Ohio § 1715.54
Full text of Ohio Ohio Revised Code § 1715.54, with citation guidance and answers to common questions.
§ 1715.54.
(A)(1) Subject to any specific limitation set forth in a gift instrument or in any other
provision of law, an institution may delegate to an external agent the management
and investment of an institutional fund to the extent that an institution could prudently
delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent
person in a like position would exercise under similar circumstances, in doing all
of the following: (a) Selecting an agent; (b) Establishing the scope and terms of the delegation, consistent with the purposes
of the institution and the institutional fund; (c) Periodically reviewing the agent's actions to monitor the agent's performance and
compliance with the scope and terms of the delegation. (2) An agent, in performing a delegated function, shall owe a duty to the institution
to exercise reasonable care to comply with the scope and terms of the delegation. By accepting delegation of a management or investment function from an institution
that is subject to the laws of this state, an agent submits to the jurisdiction of
the courts of this state in all proceedings arising from or related to the delegation
or the performance of the delegated function. (3) An institution that complies with division (A)(1) of this section is not liable for
the decisions or actions of an agent to which the function was delegated. (B) An institution may delegate management and investment functions to its committees,
officers, or employees as otherwise provided by law.
Frequently Asked Questions About Ohio § 1715.54
What does Ohio Revised Code § 1715.54 cover?
Section 1715.54 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 § 1715.54?
A common citation format is "Ohio Revised Code § 1715.54" (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 § 1715.54 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.