Title 53 — Title 53
0 chapters · 435 sections in this title.
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…
O.C.G.A. § 53-12-240 Duties generally
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(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
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(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
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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
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(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
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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
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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
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(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
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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
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(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
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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
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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
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(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
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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
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(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
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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
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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
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(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
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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
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(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
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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
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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
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(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
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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
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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
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(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
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(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
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(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
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(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
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(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
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(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) …