As Introduced 1
123rd General Assembly 4
Regular Session H.B. No. 59 5
1999-2000 6
REPRESENTATIVES WOMER BENJAMIN-MOTTLEY-PRINGLE-SALERNO 8
9
A B I L L
To amend sections 1340.01, 1340.02, 1340.03, 11
1340.09, 1340.12, 2103.041, 2107.26, 2107.33, and 13
5731.39, to enact new section 2131.01, and to
repeal section 2131.01 of the Revised Code to 14
revise the Probate Laws. 15
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 17
Section 1. That sections 1340.01, 1340.02, 1340.03, 19
1340.09, 1340.12, 2103.041, 2107.26, 2107.33, and 5731.39 be 21
amended and new section 2131.01 of the Revised Code be enacted to 23
read as follows:
Sec. 1340.01. As used in sections 1340.01 to 1340.13 of 32
the Revised Code: 33
(A) "Income beneficiary" means the person to whom income 35
is presently payable or for whom it is accumulated for 36
distribution as income. 37
(B) "Inventory value" means the cost of property purchased 39
by the trustee and the market value of other property at the time 40
it became subject to the trust, but, in the case of property 41
which THAT passes or has passed to the trust as the result of a 43
decedent's death, the trustee may use any value finally 44
determined for the purposes of an estate or inheritance tax. 45
(C) "Remainderman REMAINDERPERSON" means the person 47
entitled to principal, including income which THAT has been 48
accumulated and added to principal. 50
(D) "Trustee" means an inter vivos or testamentary trustee 52
and includes an original trustee and any successor or added 53
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trustee. 54
Sec. 1340.02. (A) A trust shall be administered with due 63
regard to the respective interests of income beneficiaries and 64
remaindermen REMAINDERPERSONS. A trust is so administered with 65
respect to the allocation of receipts and expenditures if a 66
receipt is credited or an expenditure is charged to income or 67
principal or partly to each IN ONE OF THE FOLLOWING MANNERS: 68
(1) In accordance with the terms of the trust instrument, 70
notwithstanding contrary provisions of sections 1340.01 to 71
1340.13 of the Revised Code; 72
(2) In the absence of any contrary terms of the trust 74
instrument, in accordance with sections 1340.01 to 1340.13 of the 75
Revised Code; 76
(3) If neither of the preceding rules of administration is 78
applicable,. 79
(B) IN EXERCISING A DISCRETIONARY POWER OF ADMINISTRATION 82
REGARDING A MATTER WITHIN THE SCOPE OF SECTIONS 1340.01 TO 83
1340.13 OF THE REVISED CODE, WHETHER GRANTED BY THE TERMS OF THE 86
TRUST INSTRUMENT OR BY THOSE SECTIONS, A TRUSTEE SHALL ADMINISTER 87
THE TRUST in accordance with what is reasonable and equitable in 89
view of the interests of those entitled to income as well as
those entitled to principal, and in view of the manner in which 90
men PERSONS of ordinary prudence, discretion, and judgment would 91
act in the management of their own affairs. 92
(B)(C) If the trust instrument gives the trustee 94
discretion in crediting a receipt or charging an expenditure to 95
income or principal or partly to each, unless the terms of the 96
trust instrument otherwise expressly provide, the trustee shall 97
exercise such discretion in accordance with the principles of 98
sections 1340.01 to 1340.13 of the Revised Code, but in the event 99
of a bona fide doubt as to the applicability of sections 1340.01 100
to 1340.13 of the Revised Code, any allocation made by the 101
trustee in good faith shall be binding on all persons having any 102
interest in the trust NO INFERENCE OF IMPRUDENCE OR PARTIALITY 103
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ARISES FROM THE FACT THAT THE TRUSTEE HAS MADE AN ALLOCATION 105
CONTRARY TO SECTIONS 1340.01 TO 1340.13 OF THE REVISED CODE. 108
(D) A FIDUCIARY MAY CREDIT A RECEIPT OR CHARGE AN 111
EXPENDITURE TO INCOME OR PRINCIPAL WITH RESPECT TO A TRUST, OR 112
PROPERTY PASSING TO A TRUST, THAT IS ELIGIBLE FOR A FEDERAL OR 113
OHIO ESTATE TAX MARITAL DEDUCTION OR ESTATE TAX CHARITABLE 114
DEDUCTION ONLY TO THE EXTENT THAT THE CREDIT OF THE RECEIPT OR 116
CHARGE OF THE EXPENDITURE WILL NOT CAUSE A MATERIAL REDUCTION OR 117
LOSS OF THE DEDUCTION.
