Ohio § 5813.04
Full text of Ohio Ohio Revised Code § 5813.04, with citation guidance and answers to common questions.
§ 5813.04.
(A) In administering the powers to request amounts from a trustee of an institutional
trust fund in accordance with divisions (A) and (B) of section 5813.02 of the Revised Code , members of a governing board of an institution shall exercise ordinary business
care and prudence under the facts and circumstances prevailing at the time of the
action or decision and shall make requests for amounts under divisions (A) and (B) of section 5813.02 of the Revised Code only as is prudent under this standard. In so doing, the governing board shall consider the long- and short-term needs of
the institution in carrying out its educational, religious, charitable, or other eleemosynary
purposes; the institution's present and anticipated financial requirements; the
expected total return on the investments held by the institution and held by the trustee
under the applicable trust instrument; price level trends; and general economic
conditions. (B) In determining the expected total return on the investments held by a trustee of
an institutional trust fund under the applicable trust instrument, the members of
the governing board of an institution may follow, and are not required to examine
independently, the determination of the trustee regarding the expected total return
on the investments held by the trustee. (C) A trustee of an institutional trust fund has no duty to inquire or ascertain whether
the governing board of an institution has satisfied the standards set forth in divisions
(A) and (B) of this section, and the trustee does not have any liability for the failure
of the governing board to satisfy those standards.
Frequently Asked Questions About Ohio § 5813.04
What does Ohio Revised Code § 5813.04 cover?
Section 5813.04 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 § 5813.04?
A common citation format is "Ohio Revised Code § 5813.04" (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 § 5813.04 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.