Ohio Code 1109.06 – Designating on signature card deposit is in trust for another
(A) Whenever a depositor opens or modifies the ownership of a deposit account by designating on the signature card the deposit is in trust for another, and no further notice of the existence and terms of a legal and valid trust is given in writing to the bank, both of the following apply:
Terms Used In Ohio Code 1109.06
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(1) The designation on the signature card constitutes clear and convincing evidence of both of the following:
(a) The depositor-trustee’s intent is to create a revocable trust for the benefit of the person for whom the account is designated.
(b) One of the terms of the trust is that, on the death of the depositor-trustee, the balance of the deposit account belongs to the person for whose benefit the account was designated.
(2) No written instrument, other than the signature card, is required to establish the trust.
(B) Upon the death of the depositor-trustee of a deposit account designated as provided in division (A) of this section, all of the following apply:
(1) No part of the account shall pass and descend to the depositor-trustee’s estate unless the estate is the person’s for whose benefit the account was designated.
(2) The bank may pay all or any part of the account balance to the person designated on the signature card as the person for whose benefit the account was maintained.
(3) The receipt or acquittance of the person designated on the signature card as the person for whose benefit the account was maintained is sufficient to release and discharge the bank for any payments from the account to that person.