(E) AS USED IN THIS SECTION: 120
(1) "FEDERAL ESTATE TAX CHARITABLE DEDUCTION" MEANS THE 122
ESTATE TAX CHARITABLE DEDUCTION ALLOWED BY SUBTITLE B, CHAPTER 11 125
OF THE "INTERNAL REVENUE CODE OF 1986," 26 U.S.C.A. 2055, AS 130
AMENDED.
(2) "FEDERAL ESTATE TAX MARITAL DEDUCTION" MEANS THE 132
ESTATE TAX MARITAL DEDUCTION ALLOWED BY SUBTITLE B, CHAPTER 11 OF 135
THE "INTERNAL REVENUE CODE OF 1986," 26 U.S.C.A. 2056, AS 140
AMENDED.
(3) "OHIO ESTATE TAX CHARITABLE DEDUCTION" MEANS THE 143
ESTATE TAX CHARITABLE DEDUCTION ALLOWED BY DIVISION (A) OF 144
SECTION 5731.17 OF THE REVISED CODE. 146
(4) "OHIO ESTATE TAX MARITAL DEDUCTION" MEANS THE ESTATE 149
TAX MARITAL DEDUCTION ALLOWED BY DIVISION (A) OF SECTION 5731.15 151
OF THE REVISED CODE. 152
Sec. 1340.03. (A) Income is the return in money or 161
property derived from the use of principal, including return as 162
FOLLOWS: 163
(1) Rent of real or personal property, including sums 165
received for cancellation or renewal of a lease; 166
(2) Interest on money lent, including sums received as 168
consideration for the privilege of prepayment of principal except 169
as provided in section 1340.06 of the Revised Code on bond 170
premium and bond discount; 171
(3) Income earned during administration of a decedent's 173
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estate as provided in section 2109.67 of the Revised Code; 174
(4) Corporate distributions as provided in section 1340.05 176
of the Revised Code; 177
(5) Accrued increment on bonds or other obligations issued 179
at a discount as provided in section 1340.06 of the Revised Code; 180
(6) Receipts from business and farming operations as 182
provided in section 1340.07 of the Revised Code; 183
(7) Receipts from disposition of natural resources as 185
provided in sections 1340.08 and 1340.09 of the Revised Code; 186
(8) Receipts from other principal subject to depletion as 188
provided in section 1340.10 of the Revised Code; 189
(9) Receipts from disposition of underproductive property 191
as provided in section 1340.11 of the Revised Code. 192
(B) Principal is the property that has been set aside by 194
the owner or the person legally empowered so that it is held in 195
trust eventually to be delivered to a remainderman 196
REMAINDERPERSON while the return or use of the principal is in 197
the meantime taken or received by or held for accumulation for an 198
income beneficiary. Principal includes any of the following: 199
(1) Consideration received by the trustee on the sale or 201
other transfer of principal or on repayment of a loan or as a 202
refund or replacement or change in the form of principal; 203
(2) Proceeds of property taken on eminent domain 205
proceedings; 206
(3) Proceeds of insurance upon property forming part of 208
the principal except proceeds of insurance upon a separate 209
interest of an income beneficiary; 210
(4) Stock dividends, receipts on liquidation of a 212
corporation, and other corporate distributions as provided in 213
section 1340.05 of the Revised Code; 214
(5) Receipts from the disposition of corporate securities 216
as provided in section 1340.06 of the Revised Code; 217
(6) Royalties and other receipts from disposition of 219
natural resources as provided in sections 1340.08 and 1340.09 of 220
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the Revised Code; 221
(7) Receipts from other principal subject to depletion as 223
provided in section 1340.10 of the Revised Code; 224
(8) Any profit resulting from any change in the form of 226
principal except as provided in section 1340.11 of the Revised 227
Code on underproductive property; 228
(9) Receipts from disposition of underproductive property 230
as provided in section 1340.11 of the Revised Code; 231
(10) Any allowances for depreciation established under 233
section 1340.07 and division (A)(2) of section 1340.12 of the 234
Revised Code. 235
(C) After determining income and principal in accordance 237
with the terms of the trust instrument or of sections 1340.01 to 238
1340.13 of the Revised Code, the trustee shall charge to income 239
or principal expenses and other charges as provided in section 240
1340.12 of the Revised Code. 241
Sec. 1340.09. If any part of the principal consists of 250
land from which merchantable timber may be removed, the receipts 251
from taking the timber from the land shall be allocated in 252
accordance with division (A)(3)(B) of section 1340.02 of the 254
Revised Code.
