Ohio § 5815.33

§ 5815.33.

(A) As used in this section: (1) “ Beneficiary ” means a beneficiary of a life insurance policy, an annuity, a payable on death account,

an individual retirement plan, an employer death benefit plan, or another right to

death benefits arising under a contract. (2) “ Employer death benefit plan ” means any funded or unfunded plan or program, or any fund, that is established to

provide the beneficiaries of an employee participating in the plan, program, or fund

with benefits that may be payable upon the death of that employee. (3) “ Individual retirement plan ” means an individual retirement account or individual retirement annuity as defined

in section 408 of the “Internal Revenue Code of 1986,” 100 Stat. 2085, 26 U.S.C.A. 408 , as amended. (B)(1) Unless the designation of beneficiary or the judgment or decree granting the divorce,

dissolution of marriage, or annulment specifically provides otherwise, and subject

to division (B)(2) of this section, if a spouse designates the other spouse as a beneficiary

or if another person having the right to designate a beneficiary on behalf of the

spouse designates the other spouse as a beneficiary, and if, after either type of

designation, the spouse who made the designation or on whose behalf the designation

was made, is divorced from the other spouse, obtains a dissolution of marriage, or

has the marriage to the other spouse annulled, then the other spouse shall be deemed

to have predeceased the spouse who made the designation or on whose behalf the designation

was made, and the designation of the other spouse as a beneficiary is revoked as a

result of the divorce, dissolution of marriage, or annulment. (2) If the spouse who made the designation or on whose behalf the designation was made

remarries the other spouse, then, unless the designation no longer can be made, the

other spouse shall not be deemed to have predeceased the spouse who made the designation

or on whose behalf the designation was made, and the designation of the other spouse

as a beneficiary is not revoked because of the previous divorce, dissolution of marriage,

or annulment. (C) An agent, bank, broker, custodian, issuer, life insurance company, plan administrator,

savings and loan association, transfer agent, trustee, or other person is not liable

in damages or otherwise in a civil or criminal action or proceeding for distributing

or disposing of property in reliance on and in accordance with a designation of beneficiary

as described in division (B)(1) of this section, if both of the following apply: (1) The distribution or disposition otherwise is proper; (2) The agent, bank, broker, custodian, issuer, life insurance company, plan administrator,

savings and loan association, transfer agent, trustee, or other person did not have

any notice of the facts that resulted in the revocation of the beneficiary designation

by operation of division (B)(1) of this section.