2022 Ohio Revised Code
Title 58 | Trusts
Chapter 5815 | Miscellaneous Provisions
Section 5815.06 | Deposit in Name of Fiduciary as Such - Liability of Bank.
Effective: January 1, 2007
Latest Legislation: House Bill 416 - 126th General Assembly
If a deposit is made in a bank to the credit of a fiduciary as such, the bank may pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which the deposit is entered, without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of the obligation as fiduciary in drawing the check or with knowledge of such facts that its action in paying the check amounts to bad faith.
If such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of the obligation as fiduciary in drawing or delivering the check.
