Ohio Code 1112.04 – Powers of family trust company
(A) A family trust company may do any of the following for the benefit of family clients only:
Terms Used In Ohio Code 1112.04
- Bond: includes an undertaking. See Ohio Code 1.02
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Family trust company: means a corporation or limited liability company organized under the laws of this state that meets all of the following requirements:
(1) It is organized to serve only family clients. See Ohio Code 1112.01
- Fiduciary: A trustee, executor, or administrator.
- Licensed family trust company: means a family trust company licensed under this chapter. See Ohio Code 1112.01
- Personal property: All property that is not real property.
- state: means the state of Ohio. See Ohio Code 1.59
- Trustee: A person or institution holding and administering property in trust.
(1) Act as a fiduciary, including as a personal representative, within and outside this state;
(2) Act within and outside this state as advisory agent, agent, assignee, assignee for the benefit of creditors, attorney in fact, authenticating agent, bailee, bond or indenture trustee, conservator, conversion agent, curator, custodian, escrow agent, exchange agent, fiscal or paying agent, financial adviser, investment adviser, investment manager, managing agent, purchase agent, receiver, registrar, safekeeping agent, subscription agent, transfer agent except for public business entities, warrant agent, or in any similar capacity generally performed by corporate trustees and, in so acting, possess, purchase, sell, invest, reinvest, safe keep, or otherwise manage or administer the real or personal property of other persons;
(3) Exercise the powers of a corporation or limited liability company organized under the laws of this state and any incidental powers to enable it to fully exercise any power authorized under this chapter.
(B) A family trust company shall not do any of the following:
(1) Except as otherwise provided in division (A)(10) of section 1112.05 of the Revised Code, receive money or its equivalent from any individual or entity for deposit, make loans of any nature to any individual or entity, or otherwise conduct a general banking business;
(2) Engage in trust business with, or advertise its services to, the public;
(3) Use “trust” or any direct derivative of that word as any part of its name, unless it is a licensed family trust company.
Last updated July 22, 2021 at 9:39 AM