Ohio § 1111.08

§ 1111.08.

(A) A trust company, or 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 may transfer all or part of its trust business

in this state to another trust company or to 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, if all of the following have occurred: (1) Not less than sixty days before consummation of the transfer, either the transferor

or transferee, or both, for each fiduciary account or relationship to be transferred,

has given written notice, by regular mail to the most recent address shown on the

records of the transferor, to all of the following that apply: (a) Each court having jurisdiction over the fiduciary account or relationship; (b) Each cofiduciary of the fiduciary account or relationship; (c) Each surviving settlor of the trust; (d) Each person that, alone or in conjunction with others, has the power to remove the

trust company as fiduciary or appoint a successor fiduciary; (e) Except in the case of a trust described in section 401(a) of the “Internal Revenue

Code of 1986,” 100 Stat. 2085, 26 U.S.C.A. 401(a) , as amended, each adult beneficiary currently receiving or entitled as a matter of

right to receive a distribution of principal or income from the trust, estate, or

fund; (f) In the case of a trust described in section 401(a) of the “Internal Revenue Code

of 1986,” 100 Stat. 2085, 26 U.S.C.A. 401(a) , as amended, the employer or employee organization, or both, responsible for the

maintenance of the trust. (2) The transferor has filed a certified copy of the agreement for the sale with the

superintendent of financial institutions. (B)(1) The transfer of a fiduciary account or relationship pursuant to division (A) of this

section results in the transferee being substituted for the transferor as fiduciary

as a matter of law and without necessity to do anything further. (2) The transfer of a fiduciary account or relationship pursuant to division (A) of this

section does neither of the following: (a) Impair the right of any person that, alone or in conjunction with others, has the

power to remove a fiduciary or appoint a successor fiduciary; (b) Absolve or discharge a transferor from any liability arising out of its breach of

any fiduciary duty or obligation to the account prior to the transfer.