2109.43 Personal use of trust property prohibited. - Ohio Statutes

2109.43 Personal use of trust property prohibited.

No fiduciary shall make any personal use of the funds or property belonging to a trust. For violation of this section, such fiduciary and his bond shall be liable in an action for any loss occasioned by such use and for such additional amount by way of forfeiture, not exceeding the amount of the loss occasioned by such use, as may be fixed by the probate court hearing such cause. Such amounts shall be payable for the benefit of the beneficiary, if living, and to his estate if he is deceased.

Any action under this section shall be brought not later than one year after the termination of the trust or the discovery of such loss.

Effective Date: 10-01-1953