Ohio § 2109.13

§ 2109.13.

In any case in which a bond is required by the probate court from a fiduciary and

the value of the estate or fund is such that the court deems it inexpedient to require

security in the full amount prescribed by section 2109.04 of the Revised Code , the court may direct the deposit of any suitable personal property belonging to

the estate or fund with a bank, savings bank, savings and loan association, credit

union, or trust company incorporated under the laws of this state or of the United

States, as may be designated by order of the court. The deposit shall be made in the name of the fiduciary, and the personal property

deposited shall not be withdrawn from the custody of the bank, savings bank, association,

credit union, or trust company except upon the special order of the court.  No fiduciary shall receive or collect the whole or any part of the principal represented

by the personal property without the special order of the court.  Such an order can be made in favor of the fiduciary only if the court within its

discretion, having regard for the purpose for which the order is requested, the disposition

to be made of the assets as may be released, the value of the assets as related to

the total value of the estate, and the period of time the assets will remain in the

possession of the fiduciary, finds that the original bond previously given and then

in force will be sufficient to protect the estate;  otherwise, the court, as a condition

to the release of the personal property deposited, shall require the fiduciary to

execute an additional bond in an amount that the court determines. After the deposit has been made and after the filing with the court of a receipt for

the personal property executed by the designated bank, savings bank, association,

credit union, or company, which receipt shall acknowledge that the personal property

is held by the bank, savings bank, association, credit union, or company subject to

the order of the court, the court may fix or reduce the amount of the bond so that

the amount of the penalty of the bond is determined with respect to the value of the

remainder only of the estate or fund, without including the value of the personal

property deposited.  Neither the fiduciary nor the fiduciary's sureties shall be liable for any loss

to the trust estate resulting from the deposit as is authorized and directed by the

court pursuant to this section, if the fiduciary has acted in good faith. This section may be invoked simultaneously with the initial application for appointment

of the fiduciary if an interim receipt of the bank, savings bank, association, credit

union, or company for which the application for appointment as depositary is being

made, acknowledging that it already has received temporary deposit of the personal

property described in the application for appointment as depositary, accompanies the

simultaneous applications for appointment of fiduciary and for appointment of the

depositary.