Application To Deposit Personal Property In Lieu Of Bond {35.9}

SCPC FORM 35.9 - APPLICATION TO DEPOSIT PERSONAL PROPERTY IN LIEU OF BOND AND FOR AUTHORITY TO INVEST FUNDS.This form is used in the Stark County Probate Court when a testamentary trustee—a trustee appointed under a deceased person's will—is requesting to deposit certain assets of the trust with a financial institution instead of posting a full fiduciary bond. The trustee uses this form to explain to the court that the value of the trust estate is significant enough that requiring a full bond (a form of insurance to protect the estate) is impractical or unnecessarily burdensome. Instead, the trustee proposes to deposit some of the trust’s personal property—typically cash or other liquid assets—with a qualified depository such as a bank, trust company, or savings institution. The depository will hold those funds subject to court order, which provides a similar level of security as a bond would. The trustee also asks the court for authority to direct the depository to invest and reinvest the deposited assets according to Ohio law (specifically, R.C. 2109.37 and 2109.371) or the terms of the trust, without needing separate court approval for each transaction. This allows the trustee to manage the trust assets more efficiently while still maintaining proper oversight. www.FormsWorkflow.com