As Reported by the House Financial Institutions Committee 1
122nd General Assembly 4
Regular Session Sub. H. B. No. 701 5
1997-1998 6
REPRESENTATIVES MASON-WOMER BENJAMIN-HARRIS-TERWILLEGER- 8
TAYLOR-GARCIA-EVANS-TIBERI-SALERNO-HAINES-HOUSEHOLDER-MILLER 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) EXCEPT AS PROVIDED IN DIVISION (C) OR (D) OF THIS 285
SECTION, A TRUSTEE WHO INVESTS AND MANAGES TRUST ASSETS UNDER
SECTIONS 1339.52 TO 1339.61 OF THE REVISED CODE OWES A DUTY TO 288
THE BENEFICIARIES OF THE TRUST TO COMPLY WITH SECTIONS 1339.52 TO 289
1339.61 OF THE REVISED CODE. 291
(C) SECTIONS 1339.52 TO 1339.61 OF THE REVISED CODE MAY BE 295
EXPANDED, RESTRICTED, ELIMINATED, OR OTHERWISE ALTERED, WITHOUT 296
EXPRESS REFERENCE TO THESE SECTIONS BY THE INSTRUMENT CREATING A 297
TRUST. 298
(D) A TRUSTEE IS NOT LIABLE TO A BENEFICIARY OF A TRUST TO 300
THE EXTENT THE TRUSTEE ACTED IN REASONABLE RELIANCE ON THE 301
PROVISIONS OF THE TRUST. 302
Sec. 1339.53. (A) A TRUSTEE SHALL INVEST AND MANAGE TRUST 304
ASSETS AS A PRUDENT INVESTOR WOULD, BY CONSIDERING THE PURPOSES, 306
TERMS, DISTRIBUTION REQUIREMENTS, AND OTHER CIRCUMSTANCES OF THE 307
TRUST. IN SATISFYING THIS REQUIREMENT, THE TRUSTEE SHALL 308
EXERCISE REASONABLE CARE, SKILL, AND CAUTION. 309
(B) A TRUSTEE SHALL MAKE A REASONABLE EFFORT TO VERIFY 312
FACTS RELEVANT TO THE INVESTMENT AND MANAGEMENT OF TRUST ASSETS. 313
(C) A TRUSTEE WHO HAS SPECIAL SKILLS OR EXPERTISE, OR IS 316
NAMED TRUSTEE IN RELIANCE UPON THE TRUSTEE'S REPRESENTATION THAT 317
THE TRUSTEE HAS SPECIAL SKILLS OR EXPERTISE, HAS A DUTY TO USE 318
THOSE SPECIAL SKILLS OR EXPERTISE. 319
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(D) A TRUSTEE'S INVESTMENT AND MANAGEMENT DECISIONS 322
RESPECTING INDIVIDUAL TRUST ASSETS SHALL NOT BE EVALUATED IN 323
ISOLATION BUT IN THE CONTEXT OF THE TRUST PORTFOLIO AS A WHOLE 324
AND AS PART OF AN OVERALL INVESTMENT STRATEGY HAVING RISK AND 325
RETURN OBJECTIVES REASONABLY SUITED TO THE TRUST. 326
(E) AMONG CIRCUMSTANCES THAT A TRUSTEE SHALL CONSIDER IN 329
INVESTING AND MANAGING TRUST ASSETS ARE THE FOLLOWING AS ARE 330
RELEVANT TO THE TRUST OR ITS BENEFICIARIES: 331
(1) THE GENERAL ECONOMIC CONDITIONS; 333
(2) THE POSSIBLE EFFECT OF INFLATION OR DEFLATION; 335
(3) THE EXPECTED TAX CONSEQUENCES OF INVESTMENT DECISIONS 337
OR STRATEGIES; 338
(4) THE ROLE THAT EACH INVESTMENT OR COURSE OF ACTION 340
PLAYS WITHIN THE OVERALL TRUST PORTFOLIO, WHICH MAY INCLUDE 341
FINANCIAL ASSETS, INTERESTS IN CLOSELY HELD ENTERPRISES, TANGIBLE 343
AND INTANGIBLE PERSONAL PROPERTY, AND REAL PROPERTY; 344
(5) THE EXPECTED TOTAL RETURN FROM INCOME AND APPRECIATION 346
OF CAPITAL; 347
(6) OTHER RESOURCES OF THE BENEFICIARIES; 349
(7) NEEDS FOR LIQUIDITY, REGULARITY OF INCOME, AND 351
PRESERVATION OR APPRECIATION OF CAPITAL; 352
(8) AN ASSET'S SPECIAL RELATIONSHIP OR SPECIAL VALUE, IF 354
ANY, TO THE PURPOSES OF THE TRUST OR TO ONE OR MORE OF THE 355
