(A) A trust company shall segregate all assets held in any fiduciary capacity from the trust company’s own assets, and shall keep its fiduciary records separate and distinct from the trust company’s other records.

Terms Used In Ohio Code 1111.18

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Fiduciary: A trustee, executor, or administrator.
  • 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
  • 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
  • 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

(B) A trust company shall not use funds received in any fiduciary capacity in conducting the trust company’s business. However, if the trust company is a bank, savings and loan association, or savings bank authorized to engage in business in addition to trust business, the trust company may invest the funds received in a fiduciary capacity in a deposit account or instrument of the trust company as specifically permitted by section 1111.13 of the Revised Code. No person shall access any property held by a trust company in trust to satisfy a liability of the trust company.

(C) A trust company shall not accept or, if the trust company is a bank, savings and loan association, or savings bank authorized to engage in business in addition to trust business, shall not in its trust department accept, deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes.

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