Title 53 — Title 53
0 chapters · 435 sections in this title.
O.C.G.A. § 53-12-1 Short title; effect on existing trusts
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(a) This chapter shall be known and may be cited as ‘‘The Revised Georgia Trust Code of 2010.’’ (b) Except to the extent it would impair vested rights and except as otherwise provided by law, the provisions contained in this chapter shall apply to any trust regardless of the date…
O.C.G.A. § 53-12-100 Short title
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This part shall be known and may be cited as the ‘‘Georgia Testamentary Additions to Trusts Act.’’ History. — Code 1981, § 53-12-100, enacted by Ga. L. 2010, p. 579, § 1/SB 131.
O.C.G.A. § 53-12-101 Making of testamentary additions to trusts
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(a) A devise or bequest, the validity of which is determinable by the law of this state, may be made by a will to the trustee of a trust established or to be established by the testator or by the testator and some other person or by some other person, including a funded or 799 53…
O.C.G.A. § 53-12-102 Limitations of duties and responsibilities of trustee
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The trustee of a trust established by the testator or others as provided in Code Section 53-12-101 shall not be required to inquire into 800 53-12-120 or audit the actions of the executor of the testator’s estate or to make any claim against the executor unless specifically direct…
O.C.G.A. § 53-12-103 Witnesses
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Beneficiaries, §53-4-23. Competency, §53-4-22. Execution and attestation, §53-4-20. Self-proved wills, §53-4-24. 1086 INDEX WILLS —Cont’d Year’s support. Provision in will in lieu of support, §53-3-3. WILLS, TRUSTS AND ADMINISTRATION OF ESTATES. Administration of estates generally…
O.C.G.A. § 53-12-120 Short title, §53-12-100
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GIFTS. Charitable gifts. Effectuating settlor’s or donor’s intention, §53-12-172. Intracoastal waterway. Department of transportation. Receipt and use, §52-3-7. Presumption. Purchase money resulting trusts. Payors husband and wife, parent and child, siblings, §53-12-131. Purchase…
O.C.G.A. § 53-12-130 Resulting trusts
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A resulting trust is a trust implied for the benefit of the settlor or the settlor’s successors in interest when it is determined that the settlor did not intend that the holder of the legal title to the trust property also should have the beneficial interest in the property under …
O.C.G.A. § 53-12-131 Purchase money resulting trusts
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(a) A purchase money resulting trust is a resulting trust implied for the benefit of the person paying consideration for the transfer to another person of legal title to real or personal property. (b) Except as provided in subsection (c) of this Code section, the payment of consid…
O.C.G.A. § 53-12-132 Constructive trusts
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(a) A constructive trust is a trust implied whenever the circumstances are such that the person holding legal title to property, either from fraud or otherwise, cannot enjoy the beneficial interest in the property without violating some established principle of equity. (b) The per…
O.C.G.A. § 53-12-133 Parol evidence and implied trusts
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In all cases in which a trust is sought to be implied, the court may hear parol evidence of the nature of the transaction, the circumstances, and the conduct of the parties, either to imply or rebut the trust. History. — Code 1981, § 53-12-133, enacted by Ga. L. 2010, p. 579, § 1…
O.C.G.A. § 53-12-150 Definitions
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As used in this article, the term: (1) ‘‘Deed’’ means and includes any written agreement, declaration of trust, or other instrument which creates a trust estate in the trustee named therein and sets forth the terms and conditions of the trust and which indicates an intention, eit…
O.C.G.A. § 53-12-151 Deeds to interests in property
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The owners of property located in this state or persons desiring to acquire beneficial ownership of such property may create by deed an estate therein and in the improvements made thereon and in the property to be acquired, for the benefit of themselves and such other persons, whet…
O.C.G.A. § 53-12-152 Deed defined, §53-12-150
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Fees. Filing with clerk, certification by secretary of state, §53-12-152. Recording, §53-12-152. Requirements, §53-12-151. Definitions, §53-12-150. Exercise of powers by trustee, §53-12-155. Investments, §53-12-156.