BENEFICIARIES. 356
Sec. 1339.54. (A) A TRUSTEE MAY INVEST IN ANY KIND OF 358
PROPERTY OR TYPE OF INVESTMENT PROVIDED THAT THE INVESTMENT IS 359
CONSISTENT WITH THE REQUIREMENTS AND STANDARDS OF SECTIONS 360
1339.52 TO 1339.61 OF THE REVISED CODE. 362
(B) A TRUSTEE SHALL DIVERSIFY THE INVESTMENTS OF A TRUST 365
UNLESS THE TRUSTEE REASONABLY DETERMINES THAT, BECAUSE OF SPECIAL 366
CIRCUMSTANCES, THE PURPOSES OF THE TRUST ARE BETTER SERVED 367
WITHOUT DIVERSIFYING. 368
Sec. 1339.55. (A) A TRUSTEE SHALL INVEST AND MANAGE THE 371
TRUST ASSETS SOLELY IN THE INTEREST OF THE BENEFICIARIES. 372
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(B) IF A TRUST HAS TWO OR MORE BENEFICIARIES, THE TRUSTEE 375
SHALL ACT IMPARTIALLY IN INVESTING AND MANAGING THE TRUST ASSETS 376
TAKING INTO ACCOUNT ANY DIFFERING INTERESTS OF THE BENEFICIARIES. 377
Sec. 1339.56. WITHIN A REASONABLE TIME AFTER ACCEPTING A 379
TRUSTEESHIP OR RECEIVING TRUST ASSETS, A TRUSTEE SHALL REVIEW THE 381
TRUST ASSETS AND MAKE AND IMPLEMENT DECISIONS CONCERNING THE
RETENTION AND DISPOSITION OF TRUST ASSETS IN ORDER TO BRING THE 382
TRUST PORTFOLIO INTO COMPLIANCE WITH THE PURPOSES, TERMS, 383
DISTRIBUTION REQUIREMENTS, AND OTHER CIRCUMSTANCES OF THE TRUST, 384
AND IN ORDER TO COMPLY WITH THE REQUIREMENTS AND STANDARDS OF 385
SECTIONS 1339.52 TO 1339.61 OF THE REVISED CODE. 388
Sec. 1339.57. EXCEPT AS OTHERWISE PERMITTED BY LAW, IN 390
INVESTING AND MANAGING TRUST ASSETS, A TRUSTEE MAY ONLY INCUR 392
COSTS THAT ARE APPROPRIATE AND REASONABLE IN RELATION TO THE 393
ASSETS, THE PURPOSES OF THE TRUST, AND THE SKILLS OF THE TRUSTEE. 394
Sec. 1339.58. COMPLIANCE WITH SECTIONS 1339.52 TO 1339.61 396
OF THE REVISED CODE SHALL BE DETERMINED IN LIGHT OF THE FACTS AND 399
CIRCUMSTANCES EXISTING AT THE TIME OF A TRUSTEE'S DECISION OR 400
ACTION AND NOT BY HINDSIGHT.
Sec. 1339.59. (A) A TRUSTEE MAY DELEGATE INVESTMENT AND 403
MANAGEMENT FUNCTIONS OF A TRUST THAT A PRUDENT TRUSTEE HAVING 404
COMPARABLE SKILLS COULD PROPERLY DELEGATE UNDER THE 405
CIRCUMSTANCES. IN ACCORDANCE WITH THIS DIVISION, A TRUSTEE SHALL 406
EXERCISE REASONABLE CARE, SKILL, AND CAUTION IN DOING ALL OF THE 407
FOLLOWING:
(1) SELECTING AN AGENT; 409
(2) ESTABLISHING THE SCOPE AND TERMS OF THE DELEGATION 411
CONSISTENT WITH THE PURPOSES AND TERMS OF THE TRUST; 412
(3) PERIODICALLY REVIEWING THE AGENT'S ACTIONS IN ORDER TO 414
MONITOR THE AGENT'S PERFORMANCE WITH THE TERMS OF THE DELEGATION. 416
(B) IN PERFORMING INVESTMENT OR MANAGEMENT FUNCTIONS OF A 419
TRUST THAT ARE DELEGATED TO AN AGENT, AN AGENT OWES A DUTY TO THE 420
TRUST TO EXERCISE REASONABLE CARE TO COMPLY WITH THE TERMS OF THE 421
DELEGATION. 422
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(C) A TRUSTEE WHO COMPLIES WITH DIVISION (A) OF THIS 426
SECTION IS NOT LIABLE TO THE BENEFICIARIES OF THE TRUST OR TO THE 427
TRUST FOR THE DECISIONS OR ACTIONS OF THE AGENT TO WHOM THE 428
FUNCTION WAS DELEGATED.
