Ohio Code 1747.01 – Real estate investment trust definitions
As used in Chapter 1747 of the Revised Code, unless the context otherwise requires:
Terms Used In Ohio Code 1747.01
- 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
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Property: means real and personal property. See Ohio Code 1.59
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means the state of Ohio. See Ohio Code 1.59
- Trustee: A person or institution holding and administering property in trust.
- United States: includes all the states. See Ohio Code 1.59
(A) “Real estate investment trust” means a trust created by an instrument, pursuant to common law or enabling legislation, under which any estate or interest in real property is held, managed, administered, controlled, invested, reinvested, or operated by a trustee or trustees for the benefit and profit of persons who are or may become the holders of transferable certificates of beneficial interest, issued pursuant to the provisions of the trust instrument, such transferability being either restricted or unrestricted, which trust intends to comply or has at any time complied or intended to comply with sections 856, 857, and 858 of the ” Interal Revenue Code of 1954,” 68A Stat. 3, 26 U.S.C. 1, as now or hereafter amended.
(B) “Domestic real estate investment trust” means a real estate investment trust organized in this state.
(C) “Foreign real estate investment trust” means a real estate investment trust organized in another state.
(D) “State” means the United States, any state, territory, insular possession, or other political subdivision of the United States, including the District of Columbia.
(E) “Trust instrument” means the instrument creating a real estate investment trust, including any amendments to it.
(F) “To transact real estate business in this state” means to take, hold, or dispose of any estate or interest in real property situated in this state.
(G) “Certificate of beneficial interest” means a certificate issued by a real estate investment trust evidencing a beneficial interest in the trust.