0 chapters · 435 sections in this title.
O.C.G.A. § 53-12-240 Duties generally
0.4K chars
(a) The duties contained in this part are in addition to and not in limitation of the common law duties of the trustee, except to the extent inconsistent therewith. (b) Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its …
O.C.G.A. § 53-12-241 Duty of prudent administration
0.7K chars
(a) In administering a trust, the trustee shall exercise the judgment and care of a prudent person acting in a like capacity and familiar with such matters, considering the purposes, provisions, distribution requirements, and other circumstances of the trust. 867 53-12-241 WILLS,…
O.C.G.A. § 53-12-242 Judgment and care required
0.6K chars
Administration of trusts, §53-12-241. Investing and managing trust property, §53-12-340. Judgment rendered against trust. No personal liability in trustee or beneficiary, §53-12-308. Leases. Powers, §53-12-261. Modification of trust. Enlargement of trustee’s duties and liabilities.…
O.C.G.A. § 53-12-243 Duty to provide reports and accounts
2.7K chars
(a) On reasonable request by any qualified beneficiary, the trustee shall provide the qualified beneficiary with a report of information, to the extent relevant to that beneficiary’s interest, about the assets, liabilities, receipts, and disbursements of the trust, the acts of the tru…
O.C.G.A. § 53-12-244 Duty to distribute income
0.2K chars
A trustee shall distribute all net income derived from the trust at least annually. History. — Code 1981, § 53-12-244, enacted by Ga. L. 2010, p. 579, § 1/SB 131.
O.C.G.A. § 53-12-245 No duty to investigate resources
0.2K chars
A trustee shall not be under any duty to investigate the resources of any beneficiary when determining whether to distribute trust property to such beneficiary. History. — Code 1981, § 53-12-245, enacted by Ga. L. 2010, p. 579, § 1/SB 131.
O.C.G.A. § 53-12-246 Duty to avoid conflict of interest
0.7K chars
(a) A trustee shall administer the trust solely in the interests of the beneficiaries. (b) This Code section shall not preclude the following transactions, if fair to the beneficiaries: (1) An agreement between a trustee and a beneficiary relating to the appointment or compensation …
O.C.G.A. § 53-12-247 Duty of impartiality
0.5K chars
Except to the extent that the governing trust instrument clearly manifests an intention that the trustee shall or may favor one or more of the beneficiaries, a trustee shall administer a trust impartially based on what is fair and reasonable to all of the beneficiaries and with due…
O.C.G.A. § 53-12-25 Transfer of property in trust
0.8K chars
(a) Transfer of property in trust shall require a transfer of legal title to the trustee. In any transfer of property or any interest in property, if a trust is named as a grantee, whether such trust is held under the laws of this state or of any other jurisdiction, then such tra…
O.C.G.A. § 53-12-26 Transfers from income to principal
0.3K chars
Depreciation, §53-12-452. 1072 INDEX TRUSTS AND TRUSTEES —Cont’d Trust directors. Applicability of provisions. Trust instrument evidencing intent for trust director, §53-12-501. Beneficiary’s powers over trust. Applicability of provisions, §53-12-501. Defense available to trust di…
O.C.G.A. § 53-12-260 Discretionary powers
0.3K chars
Notwithstanding the breadth of discretion granted to a trustee in the trust instrument, including the use of such terms as ‘‘absolute,’’ ‘‘sole,’’ or ‘‘uncontrolled,’’ the trustee shall exercise a discretionary power in good faith. History. — Code 1981, § 53-12-260, enacted by Ga…
O.C.G.A. § 53-12-261 Powers of trustee; limitation based on fiduciary duties
21.1K chars
(a) A trustee of an express trust, without court authorization, shall be authorized to exercise: (1) Powers conferred by the trust instrument; and (2) Except as limited by the trust instrument: (A) All powers over the trust property that an unmarried competent owner has over indi…
O.C.G.A. § 53-12-262 Powers of corporate fiduciaries
2.7K chars