(D) BY ACCEPTING THE DELEGATION OF INVESTMENT OR MANAGEMENT 431
FUNCTIONS OF A TRUST THAT IS SUBJECT TO THE LAWS OF THIS STATE, 432
AN AGENT SUBMITS TO THE JURISDICTION OF THIS STATE. 433
Sec. 1339.60. THE FOLLOWING TERMS OR COMPARABLE LANGUAGE 435
IN THE PROVISIONS OF A TRUST, UNLESS OTHERWISE LIMITED OR 436
MODIFIED, AUTHORIZES ANY INVESTMENT OR STRATEGY PERMITTED BY 437
SECTIONS 1339.52 TO 1339.61 OF THE REVISED CODE: "INVESTMENTS 438
PERMISSIBLE BY LAW FOR INVESTMENT OF TRUST FUNDS"; "LEGAL 440
INVESTMENTS"; "AUTHORIZED INVESTMENTS"; "USING THE JUDGMENT AND 441
CARE UNDER THE CIRCUMSTANCES THEN PREVAILING THAT PERSONS OF 442
PRUDENCE, DISCRETION, AND INTELLIGENCE EXERCISE IN THE MANAGEMENT 443
OF THEIR OWN AFFAIRS, NOT IN REGARD TO SPECULATION BUT IN REGARD 444
TO THE PERMANENT DISPOSITION OF THEIR FUNDS CONSIDERING THE 445
PROBABLE INCOME AS WELL AS THE PROBABLE SAFETY OF THEIR CAPITAL"; 446
"PRUDENT MAN RULE"; "PRUDENT TRUSTEE RULE"; "PRUDENT PERSON 447
RULE"; AND "PRUDENT INVESTOR RULE." 448
Sec. 1339.61. (A) SECTIONS 1339.52 TO 1339.61 OF THE 451
REVISED CODE SHALL BE APPLIED AND CONSTRUED TO EFFECTUATE THE 453
GENERAL PURPOSE TO MAKE UNIFORM THE LAW WITH RESPECT TO THE 454
SUBJECT OF THESE SECTIONS AMONG THE STATES ENACTING IT. THESE 455
SECTIONS MAY BE CITED AS THE "OHIO UNIFORM PRUDENT INVESTOR ACT." 460
(B) SECTIONS 1339.52 TO 1339.61 OF THE REVISED CODE APPLY 464
TO TRUSTS EXISTING ON OR CREATED AFTER THE EFFECTIVE DATE OF 465
THESE SECTIONS. AS APPLIED TO TRUSTS EXISTING ON THE EFFECTIVE 466
DATE OF THESE SECTIONS, SECTIONS 1339.52 TO 1339.61 OF THE 468
REVISED CODE GOVERN ONLY DECISIONS OR ACTIONS OCCURRING AFTER THE 470
EFFECTIVE DATE OF THESE SECTIONS. 471
(C) THE TEMPORARY INVESTMENT OF CASH OR FUNDS PURSUANT TO 474
SECTION 1339.44 OR 2109.372 OF THE REVISED CODE SHALL BE 476
CONSIDERED A PRUDENT INVESTMENT IN COMPLIANCE WITH SECTIONS 477
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1339.52 TO 1339.61 OF THE REVISED CODE. 479
Sec. 1339.60 1339.68. (A) As used in this section: 488
(1) "Disclaimant" means any person, any guardian or 490
personal representative of a person or estate of a person, or any 491
attorney-in-fact or agent of a person having a general or 492
specific authority to act granted in a written instrument, who is 493
any of the following: 494
(a) With respect to testamentary instruments and intestate 496
succession, an heir, next of kin, devisee, legatee, donee, person 497
succeeding to a disclaimed interest, surviving joint tenant, 498
surviving tenant by the entireties, surviving tenant of a tenancy 499
with a right of survivorship, beneficiary under a testamentary 500
instrument, or person designated to take pursuant to a power of 501
appointment exercised by a testamentary instrument; 502
(b) With respect to nontestamentary instruments, a 504
grantee, donee, person succeeding to a disclaimed interest, 505
surviving joint tenant, surviving tenant by the entireties, 506
surviving tenant of a tenancy with a right of survivorship, 507
beneficiary under a nontestamentary instrument, or person 508
designated to take pursuant to a power of appointment exercised 509
by a nontestamentary instrument; 510
(c) With respect to fiduciary rights, privileges, powers, 512
and immunities, a fiduciary under a testamentary or 513
nontestamentary instrument. This section does not authorize a 514
fiduciary to disclaim the rights of beneficiaries unless the 515
instrument creating the fiduciary relationship authorizes such a 516
disclaimer. 517
(d) Any person entitled to take an interest in property 519
upon the death of a person or upon the occurrence of any other 520
event. 521
(2) "Property" means all forms of property, real and 523
personal, tangible and intangible. 524
(B)(1) A disclaimant, other than a fiduciary under an 526
instrument who is not authorized by the instrument to disclaim 527
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the interest of a beneficiary, may disclaim, in whole or in part, 528
the succession to any property by executing and by delivering, 529
filing, or recording a written disclaimer instrument in the 530
manner provided in this section. 531
(2) A disclaimant who is a fiduciary under an instrument 533
may disclaim, in whole or in part, any right, power, privilege, 534
or immunity, by executing and by delivering, filing, or recording 535
a written disclaimer instrument in the manner provided in this 536
section. 537
(3) The written instrument of disclaimer shall be signed 539
and acknowledged by the disclaimant and shall contain all of the 540
following: 541
(a) A reference to the donative instrument; 543
(b) A description of the property, part of property, or 545
interest disclaimed, and of any fiduciary right, power, 546
privilege, or immunity disclaimed; 547
(c) A declaration of the disclaimer and its extent. 549
(4) The guardian of the estate of a minor or an 551
incompetent, or the personal representative of a deceased person, 552
with the consent of the probate division of the court of common 553
pleas, may disclaim, in whole or in part, the succession to any 554
property, or interest in property, that the ward, if an adult and 555
competent, or the deceased, if living, might have disclaimed. The 557
guardian or personal representative, or any interested person may 558
file an application with the probate division of the court of
common pleas that has jurisdiction of the estate, asking that the 559
court order the guardian or personal representative to execute 560
and deliver, file, or record the disclaimer on behalf of the ward 561
or estate. The court shall order the guardian or personal 562
representative to execute and deliver, file, or record the 563
disclaimer if the court finds, upon hearing after notice to 564
interested parties and such other persons as the court shall 565
direct, that: 566
(a) It is in the best interests of those interested in the 568
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estate of the person and of those who will take the disclaimed 569
interest; 570
(b) It would not materially, adversely affect the minor or 572
incompetent, or the beneficiaries of the estate of the decedent, 573
taking into consideration other available resources and the age, 574
probable life expectancy, physical and mental condition, and 575
present and reasonably anticipated future needs of the minor or 576
incompetent or the beneficiaries of the estate of the decedent. 577
A written instrument of disclaimer ordered by the court 579
under this division shall be executed and be delivered, filed, or 580
recorded within the time and in the manner in which the person 581
could have disclaimed if he THE PERSON were living, an adult, and 583
competent.
