(A) Except as provided in division (B) of this section, no person shall solicit or engage in trust business in this state except a corporation that is one of the following:

Terms Used In Ohio Code 1111.02

  • 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
  • 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.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • 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.
  • Executor: A male person named in a will to carry out the decedent
  • Instrument: includes any will, declaration of trust, agreement of trust, agency, or custodianship, or court order creating a fiduciary relationship. See Ohio Code 1111.01
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
  • Property: means real and personal property. See Ohio Code 1.59
  • state: means the state of Ohio. See Ohio Code 1.59
  • Trust business: means accepting and executing trusts of property, serving as a trustee, executor, administrator, guardian, receiver, or conservator, and providing fiduciary services as a business. See Ohio Code 1111.01
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes all the states. See Ohio Code 1.59

(1) A corporation licensed under section 1111.06 of the Revised Code that is one of the following:

(a) A state bank;

(b) A bank authorized to accept and execute trusts and doing business under authority granted by the bank chartering authority of another state or country;

(c) A corporation organized under the laws of another state or country and authorized to accept and execute trusts in that state or country.

(2) A national bank or federal savings association authorized to accept and execute trusts and doing business under authority granted by the office of the comptroller of the currency.

(B) This chapter shall not apply to a corporation that is incorporated under the laws of another state or the United States, has its principal place of business in another state, is currently qualified to do and is engaging in trust business in the state where the corporation has its principal place of business, and is doing any of the following:

(1) Serving as ancillary executor or administrator of property in this state that is in the estate of a decedent, after appointment as executor or administrator of the estate by the courts of the decedent’s state of residence;

(2) As trustee, acquiring, holding, or transferring a security interest in lands or other property in this state, by mortgage, deed of trust, or other instrument, to secure any evidence of indebtedness;

(3) Certifying to any evidence of indebtedness.

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