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Duty of Loyalty to Beneficiaries-Voidable Transactions-Conflicts of Interest

September 16, 2019, by Daniel McGowan, on New Probate & Trust Cases |

Under the Ohio Trust Code, a trustee shall administer the trust solely in the interests of the beneficiaries.  Also, a sale, or other transaction involving the investment or management of trust property entered into by the trustee fo the trustee's own personal account or that is otherwise affected by a conflict between the trustee's fiduciary and personal interests is voidable by a beneficiary affected by the transaction unless one of the following applies:

 

(1) The transaction was authorized by the terms of the trust or by other provisions of the Trust Code.

(2) The Trasaction was approved by the Court