State Codes and Statutes
Statutes > Ohio > Title21 > Chapter2109 > 2109_14
2109.14 Deposit of works of art in museum authorized - reduction of bond.
If the estate held by a fiduciary consists in whole or in part of works of nature or of art which are suitable for preservation and exhibition in a museum or other similar institution, the probate court may authorize and direct that any or all of such works be deposited with a corporation conducting such a museum or other similar institution; provided that no such deposit shall be authorized or directed except with a corporation having a net worth of at least ten times the value of the works to be deposited. Such deposit shall be made in the name of the fiduciary and the property deposited shall not be withdrawn from the custody of such depository or otherwise deposited except upon the special order of the court. The probate judge may impose such conditions relative to insurance and the care and protection of the property deposited as the court thinks best for the interests of the estate and the beneficiaries thereof. After such deposit has been made, a receipt for said property executed by said corporation shall be filed with the court, which receipt shall acknowledge that said property is held by said corporation subject to the order of the court. When such receipt is filed, the court may fix or reduce the amount of the bond so that the amount of the penalty thereof is determined with respect to the value of the remainder only of the estate or fund, without including the value of the property deposited. Neither the fiduciary nor his sureties shall be liable for any loss to the trust estate resulting from a deposit authorized and directed by the court pursuant to this section, provided such fiduciary has acted in good faith.
Effective Date: 10-01-1953
