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OH HB479
Bill
Status
3/27/2013
Primary Sponsor
Ryan Smith
Click for details
AI Summary
HB 479 Summary
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Enacts Ohio Legacy Trust Act (Chapter 5816) establishing irrevocable trusts with qualified Ohio-resident trustees that provide creditor protection for transferred assets, with limited exceptions for child/spousal support and property division claims.
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Restricts postclosing solvency covenants in nonrecourse loans by prohibiting their use as carveouts to impose personal liability on borrowers, clarifying that lenders assume insolvency risk after loan funding.
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Expands probate court concurrent jurisdiction to hear disputes involving beneficiary designations, joint and survivorship interests, alleged gifts, and non-will/non-intestate asset transfers.
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Allows personal property transfer recording with county recorders upon request if properly acknowledged, enabling creation of public notice for personal property transactions.
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Increases homestead exemption from $20,200 to $125,000 for judgment debtors and expands exempt property protections for retirement accounts, 529 plans, and inherited IRAs.
Legislative Description
To adopt the Ohio Legacy Trust Act; to modify certain property rights in the Ohio Trust Code; to require the recording of personal property transfers with the county recorder upon request; to regulate the temporary conveyance of trust real property for financing purposes; to grant probate courts concurrent jurisdiction with court of common pleas general divisions over certain actions involving the designation or removal of certain beneficiaries, title change involving joint and survivorship interests, alleged gifts, or the passing of assets upon death other than by will, intestate succession, or trust; to regulate the use and enforceability of certain loan covenants in nonrecourse commercial loan transactions; and to make certain changes in the exempt interests law, the fraudulent transfers law, the secured transactions recording law, and the rule against perpetuities.
Trusts-adopt Legacy Trust Act/modify relevant law
Last Action
Effective Date
3/27/2013