Ohio § 5812.38
Full text of Ohio Ohio Revised Code § 5812.38, with citation guidance and answers to common questions.
§ 5812.38.
(A) As used in this section, “ asset-backed security ” means an asset whose value is based upon the right it gives the owner to receive
distributions from the proceeds of financial assets that provide collateral for the
security. “ Asset-backed security ” includes an asset that gives the owner the right to receive from the collateral
financial assets only the interest or other current return or only the proceeds other
than interest or current return. “Asset-backed security” excludes an asset to which section 5812.18 or 5812.32 of the Revised Code applies. (B) If a trust receives a payment from interest or other current return and from other
proceeds of the collateral financial assets, the trustee shall allocate to income
the portion of the payment that the payer identifies as being from interest or other
current return and shall allocate the balance of the payment to principal. (C) If a trust receives one or more payments in exchange for the trust's entire interest
in an asset-backed security in one accounting period, the trustee shall allocate the
payments to principal. If a payment is one of a series of payments that will result in the liquidation
of the trust's interest in the security over more than one accounting period, the
trustee shall allocate ten per cent of the payment to income and the balance to principal.
Frequently Asked Questions About Ohio § 5812.38
What does Ohio Revised Code § 5812.38 cover?
Section 5812.38 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 § 5812.38?
A common citation format is "Ohio Revised Code § 5812.38" (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 § 5812.38 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.