29
new section 1339.60 and sections 1339.52, 1339.53, 1339.54, 30
1339.55, 1339.56, 1339.57, 1339.58, 1339.59, and 1339.61 of the 31
Revised Code be enacted to read as follows:
Sec. 1111.13. (A)(1) Except as provided in divisions 40
(A)(2) and (G) of this section or as otherwise provided by the 41
instrument creating the trust, a trust company acting as 42
fiduciary under any instrument and having funds of the trust 44
which are to be invested may, in addition to any other
investments authorized to a trust company by law, invest them in 46
any of the following:
(a) Forms of investments enumerated or described in, or 48
made eligible for investment by, sections 1339.44, 1339.52 TO 49
2
1339.61, 2109.37, 2109.371, and 2109.372 of the Revised Code, 51
including, but not limited to, securities, stocks, bonds, or 52
certificates of deposit issued by the trust company or any bank 53
owned or controlled by the bank holding company that owns or 55
controls the trust company. Investment authority granted under
division (A)(1)(a) of this section is subject to the limitations 56
on investments specified in division (B) of section 2109.371 of 57
the Revised Code. 58
(b) Any collective investment fund established and 60
maintained by the trust company or by an affiliate of the trust 62
company;
(c) The securities of any investment company, including 64
any affiliated investment company, whether or not the trust 65
company has invested other funds held by it in an agency or other 66
nonfiduciary capacity in the securities of the same investment 67
company or affiliated investment company. 68
(2) A trust company acting as fiduciary may not invest its 71
trust funds in stock issued by the fiduciary itself except under 72
one of the following circumstances: 73
(a) In the case of a testamentary instrument, when 75
expressly permitted by the instrument creating the relationship 76
and authorized by court order; 77
(b) In the case of an inter vivos instrument, when 79
expressly permitted by the instrument or authorized by court 80
order and in either case, only when directed to purchase or 81
invest in the stock by a cofiduciary or other person other than 83
the trust company who has the right under the terms of the
instrument to direct the investment; 84
(c) When exercising rights to purchase its own stock or to 86
purchase or convert securities convertible into its own stock if 87
the rights were offered pro rata to the shareholders; 88
(d) To complement fractional shares acquired when the 90
exercise of rights or receipt of a stock dividend results in 91
fractional shareholdings. 92
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(3) If the law or the instrument creating a trust 94
expressly permits investment in direct obligations of the United 95
States or an agency or instrumentality of the United States, 97
unless expressly prohibited by the instrument, a trust company 98
also may invest in no front end load money market mutual funds 100
consisting exclusively of obligations of the United States or an 101
agency or instrumentality of the United States and in repurchase 102
agreements, including those issued by the trust company itself, 104
secured by obligations of the United States or an agency or 105
instrumentality of the United States, or in securities of other 107
no load money market mutual funds whose portfolios are similarly
restricted; and in collective investment funds established in 108
accordance with section 1111.14 of the Revised Code or by an 110
affiliate of the trust company and consisting exclusively of any 111
direct obligations of the United States or an agency or 113
instrumentality of the United States, notwithstanding division 114
(A)(1)(c) of that section.
(B) A trust company acting in any fiduciary capacity or 117
under any instrument has the right to retain any part of the 118
trust or estate it receives, whether from the creator of the 119
trust or the estate, at its inception or by later addition, or by 120
addition by any other person who is authorized to make additions 121
to the trust or estate, and any investments the trust company 123
makes.
(C) Except as otherwise expressly provided by the 125
instrument creating the fiduciary relationship, any trust company 126
may exercise all voting, consenting, and dissenting rights, 127
including the right to vote for the election of directors, 128
pertaining to stocks, bonds, or other securities held by it in 129
any fiduciary capacity, including rights pertaining to stocks, 131
bonds, or other securities issued by the trust company in its 132
individual corporate capacity and held by it in any fiduciary 133
capacity, provided: 134
(1) In the case of any fiduciary relationship created 136
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prior to January 1, 1968, voting rights pertaining to any shares 137
of a trust company's own stock held by it in a fiduciary 139
relationship, if exercised, shall be exercised with respect to 140
the election of directors, only in accordance with any provisions 141
of law applicable to that election and without regard to the 142
first paragraph of division (C) and divisions (C)(2)(a), (b), and 143
(c) of this section, and those portions of division (C) of this 145
section shall not be construed to be determinative of the voting 147
rights or to be declaratory of a public policy with respect to
the voting rights. 148
(2) In the case of any fiduciary relationship created on 150
or after January 1, 1968, voting rights pertaining to any shares 151
of a trust company's own stock held by it in a fiduciary 153
relationship shall be exercised by it with respect to the 154
election of directors, only if and as directed in writing by any 155
person described in division (C)(2)(a), (b), or (c) of this 156
section, provided that the person may not be the trust company, 158
or a director, officer, or employee of the trust company except 159
as to fiduciary relationships in which the director, officer, or 161
employee is a settlor or beneficiary, or a nominee, agent, 162
attorney, or subsidiary of the trust company: 163
(a) Any person, including a settlor or beneficiary, who 165
has the right under the terms of the instrument under which 166
shares are held to determine the manner in which shares shall be 167
voted, or if there is no such person; 168
(b) Any person acting as cofiduciary under the instrument 170
under which such shares are held, or if there is no such person; 172
(c) Any person, having the right of revocation or 174
amendment of the instrument under which the shares are held. 176
(D) If there is more than one person having power to 178
direct voting under division (C)(2)(a), (b), or (c) of this 179
section and they fail to agree, each person shall have the right 181
to direct voting with respect to the election of directors as to 182
an equal number of shares.
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(E) As used in this section: 184
(1) "Affiliated investment company" means any investment 186
company that is any of the following: 187
(a) Sponsored by the trust company that is acting as 190
fiduciary or by a trust company, bank, bank subsidiary
corporation, or other corporation owned or controlled by the bank 191
holding company that owns or controls the trust company that is 192
acting as fiduciary; 193
(b) The result of any agreement with a trust company, 195
bank, bank subsidiary corporation, or other corporation owned or 197
controlled by the bank holding company that owns or controls the
trust company that is acting as fiduciary; 198
(c) Established exclusively for the customers or accounts 200
of the trust company that is acting as fiduciary or of a trust 202
company, bank, bank subsidiary corporation, or other corporation 203
owned or controlled by the bank holding company that owns or 204
controls the trust company that is acting as fiduciary; 206
(d) Provided with investment advisory, brokerage, transfer 208
agency, registrar, management, shareholder servicing, custodian, 209
or any related services by the trust company that is acting as 211
fiduciary or by a trust company, bank, bank subsidiary 212
corporation, or other corporation owned or controlled by the bank 214
holding company that owns or controls the trust company that is 215
acting as fiduciary.