O.C.G.A. § 53-12-153 Name of trust
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If the deed creating a trust estate under Code Section 53-12-151 so provides, the trustee may conduct and transact the affairs of the trust estate under a business or trade name, which name shall be set forth in the deed. The name may include the word ‘‘trust’’ but shall not incl…
O.C.G.A. § 53-12-154 Certificates of beneficial interest by trustees
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When an estate is created pursuant to Code Section 53-12-151 and from time to time thereafter, the trustee shall issue such certificates of beneficial interest as may be provided for by the deed to the persons who are beneficially interested in the estate or who become so interested…
O.C.G.A. § 53-12-155 Duties and powers of trustees; resignation or removal; successor trustees
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The trustee of a trust created under Code Section 53-12-151 shall have sole and exclusive management and control of the property, in accordance with the terms of the deed creating the estate. The exercise by the trustee of any power granted or conferred by the deed, including the…
O.C.G.A. § 53-12-156 Investments by trustees
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In addition to investments in any property, the trustee of a trust created under Code Section 53-12-151 may invest any funds of the trust estate in investments authorized by trustees under the laws of this state; provided, however, that the deed creating the estate may further 82…
O.C.G.A. § 53-12-157 Initial and annual returns
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Each trust created pursuant to this article shall make a return to the Secretary of State, upon the creation of the trust and annually thereafter, in the same manner and embracing the same information, insofar as applicable, as returns by corporations which are required to be mad…
O.C.G.A. § 53-12-158 How title vests on termination of estate
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Upon the termination of the estate created under Code Section 53-12-151, the legal title to all the property belonging to the estate which is then undisposed of shall pass to and vest in the persons who are, at that time, the beneficiaries of the estate, in shares corresponding to…
O.C.G.A. § 53-12-159 Merger of trust into a domestic corporation
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(a) Any trust created pursuant to this article may be merged into a domestic corporation for profit organized under the laws of this state and subject to Title 14 if the deed creating the trust expressly authorizes the merger. (b) With respect to the required procedure for the mer…
O.C.G.A. § 53-12-170 Definition; charitable purposes
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(a) A charitable trust is a trust in which the settlor provides that the trust property shall be used exclusively for charitable purposes. (b) Charitable purposes shall include: (1) The relief of poverty; (2) The advancement of education; (3) The advancement of ethics and religio…
O.C.G.A. § 53-12-171 Power to select purposes or beneficiaries
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The settlor of a charitable trust may retain the power to select the charitable purposes or charitable beneficiaries, or may grant the trustee or any other person the power to select charitable purposes or charitable beneficiaries or to engage in the charitable purposes, without re…
O.C.G.A. § 53-12-172 Cy pres
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53-12-173. Duration of charitable trusts. 53-12-174. Attorney general or district attorney as representative of charitable beneficiaries. PART 2 TRUSTS 53-12-190. Automatic amendment of governing instrument of private foundation trust, charitable trust, or split-interest trust. 53…
O.C.G.A. § 53-12-173 Duration of charitable trusts
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A charitable trust shall be valid even though under the trust provisions it is to continue for an indefinite or unlimited period. History. — Code 1981, § 53-12-173, enacted by Ga. L. 2010, p. 579, § 1/SB 131. 53-12-174. Attorney general or district attorney as representative of ch…
O.C.G.A. § 53-12-174 Service of process, §53-12-174
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Venue, §53-12-174. Action to enforce. Settlor may maintain, §53-12-175. Beneficiaries. Power to select, §53-12-171. Defined, §53-12-170. Effectuating settlor’s or donor’s intention, §53-12-171. Indefinite or unlimited period. Continuation for, validity, §53-12-173. Private foundatio…
O.C.G.A. § 53-12-175 Enforcement by settlor
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Article 10 Private Foundations PART 1 PART 2 CORPORATIONS TRUSTS AS BENEFICIARIES 53-12-180. Automatic amendment of articles of incorporation of corporate private foundation. 53-12-181. Amendment of articles of incorporation to exclude application of Code Section 53-12-180. 53-12…
O.C.G.A. § 53-12-182 Defined, §53-12-2
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Distributions in amounts to avoid tax liability. Requirement. Automatic amendment of articles of incorporation, §53-12-180. Automatic amendment of governing trust instrument, §53-12-191. Distributions of foundation property to avoid tax liability. Corporate foundations, §53-12-18…
O.C.G.A. § 53-12-190 Trust foundations
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Automatic amendment of trust instrument, §§53-12-190, 53-12-191. Amendment to expressly exclude application of provisions, §53-12-192. No forfeiture or reversion of property, §53-12-194. Property added to existing trust, §53-12-26. Purchase money resulting trusts, §53-12-131. Rea…
O.C.G.A. § 53-12-195 Purposes, §53-12-170
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Power to select, §53-12-171. Settlor providing for charitable and noncharitable purposes. Governed by article, §53-12-170. Superior courts. Effectuating settlor’s or donor’s intention, §53-12-171. CHILD ENDANGERMENT. Boats and other watercraft. Person transporting child in waterc…
O.C.G.A. § 53-12-2 Definitions
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As used in this chapter, the term: (1) ‘‘Ascertainable standard’’ means a standard relating to an individual’s health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or 2514(c)(1) of the federal Internal Revenue Code of 1986. (2) ‘‘Beneficiary’’ mea…
O.C.G.A. § 53-12-20 Express trusts
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(a) Except as provided in subsection (d) of this Code section, an express trust shall be created or declared in writing and signed by the settlor or an agent for the settlor acting under a power of attorney containing express authorization. (b) An express trust shall have, ascert…
O.C.G.A. § 53-12-200 Common law duties, §53-12-240
