Terms Used In Ohio Code > Chapter 1112 - Ohio Family Trust Company Act

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliate: means any individual or entity controlling, controlled by, or under common control with a family trust company. See Ohio Code 1112.01
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bond: includes an undertaking. See Ohio Code 1.02
• Business entity: means a partnership, corporation, limited liability company, or other entity. See Ohio Code 1112.01
• Contract: A legal written agreement that becomes binding when signed.
• Control: means the power to direct or cause the direction of the management and policies of a business entity, whether through ownership of voting securities, by contract, or otherwise. See Ohio Code 1112.01
• 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.
• designated relative: means the common ancestor of the family, whether living or deceased, who is designated in the application for a license. See Ohio Code 1112.01
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• executive officer: means the president, any vice-president in charge of a principal business unit, division, or function such as administration or finance, any other officer who performs a policymaking function, or any other person who performs a similar policymaking function. See Ohio Code 1112.01
• Executor: A male person named in a will to carry out the decedent
• Family affiliate: means a business entity controlled by family members or affiliates. See Ohio Code 1112.01
• Family client: means all of the following:

  (a) Any family member;

  (b) Any former family member;

  (c) Any key employee;

  (d) Any former key employee provided that, upon the end of the individual's employment by the family trust company, the individual does not receive investment advice from the family trust company, or invest additional assets with a family trust company-advised trust, foundation, or entity, other than with respect to assets advised directly or indirectly by the family trust company immediately prior to the end of the individual's employment. See Ohio Code 1112.01

• Family member: means all of the following, provided that the designated relative is not more than ten generations removed from the youngest generation of family members:

  (a) All lineal descendants, including adopted children, stepchildren, foster children, and individuals who were a minor when another family member became a legal guardian of the individual, of the designated relative;

  (b) Such lineal descendants' spouses or spousal equivalents. See Ohio Code 1112.01

• Family trust company: means a corporation or limited liability company organized under the laws of this state that meets all of the following requirements:

  (1)¿It is organized to serve only family clients. See Ohio Code 1112.01

• Fiduciary: A trustee, executor, or administrator.
• Former family member: means a spouse, spousal equivalent, or stepchild who was a family member but is no longer a family member due to a divorce or other similar event. See Ohio Code 1112.01
• Fraud: Intentional deception resulting in injury to another.
• Grantor: The person who establishes a trust and places property into it.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Key employee: means all of the following:

  (1) Any natural person who is an executive officer, director, trustee, or general partner of, or a person serving in a similar capacity to, the family trust company. See Ohio Code 1112.01

• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensed family trust company: means a family trust company licensed under this chapter. See Ohio Code 1112.01
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• 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}
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• 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.
• Property: means real and personal property. See Ohio Code 1.59
• Quorum: The number of legislators that must be present to do business.
• 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.
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Rule: includes regulation. See Ohio Code 1.59
• Spousal equivalent: means a cohabitant occupying a relationship generally equivalent to that of a spouse. See Ohio Code 1112.01
• state: means the state of Ohio. See Ohio Code 1.59
• Subpoena: A command to a witness to appear and give testimony.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• United States: includes all the states. See Ohio Code 1.59