(2) "Cofiduciary" includes, but is not limited to, a 217
cotrustee, coexecutor, coadministrator, coguardian, co-agent, and 218
any person who, under the terms of the instrument creating the 219
fiduciary relationship, has the right or power to direct, approve 220
or consent to, or be consulted with respect to, the making, 221
retention, or sale of investments under the instrument. 222
(3) "Instrument" includes, but is not limited to, any 224
will, declaration of trust, agreement of trust, agency, or 225
custodianship, or court order creating a fiduciary relationship. 226
(4) "Reasonable fee" means compensation or payment, the 229
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receipt of which would not constitute a breach of fiduciary duty 230
under section 36 of the "Investment Company Act of 1940," 54 231
Stat. 789, 15 U.S.C.A. 80a-35. 232
(F) Shares as to which the voting rights with respect to 234
the election of directors may not be exercised under this section 235
shall not be considered as outstanding for the purpose of 236
computing the voting power of the corporation or of its shares of 237
any class with respect to the election of directors. 238
(G) This section does not authorize a trust company acting 240
as a probate fiduciary to perform any act prohibited by section 242
2109.44 of the Revised Code, unless the act is authorized by the 244
instrument creating the trust.
(H) A trust company making an investment of trust funds in 246
an affiliated investment company, or a bank or other corporation 247
owned or controlled by the bank holding company that owns or 249
controls the trust company, may charge a reasonable fee for 250
investment advisory, brokerage, transfer agency, registrar, 251
management, shareholder servicing, custodian, or any related 252
services provided to an affiliated investment company. The fee 253
may be in addition to the compensation that the trust company is 254
otherwise entitled to receive from the trust, provided that the 256
fee is charged as a percentage of either asset value or income
earned or actual amount charged and is disclosed at least 257
annually by prospectus, account statement, or any other written 258
means to all persons entitled to receive statements of account 259
activity. 260
(I) A trust company making an investment of trust funds in 262
the securities of an affiliated investment company pursuant to 263
division (A)(1)(c) of this section shall, when providing any 264
periodic account statements to the trust fund, report the net 265
asset value of the shares comprising the investment of the trust 266
fund in the affiliated investment company. 267
(J) If a trust company making an investment of trust funds 269
in the securities of an affiliated investment company pursuant to 270
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division (A)(1)(c) of this section invests the funds in any 271
mutual fund, the trust company shall disclose, in at least 272
ten-point boldface type, by prospectus, account statement, or any 273
other written means to all persons entitled to receive statements 274
of account activity, that the mutual fund is not insured or 275
guaranteed by the federal deposit insurance corporation or by any 276
other government agency or government-sponsored agency of the 277
federal government or of this state. 278
Sec. 1339.52. (A) AS USED IN SECTIONS 1339.52 TO 1339.61 280
OF THE REVISED CODE, "TRUSTEE" MEANS A TRUSTEE UNDER ANY 282
TESTAMENTARY, INTER VIVOS, OR OTHER TRUST.
(B) A TRUSTEE WHO ELECTS TO INVEST AND MANAGE TRUST ASSETS 284
UNDER SECTIONS 1339.52 TO 1339.61 OF THE REVISED CODE OWES A DUTY 287
TO THE BENEFICIARIES OF THE TRUST TO COMPLY WITH SECTIONS 1339.52 288
TO 1339.61 OF THE REVISED CODE. 290
(C) SECTIONS 1339.52 TO 1339.61 OF THE REVISED CODE MAY BE 294
EXPANDED, RESTRICTED, ELIMINATED, OR OTHERWISE ALTERED, WITHOUT 295
EXPRESS REFERENCE TO THESE SECTIONS BY THE INSTRUMENT CREATING A 296
TRUST. 297
(D) A TRUSTEE IS NOT LIABLE TO A BENEFICIARY OF A TRUST TO 299
THE EXTENT THE TRUSTEE ACTED IN REASONABLE RELIANCE ON THE 300
PROVISIONS OF THE TRUST. 301
Sec. 1339.53. (A) A TRUSTEE SHALL INVEST AND MANAGE TRUST 303
ASSETS AS A PRUDENT INVESTOR WOULD, BY CONSIDERING THE PURPOSES, 305
TERMS, DISTRIBUTION REQUIREMENTS, AND OTHER CIRCUMSTANCES OF THE 306
TRUST. IN SATISFYING THIS REQUIREMENT, THE TRUSTEE SHALL 307
EXERCISE REASONABLE CARE, SKILL, AND CAUTION. 308
(B) A TRUSTEE SHALL MAKE A REASONABLE EFFORT TO VERIFY 311
