reglab/housing_qa huggingface dataset:
GA Code § 53-12-360 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 16 - Trust Investments|Part 2 - Power of Adjustment and Unitrusts|§ 53-12-360. Duty of Trustee as to Receipts and Disbursements Within Scope of Article 17

 In allocating receipts and disbursements to or between principal and income and with respect to any matter within the scope of Article 17 of this chapter:    A trustee shall administer a trust in accordance with the governing trust instrument, even if there is a different provision in Article 17 of this chapter;   A trustee may administer a trust by the exercise of a discretionary power of administration regarding a matter within the scope of Article 17 of this chapter given to the trustee by the governing trust instrument, even if the exercise of the power produces a result different from a result required or permitted by Article 17 of this chapter. No inference that the trustee has improperly exercised the discretionary power shall arise from the fact that the trustee has made an allocation contrary to a provision of Article 17 of this chapter;   A trustee shall administer a trust in accordance with Article 17 of this chapter if the governing trust instrument does not contain a different provision or does not give the trustee a discretionary power of administration regarding a matter within the scope of Article 17 of this chapter; and   A trustee shall add a receipt or charge a disbursement to principal to the extent that the governing trust instrument and Article 17 of this chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income.     (Code 1981, §53-12-360, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-363 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 16 - Trust Investments|Part 2 - Power of Adjustment and Unitrusts|§ 53-12-363. Abuse of Trustee's Discretion

  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.   The decisions to which subsection (a) of this Code section applies include:   A determination of whether and to what extent an amount should be transferred from principal to income or from income to principal; and   A determination of the factors that are relevant to the trust and its beneficiaries, the extent to which they are relevant, and the weight, if any, to be given to the relevant factors in deciding whether and to what extent to exercise the power conferred by Code Section 53-12-361 or 53-12-362.     If a court determines that a trustee has abused its discretion regarding a discretionary power conferred by Code Section 53-12-361 or 53-12-362, the remedy shall be to restore the income and remainder beneficiaries to the positions they would have occupied if the trustee had not abused its discretion according to the following rules:   To the extent that the abuse of discretion has resulted in no distribution to a beneficiary or a distribution which is too small, the court shall require the trustee to distribute from the trust to the beneficiary an amount that the court determines will restore the beneficiary, in whole or in part, to the beneficiary's appropriate position;   To the extent that the abuse of discretion has resulted in a distribution to a beneficiary which is too large, the court shall restore the beneficiaries, the trust, or both, in whole or in part, to their appropriate positions by requiring the trustee to withhold an amount from one or more future distributions to the beneficiary who received the distribution that was too large or requiring that beneficiary or that beneficiary's estate to return some or all of the distribution to the trust, notwithstanding a spendthrift provision or similar provision;   If the abuse of discretion concerns the power to convert a trust into a unitrust, the court shall require the trustee either to convert into a unitrust or to reconvert from a unitrust; and   To the extent that the court is unable, after applying paragraphs (1), (2), and (3) of this subsection, to restore the beneficiaries, the trust, or both to the positions they would have occupied if the trustee had not abused its discretion, the court may require the trustee to pay an appropriate amount from its own funds to one or more of the beneficiaries, the trust, or both.     No provision of this Code section or Code Section 53-12-361 or 53-12-362 is intended to require a trustee to make an adjustment under Code Section 53-12-361 or a conversion under Code Section 53-12-362.     (Code 1981, §53-12-363, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2011, p. 752, § 53/HB 142.)
GA Code § 53-12-364 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 16 - Trust Investments|Part 2 - Power of Adjustment and Unitrusts|§ 53-12-364. Express Total Return Unitrusts

  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 trust's assets, valued at least annually, such trust to be referred to as an "express total return unitrust":   The unitrust amount may be determined by reference to the net fair market value of the trust's assets in one year or more than one year;   Distribution of such a fixed percentage unitrust amount shall be considered a distribution of all of the income of the total return unitrust and shall not be considered a fundamental departure from applicable state law, regardless of whether the total return unitrust is created and governed by Code Section 53-12-362 or by the provisions of the governing trust instrument;   Such a distribution of the fixed percentage of not less than 3 percent nor more than 5 percent shall be considered a reasonable apportionment of the total return of a total return unitrust;   The governing trust instrument may grant discretion to the trustee to adopt a consistent practice of treating capital gains as part of the unitrust distribution, to the extent that the unitrust distribution exceeds the net accounting income, or it may specify the ordering of such classes of income;   Unless the trust provisions specifically provide otherwise, or grant discretion to the trustee as set forth in paragraph (4) of this subsection, a distribution of the unitrust amount shall be considered to have been made from the following sources in order of priority:   From net accounting income determined as if the trust were not a unitrust;   From ordinary income not allocable to net accounting income;   From net realized short-term capital gains;   From net realized long-term capital gains; and   From the principal of the trust estate; and     The trust document may provide that assets used by the trust beneficiary, such as a residence property or tangible personal property, may be excluded from the net fair market value for computing the unitrust amount. Such use may be considered equivalent to the income or unitrust amount.     A trust which provides for a fixed percentage payout in excess of 5 percent per year shall be considered to have paid out all of the income of the total return unitrust and to have paid out principal of such trust to the extent that the fixed percentage payout exceeds 5 percent per year.   This Code section shall be effective for trusts established and wills executed on or after July 1, 2010.     (Code 1981, §53-12-364, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-380 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 17 - Georgia Principal and Income Act|Part 1 - General Provisions and Definitions|§ 53-12-380. Short Title