(C) A partial disclaimer of property that is subject to a 585
burdensome interest created by the donative instrument is not 586
effective unless the disclaimed property constitutes a gift that 587
is separate and distinct from undisclaimed gifts. 588
(D) The disclaimant shall deliver, file, or record the 590
disclaimer, or cause the same to be done, not later than nine 591
months after the latest of the following dates: 592
(1) The effective date of the donative instrument if both 594
the taker and his THE TAKER'S interest in the property are 595
finally ascertained on that date; 597
(2) The date of the occurrence of the event upon which 599
both the taker and his THE TAKER'S interest in the property 600
become finally ascertainable; 602
(3) The date on which the disclaimant attains twenty-one 604
years of age or is no longer an incompetent, without tendering or 605
repaying any benefit received while the disclaimant was under 606
twenty-one years of age or an incompetent, and even if a guardian 607
of a minor or incompetent had filed an application pursuant to 608
division (B)(4) of this section and the probate division of the 609
court of common pleas involved did not consent to the guardian 610
executing a disclaimer. 611
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(E) No disclaimer instrument is effective under this 613
section if either of the following applies under the terms of the 614
disclaimer instrument: 615
(1) The disclaimant has power to revoke the disclaimer; 617
(2) The disclaimant may transfer, or direct to be 619
transferred, to himself SELF the entire legal and equitable 620
ownership of the property subject to the disclaimer instrument. 622
(F)(1) If the interest disclaimed is created by a 624
nontestamentary instrument, the disclaimer instrument shall be 625
delivered personally or by certified mail to the trustee or other 626
person who has legal title to, or possession of, the property 627
disclaimed. 628
(2) If the interest disclaimed is created by a 630
testamentary instrument or by intestate succession, the 631
disclaimer instrument shall be filed in the probate division of 632
the court of common pleas in the county in which proceedings for 633
the administration of the decedent's estate have been commenced, 634
and an executed copy of the disclaimer instrument shall be 635
delivered personally or by certified mail to the personal 636
representative of the decedent's estate. 637
(3) If no proceedings for the administration of the 639
decedent's estate have been commenced, the disclaimer instrument 640
shall be filed in the probate division of the court of common 641
pleas in the county in which proceedings for the administration 642
of the decedent's estate might be commenced according to law. The 644
disclaimer instrument shall be filed and indexed, and fees
charged, in the same manner as provided by law for an application 645
to be appointed as personal representative to administer the 646
decedent's estate. The disclaimer is effective whether or not 647
proceedings thereafter are commenced to administer the decedent's 648
estate. If proceedings thereafter are commenced for the 649
administration of the decedent's estate, they shall be filed 650
under, or consolidated with, the case number assigned to the 651
disclaimer instrument. 652
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(4) If an interest in real estate is disclaimed, an 654
executed copy of the disclaimer instrument also shall be recorded 655
in the office of the recorder of the county in which the real 656
estate is located. The disclaimer instrument shall include a 657
description of the real estate with sufficient certainty to 658
identify it, and shall contain a reference to the record of the 659
instrument that created the interest disclaimed. If title to the 660
real estate is registered under Chapters 5309. and 5310. of the 661
Revised Code, the disclaimer interest shall be entered as a 662
memorial on the last certificate of title. A spouse of a 663
disclaimant has no dower or other interest in the real estate 664
disclaimed. 665
(G) Unless the donative instrument expressly provides 667
that, if there is a disclaimer, there shall not be any 668
acceleration of remainders or other interests, the property, part 669
of property, or interest in property disclaimed, and any future 670
interest that is to take effect in possession or enjoyment at or 671
after the termination of the interest disclaimed, shall descend, 672
be distributed, or otherwise be disposed of, and shall be 673
accelerated, in the following manner: 674
(1) If intestate or testate succession is disclaimed, as 676
if the disclaimant had predeceased the decedent; 677
(2) If the disclaimant is one designated to take pursuant 679
to a power of appointment exercised by a testamentary instrument, 680
as if the disclaimant had predeceased the donee of the power; 681
(3) If the donative instrument is a nontestamentary 683
instrument, as if the disclaimant had died before the effective 684
date of the nontestamentary instrument; 685
(4) If the disclaimer is of a fiduciary right, power, 687
privilege, or immunity, as if the right, power, privilege, or 688
immunity was never in the donative instrument. 689
(H) A disclaimer pursuant to this section is effective as 691
of, and relates back for all purposes to, the date upon which the 692
taker and his THE TAKER'S interest have been finally ascertained. 694
16
(I) A disclaimant who has a present and future interest in 696
property, and disclaims his THE DISCLAIMANT'S present interest in 698
whole or in part, is considered to have disclaimed his THE 699
DISCLAIMANT'S future interest to the same extent, unless a 701
contrary intention appears in the disclaimer instrument or the 702
donative instrument. A disclaimant is not precluded from 703