FACTS RELEVANT TO THE INVESTMENT AND MANAGEMENT OF TRUST ASSETS. 312
(C) A TRUSTEE WHO HAS SPECIAL SKILLS OR EXPERTISE, OR IS 315
NAMED TRUSTEE IN RELIANCE UPON THE TRUSTEE'S REPRESENTATION THAT 316
THE TRUSTEE HAS SPECIAL SKILLS OR EXPERTISE, HAS A DUTY TO USE 317
THOSE SPECIAL SKILLS OR EXPERTISE. 318
(D) A TRUSTEE'S INVESTMENT AND MANAGEMENT DECISIONS 321
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RESPECTING INDIVIDUAL TRUST ASSETS SHALL NOT BE EVALUATED IN 322
ISOLATION BUT IN THE CONTEXT OF THE TRUST PORTFOLIO AS A WHOLE 323
AND AS PART OF AN OVERALL INVESTMENT STRATEGY HAVING RISK AND 324
RETURN OBJECTIVES REASONABLY SUITED TO THE TRUST. 325
(E) AMONG CIRCUMSTANCES THAT A TRUSTEE SHALL CONSIDER IN 328
INVESTING AND MANAGING TRUST ASSETS ARE THE FOLLOWING AS ARE 329
RELEVANT TO THE TRUST OR ITS BENEFICIARIES: 330
(1) THE GENERAL ECONOMIC CONDITIONS; 332
(2) THE POSSIBLE EFFECT OF INFLATION OR DEFLATION; 334
(3) THE EXPECTED TAX CONSEQUENCES OF INVESTMENT DECISIONS 336
OR STRATEGIES; 337
(4) THE ROLE THAT EACH INVESTMENT OR COURSE OF ACTION 339
PLAYS WITHIN THE OVERALL TRUST PORTFOLIO, WHICH MAY INCLUDE 340
FINANCIAL ASSETS, INTERESTS IN CLOSELY HELD ENTERPRISES, TANGIBLE 342
AND INTANGIBLE PERSONAL PROPERTY, AND REAL PROPERTY; 343
(5) THE EXPECTED TOTAL RETURN FROM INCOME AND APPRECIATION 345
OF CAPITAL; 346
(6) OTHER RESOURCES OF THE BENEFICIARIES; 348
(7) NEEDS FOR LIQUIDITY, REGULARITY OF INCOME, AND 350
PRESERVATION OR APPRECIATION OF CAPITAL; 351
(8) AN ASSET'S SPECIAL RELATIONSHIP OR SPECIAL VALUE, IF 353
ANY, TO THE PURPOSES OF THE TRUST OR TO ONE OR MORE OF THE 354
BENEFICIARIES. 355
Sec. 1339.54. (A) A TRUSTEE MAY INVEST IN ANY KIND OF 357
PROPERTY OR TYPE OF INVESTMENT PROVIDED THAT THE INVESTMENT IS 358
CONSISTENT WITH THE REQUIREMENTS AND STANDARDS OF SECTIONS 359
1339.52 TO 1339.61 OF THE REVISED CODE. 361
(B) A TRUSTEE SHALL DIVERSIFY THE INVESTMENTS OF A TRUST 364
UNLESS THE TRUSTEE REASONABLY DETERMINES THAT, BECAUSE OF SPECIAL 365
CIRCUMSTANCES, THE PURPOSES OF THE TRUST ARE BETTER SERVED 366
WITHOUT DIVERSIFYING. 367
Sec. 1339.55. (A) A TRUSTEE SHALL INVEST AND MANAGE THE 370
TRUST ASSETS SOLELY IN THE INTEREST OF THE BENEFICIARIES. 371
(B) IF A TRUST HAS TWO OR MORE BENEFICIARIES, THE TRUSTEE 374
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SHALL ACT IMPARTIALLY IN INVESTING AND MANAGING THE TRUST ASSETS 375
TAKING INTO ACCOUNT ANY DIFFERING INTERESTS OF THE BENEFICIARIES. 376
Sec. 1339.56. WITHIN A REASONABLE TIME AFTER ACCEPTING A 378
TRUSTEESHIP OR RECEIVING TRUST ASSETS, A TRUSTEE SHALL REVIEW THE 380
TRUST ASSETS AND MAKE AND IMPLEMENT DECISIONS CONCERNING THE
RETENTION AND DISPOSITION OF TRUST ASSETS IN ORDER TO BRING THE 381
TRUST PORTFOLIO INTO COMPLIANCE WITH THE PURPOSES, TERMS, 382
DISTRIBUTION REQUIREMENTS, AND OTHER CIRCUMSTANCES OF THE TRUST, 383
AND IN ORDER TO COMPLY WITH THE REQUIREMENTS AND STANDARDS OF 384
SECTIONS 1339.52 TO 1339.61 OF THE REVISED CODE. 387
Sec. 1339.57. IN INVESTING AND MANAGING TRUST ASSETS, A 389
TRUSTEE MAY ONLY INCUR COSTS THAT ARE APPROPRIATE AND REASONABLE 390
IN RELATION TO THE ASSETS, THE PURPOSES OF THE TRUST, AND THE 391
SKILLS OF THE TRUSTEE. 392
Sec. 1339.58. COMPLIANCE WITH SECTIONS 1339.52 TO 1339.61 394
OF THE REVISED CODE SHALL BE DETERMINED IN LIGHT OF THE FACTS AND 397
CIRCUMSTANCES EXISTING AT THE TIME OF A TRUSTEE'S DECISION OR 398
ACTION AND NOT BY HINDSIGHT.
Sec. 1339.59. (A) A TRUSTEE MAY DELEGATE INVESTMENT AND 401
MANAGEMENT FUNCTIONS OF A TRUST THAT A PRUDENT TRUSTEE HAVING 402
COMPARABLE SKILLS COULD PROPERLY DELEGATE UNDER THE 403
CIRCUMSTANCES. IN ACCORDANCE WITH THIS DIVISION, A TRUSTEE SHALL 404
EXERCISE REASONABLE CARE, SKILL, AND CAUTION IN DOING ALL OF THE 405
FOLLOWING:
(1) SELECTING AN AGENT; 407
(2) ESTABLISHING THE SCOPE AND TERMS OF THE DELEGATION 409
CONSISTENT WITH THE PURPOSES AND TERMS OF THE TRUST; 410
(3) PERIODICALLY REVIEWING THE AGENT'S ACTIONS IN ORDER TO 412
MONITOR THE AGENT'S PERFORMANCE WITH THE TERMS OF THE DELEGATION. 414
(B) IN PERFORMING INVESTMENT OR MANAGEMENT FUNCTIONS OF A 417
TRUST THAT ARE DELEGATED TO AN AGENT, AN AGENT OWES A DUTY TO THE 418
TRUST TO EXERCISE REASONABLE CARE TO COMPLY WITH THE TERMS OF THE 419
DELEGATION. 420
(C) A TRUSTEE WHO COMPLIES WITH DIVISION (A) OF THIS 424
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SECTION IS NOT LIABLE TO THE BENEFICIARIES OF THE TRUST OR TO THE 425
TRUST FOR THE DECISIONS OR ACTIONS OF THE AGENT TO WHOM THE 426
FUNCTION WAS DELEGATED.