Sec. 1340.12. (A) The following charges shall be made 263
against income: 264
(1) Ordinary expenses incurred in connection with the 266
administration, management, or preservation of the trust 267
property, including regularly recurring taxes assessed against 268
any portion of the principal, water rates, premiums on insurance 269
taken upon the interests of the income beneficiary, remainderman 270
REMAINDERPERSON, or trustee, interest paid by the trustee, and 271
ordinary repairs; 272
(2) A reasonable allowance for depreciation on property 274
subject to depreciation under generally accepted accounting 275
principles, but no allowance shall be made for depreciation of 276
that portion of any real property used by a beneficiary as a 277
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residence or for depreciation of any property held by the trustee 278
on the effective date of this section OCTOBER 20, 1987, for which 280
the trustee is not then making an allowance for depreciation; 281
(3) Not less than half of court costs, attorney's fees, 283
and other fees on periodic judicial accounting, unless the court 284
directs otherwise; 285
(4) Court costs, attorney's fees, and other fees on other 287
accountings or judicial proceedings if the matter primarily 288
concerns the income interest, unless the court directs otherwise; 289
(5) Not less than half of the trustee's regular 291
compensation, whether based on a percentage of principal or 292
income, and all expenses reasonably incurred for current 293
management of principal and application of income, unless a court 294
otherwise directs; 295
(6) Any tax levied upon receipts defined as income under 297
sections 1340.01 to 1340.13 of the Revised Code or the trust 298
instrument and payable by the trustee. 299
(B) If charges against income are of unusual amount, the 301
trustee may, by means of reserves or other reasonable means, MAY 303
charge them over a reasonable period of time and withhold from 304
distribution sufficient sums to regularize distributions. 305
(C) The following charges shall be made against principal: 307
(1) Trustee's compensation not chargeable to income under 309
divisions (A)(4) and (5) of this section, special compensation of 310
trustees, expenses reasonably incurred in connection with 311
principal, court costs and attorney's fees primarily concerning 312
matters of principal, and trustee's compensation computed on 313
principal as an acceptance, distribution, or termination fee; 314
(2) Charges not provided for in division (A) of this 316
section, including the cost of investing and reinvesting 317
principal; the payment on principal of an indebtedness, including 318
a mortgage amortized by periodic payments of principal; expenses 319
for preparation of property for rental or sale; and, unless the 320
court directs otherwise, expenses incurred in maintaining or 321
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defending any action to construe the trust or, TO protect it THE 323
TRUST or the TRUST property, or TO assure the title of any trust 324
property; 325
(3) Extraordinary repairs or expenses incurred in making a 327
capital improvement to principal, including special assessments, 328
but a trustee may establish an allowance for depreciation out of 329
income to the extent permitted by division (A)(2) of this section 330
and by section 1340.07 of the Revised Code; 331
(4) Any tax levied upon profit, gain, or other receipts 333
allocated to principal, notwithstanding denomination of the tax 334
as an income tax by the taxing authority; 335
(5) If an estate or inheritance tax is levied in WITH 337
respect of TO a trust in which both an income beneficiary and a 338
remainderman REMAINDERPERSON have an interest, any amount 340
apportioned to the trust, including penalties, even though the 342
income beneficiary also has rights in the principal. 343
(D) Regularly recurring charges payable from income shall 345
be apportioned to the same extent and in the same manner that 346
income is apportioned under section 1340.04 of the Revised Code. 347
Sec. 2103.041. In any action involving the judicical 356
JUDICIAL sale of real property for the purpose of satisfying the 357
claims of creditors of an owner of an interest in the property, 358
the spouse of the owner may be made a party to the action, and 359
the dower interest of the spouse, whether inchoate or otherwise, 360
may be subjected to the sale without the consent of the spouse. 361
The court shall determine the present value and priority of the 362
dower interest, using the American experience table of mortality 363
as the basis for determining the value, IN ACCORDANCE WITH 364
SECTION 2131.01 OF THE REVISED CODE and shall award the spouse a 365
sum of money equal to the present value of the dower interest, to 366
be paid out of the proceeds of the sale according to the priority 367
of the interest. To the extent that the owner and his THE 368
OWNER'S spouse are both liable for the indebtedness, the dower 370
interest of the spouse is subordinate to the claims of their 371
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common creditors.