receiving, as an alternative taker, a beneficial interest in the 704
property disclaimed, unless a contrary intention appears in the 705
disclaimer instrument or in the donative instrument. 706
(J) The disclaimant's right to disclaim under this section 708
is barred if, before the expiration of the period within which he 709
THE DISCLAIMANT may disclaim the interest, he THE DISCLAIMANT 711
does any of the following: 712
(1) Assigns, conveys, encumbers, pledges, or transfers, or 714
contracts to assign, convey, encumber, pledge, or transfer, the 715
property or any interest in it; 716
(2) Waives in writing his THE DISCLAIMANT'S right to 718
disclaim and executes and delivers, files, or records the waiver 720
in the manner provided in this section for a disclaimer 721
instrument;
(3) Accepts the property or an interest in it; 723
(4) Permits or suffers a sale or other disposition of the 725
property pursuant to judicial action against him THE DISCLAIMANT. 727
(K) A fiduciary's application for appointment or 729
assumption of duties as a fiduciary does not waive or bar his THE 730
DISCLAIMANT'S right to disclaim a right, power, privilege, or 732
immunity.
(L) The right to disclaim under this section exists 734
irrespective of any limitation on the interest of the disclaimant 735
in the nature of a spendthrift provision or similar restriction. 736
(M) A disclaimer instrument or written waiver of the right 738
to disclaim that has been executed and delivered, filed, or 739
recorded as required by this section is final and binding upon 740
all persons. 741
17
(N) The right to disclaim and the procedures for 743
disclaimer established by this section are in addition to, and do 744
not exclude or abridge, any other rights or procedures existing 745
under any other section of the Revised Code or at common law to 746
assign, convey, release, refuse to accept, renounce, waive, or 747
disclaim property. 748
(O)(1) No person is liable for distributing or disposing 750
of property in a manner inconsistent with the terms of a valid 751
disclaimer if the distribution or disposition is otherwise proper 752
and the person has no actual knowledge of the disclaimer. 753
(2) No person is liable for distributing or disposing of 755
property in reliance upon the terms of a disclaimer that is 756
invalid because the right of disclaimer has been waived or barred 757
if the distribution or disposition is otherwise proper and the 758
person has no actual knowledge of the facts that constitute a 759
waiver or bar to the right to disclaim. 760
(P)(1) A disclaimant may disclaim pursuant to this section 763
any interest in property that is in existence on September 27, 764
1976, if either the interest in the property or the taker of the 765
interest in the property is not finally ascertained on that date. 766
(2) No disclaimer executed pursuant to this section 768
destroys or diminishes an interest in property that exists on 769
September 27, 1976, in any person other than the disclaimant. 770
Sec. 2109.37. (A) Except as otherwise provided by law, 779
INCLUDING DIVISION (D) OF THIS SECTION, or by the instrument 781
creating the trust, a fiduciary having funds belonging to a trust 782
which are to be invested may invest them in the following: 783
(1) Bonds or other obligations of the United States or of 785
this state; 786
(2) Bonds or other interest-bearing obligations of any 788
county, municipal corporation, school district, or other legally 789
constituted political taxing subdivision within the state, 790
provided that such county, municipal corporation, school 791
district, or other subdivision has not defaulted in the payment 792
18
of the interest on any of its bonds or interest-bearing 793
obligations, for more than one hundred twenty days during the ten 794
years immediately preceding the investment by such THE fiduciary 795
in such THE bonds or other obligations, and provided that such 797
county, municipal corporation, school district, or other 799
subdivision, is not, at the time of such THE investment, in 800
default in the payment of principal or interest on any of its 802
bonds or other interest-bearing obligations; 803
(3) Bonds or other interest-bearing obligations of any 805
other state of the United States which, within twenty years prior 806
to the making of such investment, has not defaulted for more than 807
ninety days in the payment of principal or interest on any of its 808
bonds or other interest-bearing obligations; 809
(4) Any bonds issued by or for federal land banks and any 811
debentures issued by or for federal intermediate credit banks 812
under the "Federal Farm Loan Act of 1916," 39 Stat. 360, 12 813
U.S.C.A. 641, as amended; or any debentures issued by or for 814
banks for cooperatives under the "Farm Credit Act of 1933," 48 815
Stat. 257, 12 U.S.C.A. 131, as amended; 816
(5) Notes which are: (a) secured by a first mortgage on 818
real estate held in fee and located in the state, improved by a 819
unit designed principally for residential use for not more than 820
four families or by a combination of such dwelling unit and 821
business property, the area designed or used for nonresidential 822
purposes not to exceed fifty per cent of the total floor area; 823
(b) secured by a first mortgage on real estate held in fee and 824
located in the state, improved with a building designed for 825
residential use for more than four families or with a building 826
used primarily for business purposes, if the unpaid principal of 827
the notes secured by such mortgage does not exceed ten per cent 828
of the value of the estate or trust or does not exceed five 829
thousand dollars, whichever is greater; or (c) secured by a first 830
mortgage on an improved farm held in fee and located in the 831