A corporate fiduciary, without authorization by the court, may exercise the power: (1) To retain stock or other securities of its own issue received on the creation of the trust or later contributed to the trust, including the securities into which the securities originally receiv…
O.C.G.A. § 53-12-263 Incorporation of powers by reference
2.9K chars
(a) By an expressed intention of the testator or settlor contained in a will or in a trust instrument in writing whereby an express trust is created, any or all of the powers or any portion thereof enumerated in this part, as they exist at the time of the signing of the will by t…
O.C.G.A. § 53-12-264 Granting of powers by qualified beneficiaries
0.3K chars
The qualified beneficiaries of a trust that omits any of the powers in Code Section 53-12-261 may by unanimous consent authorize but not require the court to grant to the trustee those powers. History. — Code 1981, § 53-12-264, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 201…
O.C.G.A. § 53-12-27 Implied trusts
0.6K chars
Nature of transaction, circumstances, conduct of parties, §53-12-133. Wills. Construction of will, §53-4-56. PATENTS. Principal and income act. Allocation of receipts from, §53-12-426. PAYABLE ON DEATH ACCOUNTS. Transfer on death security registration, §§53-5-60 to 53-5-71. PERSO…
O.C.G.A. § 53-12-270 Exercise of power by trustee who is also a beneficiary
1.7K chars
(a) Subject to subsection (c) of this Code section, and unless the trust provisions expressly indicate that a rule in this subsection shall not apply: 889 53-12-270 WILLS, TRUSTS, AND ESTATES 53-12-280 (1) A person other than a settlor who is a beneficiary and trustee of a trust t…
O.C.G.A. § 53-12-28 Express trusts
1.5K chars
Formal and precatory words. Trust purposes and conditions in terrorem. Capacity of settlor. Non-merger. Transfer of property in trust. Additions to trust property. Construction; parol evidence. Trusts for animals. 53-12-40. Spendthrift Provisions and Creditors’ Rights and Claims …
O.C.G.A. § 53-12-280 Certification of trust by trustee
2.9K chars
(a) The trustee may present a certification of trust to any person other than a beneficiary in lieu of providing a copy of the trust instrument to establish the existence of the trust provisions. (b) The certification of trust provided for in subsection (a) of this Code section shal…
O.C.G.A. § 53-12-290 How securities to be registered by corporate trustee
1.2K chars
Whenever a bank or trust company is duly authorized to act and is acting as a fiduciary, which term shall include an executor, administrator, trustee, guardian, or conservator, and has a nominee in whose name securities, including, without limitation, bonds, stocks, notes, and oth…
O.C.G.A. § 53-12-291 TODs, §§53-5-60 to 53-5-71
1.0K chars
Trusts. Power of trustees, §53-12-261. Principal and income. Asset-backed securities. Defined, allocation, §53-12-431. SECURITY INTERESTS. Year’s support. Personal property subject to security interests, §53-3-17. SEED LAKE. Boats and other watercraft. Operation of certain vessels…
O.C.G.A. § 53-12-292 Deposit of securities in clearing corporation
2.7K chars
(a) Any fiduciary holding securities in its fiduciary capacity, any bank or trust company holding securities as a custodian or managing agent, and any bank or trust company holding securities as custodian for a fiduciary shall be authorized to deposit or arrange for the deposit of t…
O.C.G.A. § 53-12-3 Survival of common law and equity
0.3K chars
Except to the extent that the principles of common law and equity governing trusts are modified by this chapter or another provision of law, those principles remain the law of this state. History. — Code 1981, § 53-12-3, enacted by Ga. L. 2010, p. 579, § 1/SB 131.
O.C.G.A. § 53-12-300 Accountable to beneficiary; breach of trust
0.3K chars
The trustee shall be accountable to the beneficiary for the trust property. A violation by the trustee of any duty that the trustee owes the beneficiary shall be a breach of trust. History. — Code 1981, § 53-12-300, enacted by Ga. L. 2010, p. 579, § 1/SB 131.