(D) BY ACCEPTING THE DELEGATION OF INVESTMENT OR MANAGEMENT 429
FUNCTIONS OF A TRUST THAT IS SUBJECT TO THE LAWS OF THIS STATE, 430
AN AGENT SUBMITS TO THE JURISDICTION OF THIS STATE. 431
Sec. 1339.60. THE FOLLOWING TERMS OR COMPARABLE LANGUAGE 433
IN THE PROVISIONS OF A TRUST, UNLESS OTHERWISE LIMITED OR 434
MODIFIED, AUTHORIZES ANY INVESTMENT OR STRATEGY PERMITTED BY 435
SECTIONS 1339.52 TO 1339.61 OF THE REVISED CODE: "INVESTMENTS 436
PERMISSIBLE BY LAW FOR INVESTMENT OF TRUST FUNDS"; "LEGAL 438
INVESTMENTS"; "AUTHORIZED INVESTMENTS"; "USING THE JUDGMENT AND 439
CARE UNDER THE CIRCUMSTANCES THEN PREVAILING THAT PERSONS OF 440
PRUDENCE, DISCRETION, AND INTELLIGENCE EXERCISE IN THE MANAGEMENT 441
OF THEIR OWN AFFAIRS, NOT IN REGARD TO SPECULATION BUT IN REGARD 442
TO THE PERMANENT DISPOSITION OF THEIR FUNDS CONSIDERING THE 443
PROBABLE INCOME AS WELL AS THE PROBABLE SAFETY OF THEIR CAPITAL"; 444
"PRUDENT MAN RULE"; "PRUDENT TRUSTEE RULE"; "PRUDENT PERSON 445
RULE"; AND "PRUDENT INVESTOR RULE." 446
Sec. 1339.61. (A) SECTIONS 1339.52 TO 1339.61 OF THE 449
REVISED CODE SHALL BE APPLIED AND CONSTRUED TO EFFECTUATE THE 451
GENERAL PURPOSE TO MAKE UNIFORM THE LAW WITH RESPECT TO THE 452
SUBJECT OF THESE SECTIONS AMONG THE STATES ENACTING IT. THESE 453
SECTIONS MAY BE CITED AS THE "OHIO UNIFORM PRUDENT INVESTOR ACT." 458
(B) SECTIONS 1339.52 TO 1339.61 OF THE REVISED CODE APPLY 462
TO TRUSTS EXISTING ON OR CREATED AFTER THE EFFECTIVE DATE OF 463
THESE SECTIONS. AS APPLIED TO TRUSTS EXISTING ON THE EFFECTIVE 464
DATE OF THESE SECTIONS, SECTIONS 1339.52 TO 1339.61 OF THE 466
REVISED CODE GOVERN ONLY DECISIONS OR ACTIONS OCCURRING AFTER THE 468
EFFECTIVE DATE OF THESE SECTIONS. 469
(C) THE TEMPORARY INVESTMENT OF CASH OR FUNDS PURSUANT TO 472
SECTION 1339.44 OR 2109.372 OF THE REVISED CODE SHALL BE 474
CONSIDERED A PRUDENT INVESTMENT IN COMPLIANCE WITH SECTIONS 475
1339.52 TO 1339.61 OF THE REVISED CODE. 477
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Sec. 1339.60 1339.68. (A) As used in this section: 486
(1) "Disclaimant" means any person, any guardian or 488
personal representative of a person or estate of a person, or any 489
attorney-in-fact or agent of a person having a general or 490
specific authority to act granted in a written instrument, who is 491
any of the following: 492
(a) With respect to testamentary instruments and intestate 494
succession, an heir, next of kin, devisee, legatee, donee, person 495
succeeding to a disclaimed interest, surviving joint tenant, 496
surviving tenant by the entireties, surviving tenant of a tenancy 497
with a right of survivorship, beneficiary under a testamentary 498
instrument, or person designated to take pursuant to a power of 499
appointment exercised by a testamentary instrument; 500
(b) With respect to nontestamentary instruments, a 502
grantee, donee, person succeeding to a disclaimed interest, 503
surviving joint tenant, surviving tenant by the entireties, 504
surviving tenant of a tenancy with a right of survivorship, 505
beneficiary under a nontestamentary instrument, or person 506
designated to take pursuant to a power of appointment exercised 507
by a nontestamentary instrument; 508
(c) With respect to fiduciary rights, privileges, powers, 510
and immunities, a fiduciary under a testamentary or 511
nontestamentary instrument. This section does not authorize a 512
fiduciary to disclaim the rights of beneficiaries unless the 513
instrument creating the fiduciary relationship authorizes such a 514
disclaimer. 515
(d) Any person entitled to take an interest in property 517
upon the death of a person or upon the occurrence of any other 518
event. 519
(2) "Property" means all forms of property, real and 521
personal, tangible and intangible. 522
(B)(1) A disclaimant, other than a fiduciary under an 524
instrument who is not authorized by the instrument to disclaim 525
the interest of a beneficiary, may disclaim, in whole or in part, 526
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the succession to any property by executing and by delivering, 527
filing, or recording a written disclaimer instrument in the 528
manner provided in this section. 529
(2) A disclaimant who is a fiduciary under an instrument 531
may disclaim, in whole or in part, any right, power, privilege, 532
or immunity, by executing and by delivering, filing, or recording 533
a written disclaimer instrument in the manner provided in this 534
section. 535
(3) The written instrument of disclaimer shall be signed 537
and acknowledged by the disclaimant and shall contain all of the 538
following: 539
(a) A reference to the donative instrument; 541
(b) A description of the property, part of property, or 543
interest disclaimed, and of any fiduciary right, power, 544
privilege, or immunity disclaimed; 545
(c) A declaration of the disclaimer and its extent. 547
(4) The guardian of the estate of a minor or an 549
incompetent, or the personal representative of a deceased person, 550
with the consent of the probate division of the court of common 551
pleas, may disclaim, in whole or in part, the succession to any 552
property, or interest in property, that the ward, if an adult and 553
competent, or the deceased, if living, might have disclaimed. The 555
guardian or personal representative, or any interested person may 556
file an application with the probate division of the court of
common pleas that has jurisdiction of the estate, asking that the 557
court order the guardian or personal representative to execute 558
and deliver, file, or record the disclaimer on behalf of the ward 559
or estate. The court shall order the guardian or personal 560
representative to execute and deliver, file, or record the 561
disclaimer if the court finds, upon hearing after notice to 562
interested parties and such other persons as the court shall 563
direct, that: 564
(a) It is in the best interests of those interested in the 566
estate of the person and of those who will take the disclaimed 567
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interest; 568
(b) It would not materially, adversely affect the minor or 570
incompetent, or the beneficiaries of the estate of the decedent, 571
taking into consideration other available resources and the age, 572
probable life expectancy, physical and mental condition, and 573
present and reasonably anticipated future needs of the minor or 574
incompetent or the beneficiaries of the estate of the decedent. 575
A written instrument of disclaimer ordered by the court 577
under this division shall be executed and be delivered, filed, or 578
recorded within the time and in the manner in which the person 579
could have disclaimed if he THE PERSON were living, an adult, and 581
competent.