state, provided that such mortgage requires that the buildings on 832
19
the mortgaged property shall be well insured against loss by 833
fire, and so kept, for the benefit of the mortgagee, until the 834
debt is paid, and provided that the unpaid principal of the notes 835
secured by the mortgage shall not exceed fifty per cent of the 836
fair value of the mortgaged real estate at the time such THE 837
investment is made, and such THE notes shall be payable not more 838
than five years after the date on which the investment in them is 840
made; except that the unpaid principal of such THE notes may 841
equal sixty per cent of the fair value of the mortgaged real 843
estate at the time such THE investment is made, and may be 844
payable over a period of fifteen years following the date of the 845
investment by the fiduciary if regular installment payments are 846
required sufficient to amortize four per cent or more of the 847
principal of the outstanding notes per annum and if the unpaid 848
principal and interest become due and payable at the option of 849
the holder upon any default in the payment of any installment of 850
interest or principal upon the notes, or of taxes, assessments, 851
or insurance premiums upon the mortgaged premises or upon the 852
failure to cure any such default within any grace period provided 853
therein not exceeding ninety days in duration; 854
(6) Life, endowment, or annuity contracts of legal reserve 856
life insurance companies regulated by sections 3907.01 to 857
3907.21, 3909.01 to 3909.17, 3911.01 to 3911.24, 3913.01 to 858
3913.10, 3915.01 to 3915.15, and 3917.01 to 3917.05 of the 859
Revised Code, and licensed by the superintendent of insurance to 860
transact business within the state, provided that the purchase of 861
contracts authorized by this division shall be limited to 862
executors or the successors to their powers when specifically 863
authorized by will and to guardians and trustees, which contracts 864
may be issued on the life of a ward, a beneficiary of a trust 865
fund, or according to a will, or upon the life of a person in 866
whom such ward or beneficiary has an insurable interest and such 867
THE contracts shall be drawn by the insuring company so that the 869
proceeds shall be the sole property of the person whose funds are 870
20
so invested; 871
(7) Notes or bonds secured by mortgages and insured by the 873
federal housing administrator or debentures issued by such 874
administrator; 875
(8) Obligations issued by a federal home loan bank created 877
under the "Federal Home Loan Bank Act of 1932," 47 Stat. 725, 12 878
U.S.C.A. 1421, as amended; 879
(9) Shares and certificates or other evidences of deposits 881
issued by a federal savings and loan association organized and 882
incorporated under the "Home Owners' Loan Act of 1933," 48 Stat. 883
128, 12 U.S.C.A. 1461, as amended, to the extent and only to the 884
extent that those shares or certificates or other evidences of 885
deposits are insured pursuant to the "Financial Institutions 886
Reform, Recovery, and Enforcement Act of 1989," 103 Stat. 183, 12 887
U.S.C.A. 1811, as amended; 888
(10) Bonds issued by the home owners' loan corporation 890
created under the "Home Owners' Act of 1933," 48 Stat. 128, 12 891
U.S.C.A. 1461, as amended; 892
(11) Obligations issued by the national mortgage 894
association created under the "National Housing Act," 48 Stat. 895
1246 (1934), 12 U.S.C.A. 1701, as amended; 896
(12) Shares and certificates or other evidences of 898
deposits issued by a domestic savings and loan association 899
organized under the laws of the state, which association has 900
obtained insurance of accounts pursuant to the "Financial 901
Institutions Reform, Recovery, and Enforcement Act of 1989," 103 902
Stat. 183, 12 U.S.C.A. 1811, as amended, or as may be otherwise 903
provided by law, only to the extent that such evidences of 904
deposits are insured under that act, as amended; 905
(13) Shares and certificates or other evidences of 907
deposits issued by a domestic savings and loan association 908
organized under the laws of the state, provided that no fiduciary 909
may invest such deposits except with the approval of the probate 910
court, and then in an amount not to exceed the amount which the 911
21
fiduciary is permitted to invest under division (A)(12) of this 912
section; 913
(14) In savings accounts in, or certificates or other 915
evidences of deposits issued by, a national bank located in the 916
state or a state bank located in and organized under the laws of 917
the state by depositing such THE funds in the bank, and such 918
national or state bank when itself acting in a fiduciary capacity 920
may deposit such THE funds in savings accounts in, or 921
certificates or other evidences of deposits issued by, its own 923
savings department or any bank subsidiary corporation owned or 924
controlled by the bank holding company that owns or controls such 925
national or state bank; provided that no deposit shall be made by 926
any fiduciary, individual, or corporate, unless the deposits of 927
the depository bank are insured by the federal deposit insurance 928
corporation created under the "Federal Deposit Insurance 929
Corporation Act of 1933," 48 Stat. 162, 12 U.S.C. 264, as 930
amended, and provided that the deposit of the funds of any one 931
trust in any such savings accounts in, or certificates or other 932
evidences of deposits issued by, any one bank shall not exceed 933
the sum insured under that act, as amended; 934
(15) Obligations consisting of notes, bonds, debentures, 936
or equipment trust certificates issued under an indenture, which 937
are the direct obligations, or in the case of equipment trust 938
certificates are secured by direct obligations, of a railroad or 939