O.C.G.A. § 53-12-301 Actions for breach of trust
1.3K chars
(a) If a trustee commits a breach of trust, or threatens to commit a breach of trust, a beneficiary shall have a cause of action to seek: (1) To recover damages; (2) To compel the trustee to perform the trustee’s duties; (3) To require an accounting; (4) To enjoin the trustee from…
O.C.G.A. § 53-12-302 Damages for breach of trust; interest
1.0K chars
(a) A trustee who commits a breach of trust shall be personally chargeable with any damages resulting from such breach of trust, including, but not limited to: (1) Any loss or depreciation in value of the trust property as a result of such breach of trust, with interest; 899 53-1…
O.C.G.A. § 53-12-303 Relief of liability
0.7K chars
(a) No provision in a trust instrument shall be effective to relieve the trustee of liability for a breach of trust committed in bad faith or with reckless indifference to the interests of the beneficiaries. (b) A trustee of a revocable trust shall not be liable to a beneficiary fo…
O.C.G.A. § 53-12-304 Liability of successor trustee
1.4K chars
(a) A successor trustee shall be liable to the beneficiary for breach of trust involving acts or omissions of a predecessor trustee only if the successor trustee: 902 53-12-305 (1) Knows or reasonably should have known of a situation constituting a breach of trust committed by the…
O.C.G.A. § 53-12-305 Liability of cotrustee
0.9K chars
(a) A trustee shall be liable to the beneficiary for a breach committed by a cotrustee if such trustee: (1) Participates in a breach of trust committed by the cotrustee; (2) Improperly delegates the administration of the trust to the cotrustee; (3) Approves, knowingly acquiesces i…
O.C.G.A. § 53-12-306 Action against cotrustee
0.5K chars
(a) A trustee may maintain an action against a cotrustee to: (1) Compel the cotrustee to perform duties required under the trust; (2) Enjoin the cotrustee from committing a breach of trust; or (3) Compel the cotrustee to redress a breach of trust committed by such cotrustee. (b) …
O.C.G.A. § 53-12-307 Limitation of actions
1.4K chars
(a) Unless a claim is previously barred by adjudication, consent, limitation, or otherwise, if a beneficiary has received a written report that adequately discloses the existence of a claim against the trustee for a breach of trust, the claim shall be barred as to that beneficiary …
O.C.G.A. § 53-12-308 What constitutes, §53-12-300
1.3K chars
Business or other enterprise. Compensation to trustee for services. Trust with ownership interest in corporation or other entity, §53-12-214. Continuance or participation in operation. Power of trustee to, §53-12-261. Farming operations. Continuance by trustee, powers, §53-12-261…
O.C.G.A. § 53-12-320 Nonresidents acting as trustees
2.0K chars
(a) Any nonresident who is eligible to serve as a trustee under Code Section 53-12-201 may act as a trustee in this state pursuant to the terms of this Code section. (b) Any nonresident trustee who acts as a trustee in this state shall be deemed to have consented to service upon …
O.C.G.A. § 53-12-321 Foreign entities acting as trustees
1.7K chars
(a) Any foreign entity may act in this state as trustee, executor, administrator, guardian, or any other like or similar fiduciary capacity, whether the appointment is by law, will, deed, inter vivos trust, security deed, mortgage, deed of trust, court order, or otherwise without …
O.C.G.A. § 53-12-323 Filing statement with Secretary of State; appointment of agent for service
3.4K chars
(a) Prior to the time when any foreign entity acts pursuant to the authority of this article in any fiduciary capacity in this state, the foreign entity shall file with the Secretary of State a verified statement which shall state: (1) The correct name of the foreign entity; (2) The…
O.C.G.A. § 53-12-340 Investment standard
4.3K chars
(a) A trustee shall invest and manage trust assets as a prudent investor would by considering the purposes, provisions, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. (b…
O.C.G.A. § 53-12-341 Concentrated holdings and diversification
1.6K chars