(C) A partial disclaimer of property that is subject to a 583
burdensome interest created by the donative instrument is not 584
effective unless the disclaimed property constitutes a gift that 585
is separate and distinct from undisclaimed gifts. 586
(D) The disclaimant shall deliver, file, or record the 588
disclaimer, or cause the same to be done, not later than nine 589
months after the latest of the following dates: 590
(1) The effective date of the donative instrument if both 592
the taker and his THE TAKER'S interest in the property are 593
finally ascertained on that date; 595
(2) The date of the occurrence of the event upon which 597
both the taker and his THE TAKER'S interest in the property 598
become finally ascertainable; 600
(3) The date on which the disclaimant attains twenty-one 602
years of age or is no longer an incompetent, without tendering or 603
repaying any benefit received while the disclaimant was under 604
twenty-one years of age or an incompetent, and even if a guardian 605
of a minor or incompetent had filed an application pursuant to 606
division (B)(4) of this section and the probate division of the 607
court of common pleas involved did not consent to the guardian 608
executing a disclaimer. 609
(E) No disclaimer instrument is effective under this 611
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section if either of the following applies under the terms of the 612
disclaimer instrument: 613
(1) The disclaimant has power to revoke the disclaimer; 615
(2) The disclaimant may transfer, or direct to be 617
transferred, to himself SELF the entire legal and equitable 618
ownership of the property subject to the disclaimer instrument. 620
(F)(1) If the interest disclaimed is created by a 622
nontestamentary instrument, the disclaimer instrument shall be 623
delivered personally or by certified mail to the trustee or other 624
person who has legal title to, or possession of, the property 625
disclaimed. 626
(2) If the interest disclaimed is created by a 628
testamentary instrument or by intestate succession, the 629
disclaimer instrument shall be filed in the probate division of 630
the court of common pleas in the county in which proceedings for 631
the administration of the decedent's estate have been commenced, 632
and an executed copy of the disclaimer instrument shall be 633
delivered personally or by certified mail to the personal 634
representative of the decedent's estate. 635
(3) If no proceedings for the administration of the 637
decedent's estate have been commenced, the disclaimer instrument 638
shall be filed in the probate division of the court of common 639
pleas in the county in which proceedings for the administration 640
of the decedent's estate might be commenced according to law. The 642
disclaimer instrument shall be filed and indexed, and fees
charged, in the same manner as provided by law for an application 643
to be appointed as personal representative to administer the 644
decedent's estate. The disclaimer is effective whether or not 645
proceedings thereafter are commenced to administer the decedent's 646
estate. If proceedings thereafter are commenced for the 647
administration of the decedent's estate, they shall be filed 648
under, or consolidated with, the case number assigned to the 649
disclaimer instrument. 650
(4) If an interest in real estate is disclaimed, an 652
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executed copy of the disclaimer instrument also shall be recorded 653
in the office of the recorder of the county in which the real 654
estate is located. The disclaimer instrument shall include a 655
description of the real estate with sufficient certainty to 656
identify it, and shall contain a reference to the record of the 657
instrument that created the interest disclaimed. If title to the 658
real estate is registered under Chapters 5309. and 5310. of the 659
Revised Code, the disclaimer interest shall be entered as a 660
memorial on the last certificate of title. A spouse of a 661
disclaimant has no dower or other interest in the real estate 662
disclaimed. 663
(G) Unless the donative instrument expressly provides 665
that, if there is a disclaimer, there shall not be any 666
acceleration of remainders or other interests, the property, part 667
of property, or interest in property disclaimed, and any future 668
interest that is to take effect in possession or enjoyment at or 669
after the termination of the interest disclaimed, shall descend, 670
be distributed, or otherwise be disposed of, and shall be 671
accelerated, in the following manner: 672
(1) If intestate or testate succession is disclaimed, as 674
if the disclaimant had predeceased the decedent; 675
(2) If the disclaimant is one designated to take pursuant 677
to a power of appointment exercised by a testamentary instrument, 678
as if the disclaimant had predeceased the donee of the power; 679
(3) If the donative instrument is a nontestamentary 681
instrument, as if the disclaimant had died before the effective 682
date of the nontestamentary instrument; 683
(4) If the disclaimer is of a fiduciary right, power, 685
privilege, or immunity, as if the right, power, privilege, or 686
immunity was never in the donative instrument. 687
(H) A disclaimer pursuant to this section is effective as 689
of, and relates back for all purposes to, the date upon which the 690
taker and his THE TAKER'S interest have been finally ascertained. 692
(I) A disclaimant who has a present and future interest in 694
16
property, and disclaims his THE DISCLAIMANT'S present interest in 696
whole or in part, is considered to have disclaimed his THE 697
DISCLAIMANT'S future interest to the same extent, unless a 699
contrary intention appears in the disclaimer instrument or the 700
donative instrument. A disclaimant is not precluded from 701
receiving, as an alternative taker, a beneficial interest in the 702
property disclaimed, unless a contrary intention appears in the 703
disclaimer instrument or in the donative instrument. 704
(J) The disclaimant's right to disclaim under this section 706
is barred if, before the expiration of the period within which he 707
THE DISCLAIMANT may disclaim the interest, he THE DISCLAIMANT 709
does any of the following: 710
(1) Assigns, conveys, encumbers, pledges, or transfers, or 712
contracts to assign, convey, encumber, pledge, or transfer, the 713
property or any interest in it; 714
(2) Waives in writing his THE DISCLAIMANT'S right to 716
disclaim and executes and delivers, files, or records the waiver 718
in the manner provided in this section for a disclaimer 719
instrument;
(3) Accepts the property or an interest in it; 721
(4) Permits or suffers a sale or other disposition of the 723
property pursuant to judicial action against him THE DISCLAIMANT. 725
(K) A fiduciary's application for appointment or 727
assumption of duties as a fiduciary does not waive or bar his THE 728
DISCLAIMANT'S right to disclaim a right, power, privilege, or 730
immunity.