industrial corporation, or a corporation engaged directly and 940
primarily in the production, transportation, distribution, or 941
sale of electricity or gas, or the operation of telephone or 942
telegraph systems or waterworks, or in some combination of them; 943
provided that the obligor corporation is one which is 944
incorporated under the laws of the United States, any state, or 945
the District of Columbia, and the obligations are rated at the 946
time of purchase in the highest or next highest classification 947
established by at least two standard rating services selected 948
from a list of the standard rating services which shall be 949
22
prescribed by the superintendent of financial institutions; 950
provided that every such list shall be certified by such THE 952
superintendent to the clerk of each probate court in the state, 954
and shall continue in effect until a different list is prescribed 955
and certified as provided in this division; 956
(16) Obligations issued, assumed, or guaranteed by the 959
international finance corporation or by the international bank 961
for reconstruction and development, the Asian development bank, 962
the inter-American development bank, the African development 963
bank, or other similar development bank in which the president, 964
as authorized by congress and on behalf of the United States, has 965
accepted membership, provided that the obligations are rated at 966
the time of purchase in the highest or next highest 967
classification established by at least one standard rating 968
service selected from a list of standard rating services which 969
shall be prescribed by the superintendent of financial
institutions;
(17) Securities of any investment company, as defined in 971
and registered under sections 3 and 8 of the "Investment Company 972
Act of 1940," 54 Stat. 789, 15 U.S.C.A. 80a-3 and 80a-8, that are 973
invested exclusively in forms of investment or in instruments 974
that are fully collateralized by forms of investment in which the 975
fiduciary is permitted to invest pursuant to divisions (A)(1) to 976
(16) of this section, provided that, in addition to such forms of 977
investment, such THE investment company may, for the purpose of 978
reducing risk of loss or of stabilizing investment returns, 979
engage in hedging transactions. 980
(B) No administrator or executor may invest funds 982
belonging to an estate in any asset other than a direct 983
obligation of the United States that has a maturity date not 984
exceeding one year from the date of such investment, or other 985
than in a short-term investment fund that is invested exclusively 986
in obligations of the United States or of its agencies, or 987
primarily in such obligations and otherwise only in variable 988
23
demand notes, corporate money market instruments including, but 989
not limited to, commercial paper, or fully collateralized 990
repurchase agreements or other evidences of indebtedness that are 991
payable on demand or generally have a maturity date not exceeding 992
ninety-one days from the date of investment, except with the 993
approval of the probate court or with the permission of the 994
instruments creating the trust. 995
(C)(1) In addition to the investments allowed by this 997
section, a guardian or trustee, with the approval of the court, 998
may invest funds belonging to the trust in productive real estate 999
located within the state, provided that neither the guardian nor 1,000
the trustee nor any member of the family of either has any 1,001
interest in such real estate or in the proceeds of the purchase 1,002
price. The title to any real estate so purchased by a guardian 1,003
must be taken in the name of the ward. 1,004
(2) Notwithstanding the provisions of division (C)(1) of 1,006
this section, the court may permit the funds to be used to 1,007
purchase or acquire a home for the ward or an interest in a home 1,008
for the ward in which a member of the ward's family may have an 1,009
interest. 1,010
(D) IF THE FIDUCIARY IS A TRUSTEE APPOINTED BY AND 1,012
ACCOUNTABLE TO THE PROBATE COURT, THE FIDUCIARY SHALL INVEST THE 1,014
TRUST'S ASSETS PURSUANT TO THE REQUIREMENTS AND STANDARDS SET
FORTH IN SECTIONS 1339.52 TO 1339.61 OF THE REVISED CODE. 1,015
Sec. 2109.371. (A) In addition to those investments made 1,024
eligible by section 2109.37 or 2109.372 of the Revised Code, 1,025
investments may be made by a fiduciary other than a guardian 1,026
under sections 5905.01 to 5905.19 of the Revised Code, and 1,027
subject to the restriction placed on an administrator or executor 1,028
by division (B) of section 2109.37 of the Revised Code, in any of 1,029
the following kinds and classes of securities, provided that it 1,030
may be lawfully sold in Ohio and investment is made only in such 1,031
securities as would be acquired by prudent persons of discretion 1,033
and intelligence in such matters who are seeking a reasonable
24
income and the preservation of their capital: 1,034
(1) Securities of corporations organized and existing 1,036
under the laws of the United States, the District of Columbia, or 1,037
any state of the United States including, but not limited to, 1,038
bonds, debentures, notes, equipment trust obligations, or other 1,039
evidences of indebtedness, and shares of common and preferred 1,040
stocks of such corporations; 1,041
(2) Subject to division (C) of this section, collective 1,043
investment funds established in accordance with section 1111.14 1,044
of the Revised Code or securities of any investment company, 1,045
including any affiliated investment company, whether or not the 1,046
fiduciary has invested other funds held by it in an agency or 1,047
other nonfiduciary capacity in the securities of the same 1,048
investment company or affiliated investment company;
