An Ohio administrator bond is required by law from ANY party acting as a fiduciary except for a few very specific exceptions AND where the overseeing court concurs. Ohio statutes define a “fiduciary” as any person, other than an assignee or trustee for an insolvent debtor or a guardian, appointed by and accountable to the probate court and acting in a fiduciary capacity for any person, or charged with duties in relation to any property, interest, trust, or estate for the benefit of another (Chapter 2109: FIDUCIARIES). The Ohio administrator bond must be filed with the court prior to the issuance of the fiduciary’s letters as provided by section 2109.02 of the Ohio Revised Code. The penal sum of the Ohio fiduciary bond must be written in an amount that is fixed by the court, but in no event less than double the probable value of the personal property and of the annual real property rentals that will come into the possession or under the control of the person as a fiduciary. The Ohio fiduciary bond shall be in a form approved by the court and signed by one or more corporate sureties approved by the court. The Ohio administrator bond must be conditioned that the fiduciary faithfully and honestly will discharge the duties devolving upon the person as fiduciary, and shall be conditioned further as may be provided by law. The court may require increases in the penal amount of the Ohio administrator bond when a party moves the court to consider the current amount and the court determines that an increase is needed, or after an administrator files an inventory of assets and the court deems the surety bond insufficient. If after notice is given a fiduciary fails to provide a new, increased Ohio administrator bond, then the court must remove the fiduciary. Ohio surety leader, Surety One, Inc. is one of the largest fiduciary bond underwriters in the United States. Our unique solutions can provide you the fiduciary bond that you need. We can offer you Ohio probate bond terms no matter what your financial condition. Visit us at www.SuretyOne.org, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.org for an Ohio administrator bond application or information about any fiduciary bond.
Posts Tagged ‘ohio trustee bond’