Ohio Code 2113.58 – Protection of remainderman’s interest in personal property
If by a will the use or income of personal property is given to a person for a term of years or for life and some other person has a remainder interest in the property, the probate court, unless the will otherwise provides, may authorize delivery of the personal property to the person having the limited estate, with or without bond, as the court may determine; or the court may order that the property be held by the executor or some other trustee, with or without bond, for the benefit of the person having the limited estate. If bond is required of the person having the limited estate, or of the trustee, it may be increased or decreased, and if bond is not required in the first instance it may be required by the court at any time prior to the termination of the limited estate.
Terms Used In Ohio Code 2113.58
- Bond: includes an undertaking. See Ohio Code 1.02
- Executor: A male person named in a will to carry out the decedent
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Personal property: All property that is not real property.
- Probate: Proving a will
- Property: means real and personal property. See Ohio Code 1.59
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.