(3) Bonds or other interest-bearing obligations of any 1,050
state or territory of the United States, or of any county, city, 1,051
village, school district, or other legally constituted political 1,052
taxing subdivision of any state or territory of the United 1,053
States, not otherwise eligible under division (A)(2) or (3) of 1,054
section 2109.37 of the Revised Code. 1,055
(B) No investment shall be made pursuant to this section 1,057
which, at the time such investment is made, causes the aggregate 1,058
market value of the investments, not made eligible by section 1,059
2109.37 or 2109.372 of the Revised Code, to exceed sixty per cent 1,060
of the aggregate market value at that time of all the property of 1,061
the fund held by the fiduciary. No sale or other liquidation of 1,062
any investment shall be required solely because of any change in 1,063
the relative market value of those investments made eligible by 1,064
this section and those made eligible by section 2109.37 or 1,065
2109.372 of the Revised Code; provided that, in the event of a 1,066
sale of investments authorized by this section, the proceeds from 1,067
the sale may be reinvested in the kinds and classes of securities 1,068
authorized by this section without regard to the percentage 1,069
limitation provided in this division. In determining the 1,070
25
aggregate market value of the property of a fund and the 1,071
percentage of a fund to be invested under this section, a 1,072
fiduciary may rely upon published market quotations as to those 1,073
investments for which such quotations are available and upon such 1,074
valuations of other investments as, in the fiduciary's best 1,075
judgment, seem fair and reasonable according to available 1,076
information.
(C)(1)(a) A fiduciary making an investment of trust funds 1,079
in securities of an affiliated investment company, or a bank 1,080
subsidiary corporation or other corporation owned or controlled
by the bank holding company that owns or controls the fiduciary, 1,081
may charge a reasonable fee for investment advisory, brokerage, 1,082
transfer agency, registrar, management, or other similar services 1,083
provided to an affiliated investment company. The fee may be in 1,084
addition to the compensation to which the fiduciary is otherwise 1,086
entitled to receive from the trust, provided that the fee is
charged as a percentage of either asset value or income earned or 1,087
actual amount charged and is disclosed at least annually by 1,088
prospectus, account statement, or any other written means to all 1,089
persons entitled to receive statements of account activity. 1,090
(b) A fiduciary making an investment of trust funds in 1,092
securities of an affiliated investment company pursuant to 1,093
division (A)(2) of this section shall, when providing any 1,095
periodic account statements to the trust fund, report the net
asset value of the shares comprising the investment of the trust 1,096
funds in the affiliated investment company. 1,097
(c) If a fiduciary making an investment of trust funds in 1,099
securities of an affiliated investment company pursuant to 1,100
division (A)(2) of this section invests such funds in any mutual 1,102
fund, the fiduciary shall disclose, in at least ten-point
boldface type, by prospectus, account statement, or any other 1,103
written means to all persons entitled to receive statements of 1,104
account activity, that the mutual fund is not insured or 1,105
guaranteed by the federal deposit insurance corporation or by any 1,106
26
other government-sponsored agency of the federal government or of
this state. 1,107
(2) Unless the investment of trust funds in securities of 1,109
an affiliated investment company can be made under the terms of 1,110
the instrument creating the trust, an exception to the investment 1,111
of trust funds in securities of an affiliated investment company 1,112
may be filed with the probate court. Any exception filed 1,113
pursuant to this division must be signed by all persons who
would, at the time the exception is filed, be permitted to file 1,114
an exception to an account pursuant to section 2109.33 of the 1,116
Revised Code and must state that all such persons request that 1,117
the current investment of trust funds in securities of an 1,118
affiliated investment company be terminated within a reasonable 1,119
time. If the probate court determines that the exception
complies with the requirements of this division, the probate 1,120
court shall establish a schedule for disposing of any current 1,121
investments in securities of an affiliated investment company, 1,122
and the fiduciary shall cause the trust to dispose of the 1,123
investments in accordance with the schedule. The fiduciary shall 1,124
not be liable for any loss incurred by the trust as a result of
complying with division (C)(2) of this section. 1,125
(D) As used in this section, "affiliated investment 1,127
company," "investment company," and "reasonable fee" have the 1,128
same meanings as in division (E) of section 1109.10 1111.13 of 1,129
the Revised Code.
Section 2. That existing sections 1111.13, 1339.60, 1,131
2109.37, and 2109.371 of the Revised Code are hereby repealed. 1,132
Section 3. Section 2109.371 of the Revised Code is 1,134
presented in this act as a composite of the section as amended by 1,135
both Am. Sub. H.B. 538 and Sub. S.B. 129 of the 121st General 1,136
Assembly, with the new language of neither of the acts shown in 1,138
capital letters. This is in recognition of the principle stated 1,139
in division (B) of section 1.52 of the Revised Code that such 1,140
amendments are to be harmonized where not substantively 1,141
27
irreconcilable and constitutes a legislative finding that such is 1,142
the resulting version in effect prior to the effective date of 1,143
this act.