Ohio § 1112.04 Powers of family trust company

Ohio Statutes

§ 1112.04 — Powers of family trust company

Ohio § 1112.04

Title 11Banks-Savings and Loan Associations

Ch. 1112Ohio Family Trust Company Act

This text of Ohio § 1112.04 (Powers of family trust company) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1112.04 (2026).

Text

(A)¿A family trust company may do any of the following for the benefit of family clients only:

(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,

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(A)¿A family trust company may do any of the following for the benefit of family clients only:

(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 section1112.05of 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