Sec. 2107.26. When an original will is lost, spoliated, or 380
destroyed subsequent to BEFORE OR AFTER the death of a testator, 381
or before the death of such testator if the testator's lack of 383
knowledge of such loss, spoliation, or destruction can be proved 384
by clear and convincing testimony, or after he became incapable
of making a will by reason of insanity, and such will cannot be 385
produced in the probate court in as complete a manner as the 386
originals of last wills and testaments which are actually 387
produced therein for probate, the PROBATE court may SHALL admit 389
such THE lost, spoliated, or destroyed will to probate, if such 390
court is satisfied the will was executed according to the law in 391
force at the time of its execution and not revoked at the death 392
of the testator BOTH OF THE FOLLOWING APPLY: 393
(A) THE PROPONENT OF THE WILL ESTABLISHES BY CLEAR AND 396
CONVINCING EVIDENCE BOTH OF THE FOLLOWING: 397
(1) THE WILL WAS EXECUTED WITH THE FORMALITIES REQUIRED AT 400
THE TIME OF EXECUTION BY THE JURISDICTION IN WHICH IT WAS 401
EXECUTED.
(2) THE CONTENTS OF THE WILL. 403
(B) NO PERSON OPPOSING THE ADMISSION OF THE WILL TO 406
PROBATE ESTABLISHES BY A PREPONDERANCE OF THE EVIDENCE THAT THE 407
TESTATOR HAD REVOKED THE WILL. 408
Sec. 2107.33. (A) A will shall be revoked by IN THE 417
FOLLOWING MANNERS: 418
(1) BY the testator by tearing, canceling, obliterating, 421
or destroying it with the intention of revoking it, or by; 422
(2) BY some person, AT THE REQUEST OF THE TESTATOR AND in 425
the testator's presence, or by TEARING, CANCELING, OBLITERATING, 427
OR DESTROYING IT WITH THE INTENTION OF REVOKING IT; 428
(3) BY SOME PERSON TEARING, CANCELING, OBLITERATING, OR 430
DESTROYING IT PURSUANT TO the testator's express written 432
direction, or by;
(4) BY some other written will or codicil, executed as 435
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prescribed by sections 2107.01 to 2107.62 of the Revised Code, or 436
by THIS CHAPTER; 437
(5) BY some other writing that is signed, attested, and 440
subscribed in the manner provided by those sections THIS CHAPTER. 441
A
(B) A will that has been declared valid and is in the 444
possession of a probate judge may also MAY be revoked according 446
to division (C) of section 2107.084 of the Revised Code. 447
(B)(C) If a testator removes a will that has been declared 449
valid and is in the possession of a probate judge pursuant to 450
section 2107.084 of the Revised Code from the possession of the 451
judge, the declaration of validity that was rendered no longer 452
has any effect. 453
(C)(D) If after executing a will, a testator is divorced, 455
obtains a dissolution of marriage, has his THE TESTATOR'S 456
marriage annulled, or, upon actual separation from his THE 458
TESTATOR'S spouse, enters into a separation agreement pursuant to 460
which the parties intend to fully and finally settle their 461
prospective property rights in the property of the other, whether 462
by expected inheritance or otherwise, any disposition or 463
appointment of property made by the will to the former spouse or 464
to a trust with powers created by or available to the former 465
spouse, any provision in the will conferring a general or special 466
power of appointment on the former spouse, and any nomination in 467
the will of the former spouse as executor, trustee, or guardian, 468
shall be revoked unless the will expressly provides otherwise. 469
(D)(E) Property prevented from passing to a former spouse 471
or to a trust with powers created by or available to the former 472
spouse because of revocation by this section shall pass as if the 473
former spouse failed to survive the decedent, and other 474
provisions conferring some power or office on the former spouse 475
shall be interpreted as if the spouse failed to survive the 476
decedent. If provisions are revoked solely by this section, they 477
shall be deemed to be revived by the testator's remarriage with 478
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the former spouse or upon the termination of a separation 479
agreement executed by them. 480
(E)(F) A bond, agreement, or covenant made by a testator, 482
for a valuable consideration, to convey property previously 483
devised or bequeathed in a will, does not revoke the devise or 484
bequest. The property passes by the devise or bequest, subject to 485
the remedies on the bond, agreement, or covenant, for a specific 486
performance or otherwise, against the devisees or legatees, that 487
might be had by law against the heirs of the testator, or his THE 488
TESTATOR'S next of kin, if the property had descended to them. 490
(F)(G) A TESTATOR'S REVOCATION OF A WILL SHALL BE VALID 493
ONLY IF THE TESTATOR, AT THE TIME OF THE REVOCATION, HAS THE SAME 494
