Ohio § 1112.26

§ 1112.26.

(A) If the superintendent of financial institutions revokes a family trust company's

license to do trust business in this state pursuant to division (A) of section 1111.32 of the Revised Code , the superintendent may take possession of the family trust company's trust business

in this state and may appoint a receiver for the liquidation of the trust business

in this state.  If the family trust company has its principal place of business in this state, the

superintendent may take possession of, and appoint a receiver for the liquidation

of, its entire trust business wherever it is conducted. (B) The superintendent's taking possession of, and appointing a receiver for the liquidation

of, a family trust company's trust business in this state under division (A) of this

section and the liquidation of the family trust company's trust business in this state

shall be conducted in accordance with the procedures and subject to the rights, powers,

duties, requirements, and limitations provided in Chapter 1125. of the Revised Code

for taking possession of the business and property and liquidation of a bank, except

for the following: (1) After payment of the expenses of the liquidation and claims against the family trust

company arising from its doing trust business in this state in accordance with divisions (A) and (B) of section 1125.25 of the Revised Code , the receiver shall distribute any remaining funds from the liquidation of the trust

company's trust business in this state to the receiver for liquidation of the family

trust company's trust business in another state of the United States or for conducting

a liquidation of all or part of the family trust company's trust business under laws

of the United States, or equitably among the receivers if the trust company's trust

business is being liquidated under the laws of more than one other state or the United

States, for payment of the expenses of liquidation and claims against the family trust

company's trust business.  If there is no liquidation of the family trust company's trust business under way

in any other state or under laws of the United States, the receiver shall, after satisfying

the requirements of divisions (A) and (B) of section 1125.25 of the Revised Code , pay any remaining funds from the liquidation of the family trust company's trust

business in this state to the family trust company. (2) When the receiver has completed the liquidation of the family trust company's trust

business in this state, the receiver shall, with notice to the superintendent, petition

the court for an order declaring the family trust company's trust business in this

state is properly wound up in the manner provided in section 1125.30 of the Revised Code .  Upon the filing of the petition, the court shall proceed as provided in section 1125.30 of the Revised Code . An order issued by the court pursuant to a petition filed under division (B)(2) of

this section shall comply with section 1125.30 of the Revised Code .  However, the order shall only declare the family trust company's trust business

in this state has been properly wound up and shall not declare the family trust company

is dissolved.  The court may make whatever additional orders and grant whatever additional relief

the court determines is proper upon the evidence submitted. Once the order is issued declaring the family trust company's trust business in this

state is properly wound up, both of the following shall occur: (a) The family trust company shall, except for any further winding up, cease engaging

in trust business in this state and, if the family trust company has its principal

place of business in this state, cease engaging in trust business in any jurisdiction. (b) The receiver shall promptly file, with both the secretary of state and the superintendent,

a copy of the order, certified by the clerk of the court. (C) If the family trust company is a bank doing business under authority granted by the

superintendent, all of the following apply: (1) If the family trust company is being liquidated under Chapter 1125. of the Revised

Code, the trust company's trust business shall also be liquidated even if there would

not be independent grounds for liquidation of the trust business under this section. (2) If the family trust company's trust business is being liquidated under this section

and the trust company as a whole is being liquidated under Chapter 1125. of the Revised

Code, the liquidations shall be merged. (3) If the family trust company is not authorized to engage in any business other than

trust business, its liquidation shall be of the company as a whole, conducted under

Chapter 1125. of the Revised Code, and completed by the dissolution of the trust company.