(L) The right to disclaim under this section exists 732
irrespective of any limitation on the interest of the disclaimant 733
in the nature of a spendthrift provision or similar restriction. 734
(M) A disclaimer instrument or written waiver of the right 736
to disclaim that has been executed and delivered, filed, or 737
recorded as required by this section is final and binding upon 738
all persons. 739
(N) The right to disclaim and the procedures for 741
17
disclaimer established by this section are in addition to, and do 742
not exclude or abridge, any other rights or procedures existing 743
under any other section of the Revised Code or at common law to 744
assign, convey, release, refuse to accept, renounce, waive, or 745
disclaim property. 746
(O)(1) No person is liable for distributing or disposing 748
of property in a manner inconsistent with the terms of a valid 749
disclaimer if the distribution or disposition is otherwise proper 750
and the person has no actual knowledge of the disclaimer. 751
(2) No person is liable for distributing or disposing of 753
property in reliance upon the terms of a disclaimer that is 754
invalid because the right of disclaimer has been waived or barred 755
if the distribution or disposition is otherwise proper and the 756
person has no actual knowledge of the facts that constitute a 757
waiver or bar to the right to disclaim. 758
(P)(1) A disclaimant may disclaim pursuant to this section 761
any interest in property that is in existence on September 27, 762
1976, if either the interest in the property or the taker of the 763
interest in the property is not finally ascertained on that date. 764
(2) No disclaimer executed pursuant to this section 766
destroys or diminishes an interest in property that exists on 767
September 27, 1976, in any person other than the disclaimant. 768
Sec. 2109.37. (A) Except as otherwise provided by law, 777
INCLUDING DIVISION (D) OF THIS SECTION, or by the instrument 779
creating the trust, a fiduciary having funds belonging to a trust 780
which are to be invested may invest them in the following: 781
(1) Bonds or other obligations of the United States or of 783
this state; 784
(2) Bonds or other interest-bearing obligations of any 786
county, municipal corporation, school district, or other legally 787
constituted political taxing subdivision within the state, 788
provided that such county, municipal corporation, school 789
district, or other subdivision has not defaulted in the payment 790
of the interest on any of its bonds or interest-bearing 791
18
obligations, for more than one hundred twenty days during the ten 792
years immediately preceding the investment by such THE fiduciary 793
in such THE bonds or other obligations, and provided that such 795
county, municipal corporation, school district, or other 797
subdivision, is not, at the time of such THE investment, in 798
default in the payment of principal or interest on any of its 800
bonds or other interest-bearing obligations; 801
(3) Bonds or other interest-bearing obligations of any 803
other state of the United States which, within twenty years prior 804
to the making of such investment, has not defaulted for more than 805
ninety days in the payment of principal or interest on any of its 806
bonds or other interest-bearing obligations; 807
(4) Any bonds issued by or for federal land banks and any 809
debentures issued by or for federal intermediate credit banks 810
under the "Federal Farm Loan Act of 1916," 39 Stat. 360, 12 811
U.S.C.A. 641, as amended; or any debentures issued by or for 812
banks for cooperatives under the "Farm Credit Act of 1933," 48 813
Stat. 257, 12 U.S.C.A. 131, as amended; 814
(5) Notes which are: (a) secured by a first mortgage on 816
real estate held in fee and located in the state, improved by a 817
unit designed principally for residential use for not more than 818
four families or by a combination of such dwelling unit and 819
business property, the area designed or used for nonresidential 820
purposes not to exceed fifty per cent of the total floor area; 821
(b) secured by a first mortgage on real estate held in fee and 822
located in the state, improved with a building designed for 823
residential use for more than four families or with a building 824
used primarily for business purposes, if the unpaid principal of 825
the notes secured by such mortgage does not exceed ten per cent 826
of the value of the estate or trust or does not exceed five 827
thousand dollars, whichever is greater; or (c) secured by a first 828
mortgage on an improved farm held in fee and located in the 829
state, provided that such mortgage requires that the buildings on 830
the mortgaged property shall be well insured against loss by 831
19
fire, and so kept, for the benefit of the mortgagee, until the 832
debt is paid, and provided that the unpaid principal of the notes 833
secured by the mortgage shall not exceed fifty per cent of the 834
fair value of the mortgaged real estate at the time such THE 835
investment is made, and such THE notes shall be payable not more 836
than five years after the date on which the investment in them is 838
made; except that the unpaid principal of such THE notes may 839
equal sixty per cent of the fair value of the mortgaged real 841
estate at the time such THE investment is made, and may be 842
payable over a period of fifteen years following the date of the 843
investment by the fiduciary if regular installment payments are 844
required sufficient to amortize four per cent or more of the 845
principal of the outstanding notes per annum and if the unpaid 846
principal and interest become due and payable at the option of 847
the holder upon any default in the payment of any installment of 848
interest or principal upon the notes, or of taxes, assessments, 849
or insurance premiums upon the mortgaged premises or upon the 850
failure to cure any such default within any grace period provided 851
therein not exceeding ninety days in duration; 852
(6) Life, endowment, or annuity contracts of legal reserve 854
