Ohio § 1111.16
Full text of Ohio Ohio Revised Code § 1111.16, with citation guidance and answers to common questions.
§ 1111.16.
(A) A trust company may receive and hold money and other property in a fiduciary capacity
generally in trust as trustee unless the instrument or other authority appointing
the trust company as trustee directs that the money and property be held, in whole
or in part, separately from other money and property held in a fiduciary capacity. (B) Moneys held in a fiduciary capacity by a trust company may, pending distribution,
payment of current obligations, or investment, be treated as a deposit in the trust
company. Such moneys may also be deposited in an affiliate of the trust company that is authorized
to receive deposits, or in any other institution that is authorized to receive deposits. In the event the trust company, affiliate, or other institution in which such moneys
are deposited becomes insolvent, closes, or is suspended, the claims for such moneys
shall be preferred. The assets of the trust company, affiliate, or other institution in which such moneys
are deposited shall be impressed with a trust for the payment of such claims.
Frequently Asked Questions About Ohio § 1111.16
What does Ohio Revised Code § 1111.16 cover?
Section 1111.16 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1111.16?
A common citation format is "Ohio Revised Code § 1111.16" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1111.16 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.