Ohio Code 5123.59 – Bond
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Before entering upon the duties of trustee, an agency under contract with the department of developmental disabilities may require any of its employees having custody or control of funds or property to give bond to the probate court with sufficient surety, conditioned upon the full and faithful accounting of all trust funds which the employee holds. The amount of the bond shall be determined by the court and may be modified by the court.
Terms Used In Ohio Code 5123.59
- Bond: includes an undertaking. See Ohio Code 1.02
- Contract: A legal written agreement that becomes binding when signed.
- Court: means the probate division of the court of common pleas. See Ohio Code 5123.01
- Probate: Proving a will
- Property: means real and personal property. See Ohio Code 1.59
- Trustee: A person or institution holding and administering property in trust.