life insurance companies regulated by sections 3907.01 to 855
3907.21, 3909.01 to 3909.17, 3911.01 to 3911.24, 3913.01 to 856
3913.10, 3915.01 to 3915.15, and 3917.01 to 3917.05 of the 857
Revised Code, and licensed by the superintendent of insurance to 858
transact business within the state, provided that the purchase of 859
contracts authorized by this division shall be limited to 860
executors or the successors to their powers when specifically 861
authorized by will and to guardians and trustees, which contracts 862
may be issued on the life of a ward, a beneficiary of a trust 863
fund, or according to a will, or upon the life of a person in 864
whom such ward or beneficiary has an insurable interest and such 865
THE contracts shall be drawn by the insuring company so that the 867
proceeds shall be the sole property of the person whose funds are 868
so invested; 869
20
(7) Notes or bonds secured by mortgages and insured by the 871
federal housing administrator or debentures issued by such 872
administrator; 873
(8) Obligations issued by a federal home loan bank created 875
under the "Federal Home Loan Bank Act of 1932," 47 Stat. 725, 12 876
U.S.C.A. 1421, as amended; 877
(9) Shares and certificates or other evidences of deposits 879
issued by a federal savings and loan association organized and 880
incorporated under the "Home Owners' Loan Act of 1933," 48 Stat. 881
128, 12 U.S.C.A. 1461, as amended, to the extent and only to the 882
extent that those shares or certificates or other evidences of 883
deposits are insured pursuant to the "Financial Institutions 884
Reform, Recovery, and Enforcement Act of 1989," 103 Stat. 183, 12 885
U.S.C.A. 1811, as amended; 886
(10) Bonds issued by the home owners' loan corporation 888
created under the "Home Owners' Act of 1933," 48 Stat. 128, 12 889
U.S.C.A. 1461, as amended; 890
(11) Obligations issued by the national mortgage 892
association created under the "National Housing Act," 48 Stat. 893
1246 (1934), 12 U.S.C.A. 1701, as amended; 894
(12) Shares and certificates or other evidences of 896
deposits issued by a domestic savings and loan association 897
organized under the laws of the state, which association has 898
obtained insurance of accounts pursuant to the "Financial 899
Institutions Reform, Recovery, and Enforcement Act of 1989," 103 900
Stat. 183, 12 U.S.C.A. 1811, as amended, or as may be otherwise 901
provided by law, only to the extent that such evidences of 902
deposits are insured under that act, as amended; 903
(13) Shares and certificates or other evidences of 905
deposits issued by a domestic savings and loan association 906
organized under the laws of the state, provided that no fiduciary 907
may invest such deposits except with the approval of the probate 908
court, and then in an amount not to exceed the amount which the 909
fiduciary is permitted to invest under division (A)(12) of this 910
21
section; 911
(14) In savings accounts in, or certificates or other 913
evidences of deposits issued by, a national bank located in the 914
state or a state bank located in and organized under the laws of 915
the state by depositing such THE funds in the bank, and such 916
national or state bank when itself acting in a fiduciary capacity 918
may deposit such THE funds in savings accounts in, or 919
certificates or other evidences of deposits issued by, its own 921
savings department or any bank subsidiary corporation owned or 922
controlled by the bank holding company that owns or controls such 923
national or state bank; provided that no deposit shall be made by 924
any fiduciary, individual, or corporate, unless the deposits of 925
the depository bank are insured by the federal deposit insurance 926
corporation created under the "Federal Deposit Insurance 927
Corporation Act of 1933," 48 Stat. 162, 12 U.S.C. 264, as 928
amended, and provided that the deposit of the funds of any one 929
trust in any such savings accounts in, or certificates or other 930
evidences of deposits issued by, any one bank shall not exceed 931
the sum insured under that act, as amended; 932
(15) Obligations consisting of notes, bonds, debentures, 934
or equipment trust certificates issued under an indenture, which 935
are the direct obligations, or in the case of equipment trust 936
certificates are secured by direct obligations, of a railroad or 937
industrial corporation, or a corporation engaged directly and 938
primarily in the production, transportation, distribution, or 939
sale of electricity or gas, or the operation of telephone or 940
telegraph systems or waterworks, or in some combination of them; 941
provided that the obligor corporation is one which is 942
incorporated under the laws of the United States, any state, or 943
the District of Columbia, and the obligations are rated at the 944
time of purchase in the highest or next highest classification 945
established by at least two standard rating services selected 946
from a list of the standard rating services which shall be 947
prescribed by the superintendent of financial institutions; 948
22
provided that every such list shall be certified by such THE 950
superintendent to the clerk of each probate court in the state, 952
and shall continue in effect until a different list is prescribed 953
and certified as provided in this division; 954
(16) Obligations issued, assumed, or guaranteed by the 957
international finance corporation or by the international bank 959
for reconstruction and development, the Asian development bank, 960
the inter-American development bank, the African development 961
bank, or other similar development bank in which the president, 962
as authorized by congress and on behalf of the United States, has 963
accepted membership, provided that the obligations are rated at 964
the time of purchase in the highest or next highest 965
classification established by at least one standard rating 966
service selected from a list of standard rating services which 967
shall be prescribed by the superintendent of financial
institutions;