CAPACITY AS THE LAW REQUIRES FOR THE EXECUTION OF A WILL. 495
(H) As used in this section: 497
(1) "Trust with powers created by or available to the 499
former spouse" means a trust that is revocable by the former 500
spouse, with respect to which the former spouse has a power of 501
withdrawal, or with respect to which the former spouse may take a 502
distribution that is not subject to an ascertainable standard but 503
does not mean a trust in which those powers of the former spouse 504
are revoked by section 1339.62 of the Revised Code or similar 505
provisions in the law of another state. 506
(2) "Ascertainable standard" means a standard that is 508
related to a trust beneficiary's health, maintenance, support, or 509
education. 510
Sec. 2131.01. PRESENT VALUES FOR PROBATE MATTERS SHALL BE 512
THE VALUES DETERMINED FOR OHIO ESTATE TAX PURPOSES PURSUANT TO 513
DIVISION (B) OF SECTION 5731.01 OF THE REVISED CODE. 516
Sec. 5731.39. (A) No corporation organized or existing 525
under the laws of this state shall transfer on its books or issue 526
a new certificate for any share of its capital stock registered 527
in the name of a decedent, or in trust for a decedent, or in the 528
name of a decedent and another person or persons, without the 529
GIVING written consent NOTICE of THE TRANSFER TO the tax 531
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commissioner. 532
(B) No safe deposit company, trust company, financial 534
institution as defined in division (A) of section 5725.01 of the 535
Revised Code, or other corporation or person, having in 536
possession, control, or custody a deposit standing in the name of 537
a decedent, or in trust for a decedent, or in the name of a 538
decedent and another person or persons, shall deliver or transfer 539
an amount in excess of three-fourths of the total value of such 540
THE deposit, including accrued interest and dividends, as of the 542
date of THE decedent's death, without the GIVING written consent 544
NOTICE of THE DELIVERY OR TRANSFER TO the tax commissioner. The 546
written consent of NOTICE TO the tax commissioner need not be 548
obtained GIVEN prior to the delivery or transfer of amounts 549
having a value of three-fourths or less of said THAT total value. 551
(C) No life insurance company shall pay the proceeds of an 553
annuity or matured endowment contract, or of a life insurance 554
contract payable to the estate of a decedent, or of any other 555
insurance contract taxable under Chapter 5731. of the Revised 556
Code THIS CHAPTER, without the GIVING written consent NOTICE of 558
THE PAYMENT TO the tax commissioner. Any life insurance company 560
may pay the proceeds of any insurance contract not specified in 561
this division (C) without the GIVING written consent NOTICE of 563
THE PAYMENT TO the tax commissioner.
(D) No trust company or other corporation or person shall 565
pay the proceeds of any death benefit, retirement, pension, or 566
profit sharing plan in excess of two thousand dollars, without 567
the GIVING written consent NOTICE of THE PAYMENT TO the tax 569
commissioner. Such THE trust company or other corporation or 570
person, however, may pay the proceeds of any death benefit, 571
retirement, pension, or profit-sharing plan which THAT consists 572
of insurance on the life of the decedent payable to a beneficiary 574
other than the estate of the insured without the GIVING written 576
consent NOTICE of THE PAYMENT TO the tax commissioner. 577
(E) No safe deposit company, trust company, financial 579
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institution as defined in division (A) of section 5725.01 of the 580
Revised Code, or other corporation or person, having in 581
possession, control, or custody securities, assets, or other 582
property (, including the shares of the capital stock of, or 583
other interest in, such THAT safe deposit company, trust company, 585
financial institution as defined in division (A) of section 587
5725.01 of the Revised Code, or other corporation) OR PERSON, 588
standing in the name of a decedent, or in trust for a decedent, 590
or in the name of a decedent and another person or persons, and 591
the transfer of which is taxable under Chapter 5731. of the 592
Revised Code THIS CHAPTER, shall deliver or transfer any such OF 594
THOSE securities, assets, or other property which THAT have a 597
value as of the date of decedent's death in excess of
three-fourths of the total value thereof, without the GIVING 599
written consent NOTICE of THE DELIVERY OR TRANSFER TO the tax 601
commissioner. The written consent of NOTICE NEED NOT BE GIVEN TO 603
the tax commissioner need not be obtained prior to the delivery 604
or transfer of any such OF THOSE securities, assets, or other 605
property having a value of three-fourths or less of said THAT 607
total value.