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Compensation, §53-12-210. Agreement between trustee and beneficiaries. No compensation provision in trust instrument or separate agreement, §53-12-210. TRUSTS AND TRUSTEES —Cont’d Trustees —Cont’d Compensation —Cont’d Agreement between trustee and beneficiaries —Cont’d Transactions…
O.C.G.A. § 53-12-201 Appointment and vacancies
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(a) A settlor may appoint trustees or grant that power to others, including trust beneficiaries. (b) A trust shall never fail for want of a trustee. (c) If the trust instrument names a person to fill a vacancy or provides a method of appointing a trustee, any vacancy shall be filled…
O.C.G.A. § 53-12-202 Acceptance
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(a) The acceptance of a trust shall be necessary to constitute a person as trustee. Acceptance may be effected by acts as well as words. After acceptance, the trustee shall not decline the trusteeship. (b) Except as otherwise provided in subsection (c) of this Code section, a per…
O.C.G.A. § 53-12-203 Trustee’s bond
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(a) A trustee shall not be required to give a bond to secure performance of the trustee’s duties unless: (1) The trust instrument requires a bond; or (2) A bond is found by the court to be necessary to protect the interests of beneficiaries or creditors of the trust, even though t…
O.C.G.A. § 53-12-204 Cotrustees generally
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The authority of cotrustees to act on behalf of the trust shall be as follows: 854 53-12-210 (1) A power vested in two or more trustees shall only be exercised by their unanimous action; provided, however, that a cotrustee may delegate to one or more other cotrustees the performa…
O.C.G.A. § 53-12-21 Creditors of settlor
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Rules applicable to, §53-12-82. Defined, §53-12-2. Intention, trust property, beneficiary, trustee, trustee’s duties. Ascertainable with reasonable certainty, requirement, §53-12-20. Modification or revocation, §§53-12-40 to 53-12-45. Parol evidence. Construction of trust at issue, …
O.C.G.A. § 53-12-210 Compensation of trustee
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(a) Trustees shall be compensated in accordance with either the trust instrument or any separate written agreement between the trustee and 855 53-12-210 WILLS, TRUSTS, AND ESTATES 53-12-210 the settlor. After the settlor’s death or incapacity or while the trust is irrevocable, th…
O.C.G.A. § 53-12-211 Compensation of cotrustees and successor trustees
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Unless any separate written agreement provides otherwise: (1) Each cotrustee shall be compensated as specified by the terms of the trust, as each trustee may have agreed or in accordance with a published fee schedule, and such compensation among cotrustees shall not be apportioned…
O.C.G.A. § 53-12-212 Final accounting
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Death, resignation, removal of trustee, termination of trust, §53-12-231. Interim accounting relieving trustee from liability, §53-12-230. Reformation of trust, §53-12-60. Removal of trustee, §53-12-221. Resignation of trustee, §53-12-220. Superior courts. Actions maintained in, …
O.C.G.A. § 53-12-213 Receipt of trust assets
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Decisions concerning retention or disposition of assets. Duty to review and make decisions, §53-12-342. Removal, §53-12-221. Breach of trust, §53-12-301. Trust directors. Statutory provisions applicable to trust directors, §53-12-506. Value of trust property insufficient to justi…
O.C.G.A. § 53-12-214 Compensation from business enterprise
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(a) Any trustee may receive compensation for services, as specified in this subsection, from a corporation or other business enterprise, where the trust estate owns an interest in the corporation or other business enterprise, provided that: (1) The services provided by the trustee…
O.C.G.A. § 53-12-22 Trust purposes and conditions in terrorem
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(a) A trust may be created for any lawful purpose. 776 53-12-23 (b) A condition in terrorem shall be void unless there is a direction in the trust instrument as to the disposition of the property if the condition in terrorem is violated, in which event the direction in the trust …
O.C.G.A. § 53-12-220 Resignation of trustee
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(a) A trustee may resign: (1) In the manner and under the circumstances described in the trust instrument; (2) Upon at least 30 days’ written notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or (3) Upon a trustee’s petition to the court. (b) The pe…
O.C.G.A. § 53-12-221 Removal of trustee
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(a) A trustee may be removed: (1) In accordance with the provisions of the trust instrument; or (2) Upon petition to the court by any interested person showing good cause. (b) In the discretion of the court, in order to protect the trust property or the interests of any beneficiar…
O.C.G.A. § 53-12-23 Capacity of settlor
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A person has capacity to create an inter vivos trust to the extent that such person has legal capacity to transfer title to property inter vivos. A person has capacity to create a testamentary trust to the extent that such person has legal capacity to devise or bequeath property …
O.C.G.A. § 53-12-230 Interim accounting
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(a) At any time following 12 months from the date of acceptance of a trust, but not more frequently than once every 12 months, a trustee may petition the court to approve an interim accounting relieving the trustee from liability for the period covered by the interim accounting. …
O.C.G.A. § 53-12-231 Final accounting
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(a) If the trustee resigns, is removed, or dies or upon the termination of the trust, a beneficiary or the successor trustee may petition the court to require the trustee or the trustee’s personal representative to appear before the court for a final accounting. Alternatively, the …
O.C.G.A. § 53-12-232 Equitable accounting
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Nothing in this article shall restrict the right of any party to seek an equitable accounting. History. — Code 1981, § 53-12-232, enacted by Ga. L. 2010, p. 579, § 1/SB 131.
O.C.G.A. § 53-12-24 Non-merger
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No trust shall be invalid or terminated and no merger of title to trust property shall occur merely because the trustee or trustees are the same person or persons as the beneficiary or beneficiaries of the trust. History. — Code 1981, § 53-12-24, enacted by Ga. L. 2010, p. 579, § 1…