(17) Securities of any investment company, as defined in 969
and registered under sections 3 and 8 of the "Investment Company 970
Act of 1940," 54 Stat. 789, 15 U.S.C.A. 80a-3 and 80a-8, that are 971
invested exclusively in forms of investment or in instruments 972
that are fully collateralized by forms of investment in which the 973
fiduciary is permitted to invest pursuant to divisions (A)(1) to 974
(16) of this section, provided that, in addition to such forms of 975
investment, such THE investment company may, for the purpose of 976
reducing risk of loss or of stabilizing investment returns, 977
engage in hedging transactions. 978
(B) No administrator or executor may invest funds 980
belonging to an estate in any asset other than a direct 981
obligation of the United States that has a maturity date not 982
exceeding one year from the date of such investment, or other 983
than in a short-term investment fund that is invested exclusively 984
in obligations of the United States or of its agencies, or 985
primarily in such obligations and otherwise only in variable 986
demand notes, corporate money market instruments including, but 987
23
not limited to, commercial paper, or fully collateralized 988
repurchase agreements or other evidences of indebtedness that are 989
payable on demand or generally have a maturity date not exceeding 990
ninety-one days from the date of investment, except with the 991
approval of the probate court or with the permission of the 992
instruments creating the trust. 993
(C)(1) In addition to the investments allowed by this 995
section, a guardian or trustee, with the approval of the court, 996
may invest funds belonging to the trust in productive real estate 997
located within the state, provided that neither the guardian nor 998
the trustee nor any member of the family of either has any 999
interest in such real estate or in the proceeds of the purchase 1,000
price. The title to any real estate so purchased by a guardian 1,001
must be taken in the name of the ward. 1,002
(2) Notwithstanding the provisions of division (C)(1) of 1,004
this section, the court may permit the funds to be used to 1,005
purchase or acquire a home for the ward or an interest in a home 1,006
for the ward in which a member of the ward's family may have an 1,007
interest. 1,008
(D) IF THE FIDUCIARY IS A TRUSTEE APPOINTED BY AND 1,010
ACCOUNTABLE TO THE PROBATE COURT, THE FIDUCIARY, AS AN 1,011
ALTERNATIVE TO THIS SECTION, MAY INVEST THE TRUST'S ASSETS 1,012
PURSUANT TO THE REQUIREMENTS AND STANDARDS SET FORTH IN SECTIONS 1,013
1339.52 TO 1339.61 OF THE REVISED CODE.
Sec. 2109.371. (A) In addition to those investments made 1,022
eligible by section 2109.37 or 2109.372 of the Revised Code, 1,023
investments may be made by a fiduciary other than a guardian 1,024
under sections 5905.01 to 5905.19 of the Revised Code, and 1,025
subject to the restriction placed on an administrator or executor 1,026
by division (B) of section 2109.37 of the Revised Code, in any of 1,027
the following kinds and classes of securities, provided that it 1,028
may be lawfully sold in Ohio and investment is made only in such 1,029
securities as would be acquired by prudent persons of discretion 1,031
and intelligence in such matters who are seeking a reasonable
24
income and the preservation of their capital: 1,032
(1) Securities of corporations organized and existing 1,034
under the laws of the United States, the District of Columbia, or 1,035
any state of the United States including, but not limited to, 1,036
bonds, debentures, notes, equipment trust obligations, or other 1,037
evidences of indebtedness, and shares of common and preferred 1,038
stocks of such corporations; 1,039
(2) Subject to division (C) of this section, collective 1,041
investment funds established in accordance with section 1111.14 1,042
of the Revised Code or securities of any investment company, 1,043
including any affiliated investment company, whether or not the 1,044
fiduciary has invested other funds held by it in an agency or 1,045
other nonfiduciary capacity in the securities of the same 1,046
investment company or affiliated investment company;
(3) Bonds or other interest-bearing obligations of any 1,048
state or territory of the United States, or of any county, city, 1,049
village, school district, or other legally constituted political 1,050
taxing subdivision of any state or territory of the United 1,051
States, not otherwise eligible under division (A)(2) or (3) of 1,052
section 2109.37 of the Revised Code. 1,053
(B) No investment shall be made pursuant to this section 1,055
which, at the time such investment is made, causes the aggregate 1,056
market value of the investments, not made eligible by section 1,057
2109.37 or 2109.372 of the Revised Code, to exceed sixty per cent 1,058
of the aggregate market value at that time of all the property of 1,059
the fund held by the fiduciary. No sale or other liquidation of 1,060
any investment shall be required solely because of any change in 1,061
the relative market value of those investments made eligible by 1,062
this section and those made eligible by section 2109.37 or 1,063
2109.372 of the Revised Code; provided that, in the event of a 1,064
sale of investments authorized by this section, the proceeds from 1,065
the sale may be reinvested in the kinds and classes of securities 1,066
authorized by this section without regard to the percentage 1,067
limitation provided in this division. In determining the 1,068
25
aggregate market value of the property of a fund and the 1,069
percentage of a fund to be invested under this section, a 1,070
fiduciary may rely upon published market quotations as to those 1,071
investments for which such quotations are available and upon such 1,072
valuations of other investments as, in the fiduciary's best 1,073
judgment, seem fair and reasonable according to available 1,074
information.
(C)(1)(a) A fiduciary making an investment of trust funds 1,077
in securities of an affiliated investment company, or a bank 1,078
subsidiary corporation or other corporation owned or controlled
by the bank holding company that owns or controls the fiduciary, 1,079
may charge a reasonable fee for investment advisory, brokerage, 1,080
transfer agency, registrar, management, or other similar services 1,081
provided to an affiliated investment company. The fee may be in 1,082
addition to the compensation to which the fiduciary is otherwise 1,084
entitled to receive from the trust, provided that the fee is
charged as a percentage of either asset value or income earned or 1,085
actual amount charged and is disclosed at least annually by 1,086
prospectus, account statement, or any other written means to all 1,087
persons entitled to receive statements of account activity. 1,088
(b) A fiduciary making an investment of trust funds in 1,090
securities of an affiliated investment company pursuant to 1,091
division (A)(2) of this section shall, when providing any 1,093
periodic account statements to the trust fund, report the net
asset value of the shares comprising the investment of the trust 1,094
funds in the affiliated investment company. 1,095
(c) If a fiduciary making an investment of trust funds in 1,097
securities of an affiliated investment company pursuant to 1,098
division (A)(2) of this section invests such funds in any mutual 1,100
fund, the fiduciary shall disclose, in at least ten-point
boldface type, by prospectus, account statement, or any other 1,101
written means to all persons entitled to receive statements of 1,102
account activity, that the mutual fund is not insured or 1,103
guaranteed by the federal deposit insurance corporation or by any 1,104
26
other government-sponsored agency of the federal government or of
this state. 1,105
(2) Unless the investment of trust funds in securities of 1,107
an affiliated investment company can be made under the terms of 1,108
the instrument creating the trust, an exception to the investment 1,109
of trust funds in securities of an affiliated investment company 1,110
may be filed with the probate court. Any exception filed 1,111
pursuant to this division must be signed by all persons who
would, at the time the exception is filed, be permitted to file 1,112
an exception to an account pursuant to section 2109.33 of the 1,114
Revised Code and must state that all such persons request that 1,115
the current investment of trust funds in securities of an 1,116
affiliated investment company be terminated within a reasonable 1,117
time. If the probate court determines that the exception
complies with the requirements of this division, the probate 1,118
court shall establish a schedule for disposing of any current 1,119
investments in securities of an affiliated investment company, 1,120
and the fiduciary shall cause the trust to dispose of the 1,121
investments in accordance with the schedule. The fiduciary shall 1,122
not be liable for any loss incurred by the trust as a result of
complying with division (C)(2) of this section. 1,123
(D) IF THE FIDUCIARY IS A TRUSTEE APPOINTED BY AND 1,125
ACCOUNTABLE TO THE PROBATE COURT, THE FIDUCIARY, AS AN 1,126
ALTERNATIVE TO DIVISIONS (A) AND (B) OF THIS SECTION, MAY INVEST 1,127
THE TRUST'S ASSETS PURSUANT TO THE REQUIREMENTS AND STANDARDS SET 1,129
FORTH IN SECTIONS 1339.52 TO 1339.61 OF THE REVISED CODE. 1,130
(E) As used in this section, "affiliated investment 1,132
company," "investment company," and "reasonable fee" have the 1,133
same meanings as in division (E) of section 1109.10 1111.13 of 1,134
the Revised Code.
Section 2. That existing sections 1111.13, 1339.60, 1,136
2109.37, and 2109.371 of the Revised Code are hereby repealed. 1,137
Section 3. Section 2109.371 of the Revised Code is 1,139
presented in this act as a composite of the section as amended by 1,140
27
both Am. Sub. H.B. 538 and Sub. S.B. 129 of the 121st General 1,141
Assembly, with the new language of neither of the acts shown in 1,143
capital letters. This is in recognition of the principle stated 1,144
in division (B) of section 1.52 of the Revised Code that such 1,145
amendments are to be harmonized where not substantively 1,146
irreconcilable and constitutes a legislative finding that such is 1,147
the resulting version in effect prior to the effective date of 1,148
this act.