(F) No safe deposit company, financial institution as 609
defined in division (A) of section 5725.01 of the Revised Code, 610
or other corporation or person having possession or control of a 611
safe deposit box or similar receptacle standing in the name of a 612
decedent or in the name of the decedent and another person or 613
persons, or to which the decedent had a right of access, except 614
when such THAT safe deposit box or other receptacle stands in the 616
name of a corporation or partnership, or in the name of the 617
decedent as guardian or executor, shall deliver any of the 618
contents thereof OF THE SAFE DEPOSIT BOX OR SIMILAR RECEPTACLE 619
unless the safe deposit box or similar receptacle has been opened 621
and inventoried in the presence of the tax commissioner or the 622
commissioner's agent, and a written consent to transfer issued; 624
provided, however, that a safe deposit company, financial
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institution, or other corporation or person having possession or 625
control of a safe deposit box may deliver wills, deeds to burial 626
lots, and insurance policies to a representative of the decedent, 627
but that a representative of the safe deposit company, financial 628
institution, or other corporation or person must supervise the 629
opening of the box and make a written record of the wills, deeds, 630
and policies removed. Such THE written record shall be included 631
in the tax commissioner's inventory records. 633
(G) THE TAX COMMISSIONER SHALL ISSUE A WRITTEN 635
ACKNOWLEDGMENT OF RECEIPT OF A WRITTEN NOTICE GIVEN TO THE TAX 636
COMMISSIONER PURSUANT TO DIVISIONS (A) TO (E) OF THIS SECTION AND 638
OF THE OPENING AND INVENTORY OF THE CONTENTS OF A SAFE DEPOSIT 639
BOX OR SIMILAR RECEPTACLE IN THE PRESENCE OF THE TAX COMMISSIONER 640
OR THE TAX COMMISSIONER'S AGENT PURSUANT TO DIVISION (F) OF THIS 642
SECTION, SOLELY TO EVIDENCE THE RECEIPT OR PRESENCE. THE TAX 643
COMMISSIONER SHALL NOT CONDITION THE ISSUANCE OF THE WRITTEN 644
ACKNOWLEDGMENT ON ANY REQUIREMENT STATED OUTSIDE THIS SECTION. 645
(H) Notwithstanding any provision of this section: 647
(1) The tax commissioner may authorize any delivery or 649
transfer or waive any of the foregoing requirements OF DIVISIONS 650
(A) TO (F) OF THIS SECTION under such terms and conditions as 652
THAT the commissioner may prescribe;. 653
(2) An adult care facility, as defined in section 3722.01 655
of the Revised Code, or a home, as defined in section 3721.10 of 657
the Revised Code, may transfer or use the money in a personal 659
needs allowance account in accordance with section 5111.112 of
the Revised Code without the written consent of the tax 661
commissioner, and without the account having been opened and 663
inventoried in the presence of the commissioner or the
commissioner's agent. 664
(I) Failure to comply with this section shall render such 667
A safe deposit company, trust company, life insurance company, 669
financial institution as defined in division (A) of section 670
5725.01 of the Revised Code, or other corporation or person 671
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liable for the amount of the taxes and interest due under the 672
provisions of Chapter 5731. of the Revised Code THIS CHAPTER on 673
the DELIVERY OR transfer of such THE stock, deposit, proceeds of 674
an annuity or matured endowment contract or, of a life insurance 675
contract payable to the estate of a decedent, or other OF ANOTHER 676
insurance contract taxable under Chapter 5731. of the Revised 678
Code THIS CHAPTER, proceeds of any death benefit, retirement, 680
pension, or profit sharing plan in excess of two thousand 681
dollars, or securities, assets, or other property of any resident 682
decedent, and in addition thereto, to a penalty of not less than 683
five hundred or more than five thousand dollars. 684
Section 2. That existing sections 1340.01, 1340.02, 686
1340.03, 1340.09, 1340.12, 2103.041, 2107.26, 2107.33, and 687
5731.39 and section 2131.01 of the Revised Code are hereby 688
repealed.
Section 3. It is the intent of the General Assembly in 690
amending section 1340.02 of the Revised Code in this act to limit 691
the application of the holding of the Ohio Supreme Court in 692
Sherman v. Sherman (1966), 5 Ohio St.2d 27. 693