GOVERNOR SIGNS BILL
COLUMBUS (December 9, 2002) - Governor Bob Taft today signed the following
bill, which will be filed with the Secretary of State's office.
Substitute House Bill 522, sponsored by state Representative John Willamowski
(R-Lima), revises the Fiduciary Law by adopting the Uniform Principal and Income
Act (1997) regarding the apportionment and distribution of income to trust beneficiaries
and regarding a fiduciary's allocation of receipts and disbursements to or between
principal and income and by specifying the extent of a trustee's liability with
respect to authorized adjustments between principal and income. Sections that
modify state bond law contain an emergency clause and go into effect immediately
upon the Governor's signature. The rest of the bill becomes effective on January
1, 2003.
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Contact: Joe Andrews, Governor's Office, at (614) 644-0957.