A trustee shall reasonably manage the risk of concentrated holdings of assets in a trust by diversifying or by using other appropriate mechanisms, except as otherwise provided in this Code section, as follows: (1) The duty imposed by this Code section shall not apply if the trust…
O.C.G.A. § 53-12-342 Duties at inception of trusteeship
0.5K chars
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, p…
O.C.G.A. § 53-12-343 Reviewing compliance
0.3K chars
Compliance with the investment rules of this part shall be determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight. History. — Code 1981, § 53-12-343, enacted by Ga. L. 2010, p. 579, § 1/SB 131. 53-12-344. Lan…
O.C.G.A. § 53-12-344 Language invoking application of article
0.9K chars
The following terminology or comparable language in the provisions of a trust, unless otherwise limited or modified, shall authorize any investment or strategy permitted under this article and Article 17 of this chapter: ‘‘investments permissible by law for investment of trust fun…
O.C.G.A. § 53-12-345 Delegation
3.0K chars
(a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: (1) Selecting an agent; (2) Establishing the scope and te…
O.C.G.A. § 53-12-361 Power of adjustment
5.2K chars
(a) Subject to subsections (c) and (f ) of this Code section, a trustee may adjust between principal and income by allocating an amount of income to principal or an amount of principal to income to the extent the trustee considers appropriate if: (1) The governing trust instrumen…
O.C.G.A. § 53-12-362 Conversion to unitrust
9.9K chars
(a) Unless expressly prohibited by the trust instrument, a trustee may release the power to adjust under Code Section 53-12-361 and convert a trust into a unitrust as described in this Code section if: (1) The trustee determines that the conversion will enable such trustee to bet…
O.C.G.A. § 53-12-363 Abuse of trustee’s discretion
3.0K chars
(a) A court shall not change a trustee’s decision to exercise or not to exercise a discretionary power conferred by Code Section 53-12-361 or 53-12-362 unless it determines that the decision was an abuse of the trustee’s discretion. (b) The decisions to which subsection (a) of th…
O.C.G.A. § 53-12-364 Express total return unitrusts
2.9K chars
(a) The following provisions shall apply to a trust which by its governing trust instrument requires the distribution at least annually of a unitrust amount equal to a fixed percentage of not less than 3 percent nor more than 5 percent per year of the net fair market value of the …
O.C.G.A. § 53-12-380 Short title
0.2K chars
This article shall be known and may be cited as the ‘‘Georgia Principal and Income Act.’’ History. — Code 1981, § 53-12-380, enacted by Ga. L. 2010, p. 579, § 1/SB 131. 53-12-381. Definitions.
O.C.G.A. § 53-12-381 Definitions
2.5K chars
As used in this article, the term: (1) ‘‘Accounting period’’ means a calendar year unless another 12 month period is selected by a fiduciary. Such term includes a portion of a calendar year or other 12 month period that begins when an income interest begins or ends when an income …
O.C.G.A. § 53-12-390 Payment of interest on pecuniary amount
0.6K chars
(a) If a beneficiary is to receive a pecuniary amount outright from a trust after an income interest ends, and no interest is provided for by the terms of the trust, the pecuniary amount usually bears interest at the legal rate after the expiration of 12 months from the date the i…
O.C.G.A. § 53-12-391 Payment of expenses
0.6K chars
Expenses incurred in connection with the settlement of a decedent’s estate or the winding up of a terminating income interest, including interest and penalties concerning taxes, fees of attorneys and personal representatives and trustees, and court costs, may be charged against t…
O.C.G.A. § 53-12-4 Law governing the validity of the trust
0.7K chars
(a) As to real property, the validity of a trust shall be determined by the law of the situs of the real property. (b) As to all other property, the validity of a trust shall be determined by: (1) The law of the jurisdiction designated in the trust instrument unless the effect of…