 This article shall be known and may be cited as the "Georgia Principal and Income Act."    (Code 1981, §53-12-380, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-381 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 17 - Georgia Principal and Income Act|Part 1 - General Provisions and Definitions|§ 53-12-381. Definitions

 As used in this article, the term:    "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 interest ends.   "Beneficiary" includes, in the case of a decedent's estate, an heir and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.   "Fiduciary" means a personal representative or a trustee. Such term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function.   "Income" means money or property that a fiduciary receives as current return from a principal asset. Such term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Part 4 of this article.   "Income beneficiary" means a person to whom net income of a trust is or may be payable.   "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the trust provisions require it to be distributed or authorize it to be distributed in the trustee's discretion.   "Mandatory income interest" means the right of an income beneficiary to receive net income that the trust provisions require the fiduciary to distribute.   "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this article to or from income during the period.   "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or government; a governmental subdivision, agency, or instrumentality; a public corporation; or any other legal or commercial entity.   "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates.   "Terms of the trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding.   "Trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.     (Code 1981, §53-12-381, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-390 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 17 - Georgia Principal and Income Act|Part 2 - Payment of Interest and Expenses|§ 53-12-390. Payment of Interest on Pecuniary Amount

  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 income interest terminates.   The general rule in subsection (a) of this Code section shall be subservient to the equity and necessity of a particular case.     (Code 1981, §53-12-390, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-391 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 17 - Georgia Principal and Income Act|Part 2 - Payment of Interest and Expenses|§ 53-12-391. Payment of Expenses

 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 the principal or income in the discretion of the personal representative or trustee.    (Code 1981, §53-12-391, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-400 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 17 - Georgia Principal and Income Act|Part 3 - Apportionment at Beginning and End of Income Interest|§ 53-12-400. When the Right to Income Begins and Ends

  An income beneficiary shall be entitled to net income from the date on which the income interest begins. An income interest shall begin on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.   An asset shall become subject to a trust:   On the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;   On the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or   On the date of an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of such individual's death.     An asset shall become subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (d) of this Code section, even if there is an intervening period of administration to wind up the preceding income interest.   An income interest shall end on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.     (Code 1981, §53-12-400, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-401 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 17 - Georgia Principal and Income Act|Part 3 - Apportionment at Beginning and End of Income Interest|§ 53-12-401. Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins

  A trustee shall allocate an income receipt or disbursement to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest.   A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement shall be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins shall be allocated to principal, and the balance shall be allocated to income.   An item of income or an obligation shall be due on the date the payor is required to make a payment. If a payment date is not stated, there shall be no due date for the purposes of this Code section. Distributions to shareholders or other owners from an entity to which Code Section 53-12-410 applies shall be deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date shall be periodic for receipts or disbursements that have to be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.     (Code 1981, §53-12-401, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2011, p. 752, § 53/HB 142.)
GA Code § 53-12-402 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 17 - Georgia Principal and Income Act|Part 3 - Apportionment at Beginning and End of Income Interest|§ 53-12-402. Apportionment When Income Interest Ends

  As used in this Code section, the term "undistributed income" means net income received before the date on which an income interest ends. Such term shall not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.   When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than 5 percent of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked shall be added to principal.   When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate, or other tax requirements.     (Code 1981, §53-12-402, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-450 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 17 - Georgia Principal and Income Act|Part 5 - Allocation of Disbursements During Administration of Trust|§ 53-12-450. Disbursements From Income

  A trustee shall make the following disbursements from income:   One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;   One-half of all court costs, attorney's fees, and other fees and expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;   All of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and court costs, attorney's fees, and other fees and expenses of a proceeding or other matter that concerns primarily the income interest; and   Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.     Any of the above disbursements made in connection with judicial proceedings may be varied by the order of the court.   All other disbursements shall be made from principal.     (Code 1981, §53-12-450, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-451 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 17 - Georgia Principal and Income Act|Part 5 - Allocation of Disbursements During Administration of Trust|§ 53-12-451. Disbursements From Principal

  A trustee shall make the following disbursements from principal:   The remaining one-half of the disbursements described in paragraphs (1) and (2) of subsection (a) of Code Section 53-12-450;   All of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination and disbursements made to prepare property for sale;   Payments on the principal of a trust debt;   Court costs, attorney's fees, and other fees and expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property;   Premiums paid on a policy of insurance not described in paragraph (4) of subsection (a) of Code Section 53-12-450, of which the trust is the owner and beneficiary;   Estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust; and   Disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.     Any of the disbursements provided for in subsection (a) of this Code section made in connection with judicial proceedings may be varied by the order of the court.   If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of such obligation.     (Code 1981, §53-12-451, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2011, p. 551, § 17/SB 134.)
GA Code § 53-12-452 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 17 - Georgia Principal and Income Act|Part 5 - Allocation of Disbursements During Administration of Trust|§ 53-12-452. Transfers From Income to Principal for Depreciation

  As used in this Code section, the term "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.   A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation but shall not transfer any amount for depreciation:   Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;   During the administration of a decedent's estate; or   Under this Code section if the trustee is accounting under Code Section 53-12-412 for the business or activity in which the asset is used.     An amount transferred to principal need not be held as a separate fund.     (Code 1981, §53-12-452, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2011, p. 551, § 18/SB 134.)
GA Code § 53-12-453 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 17 - Georgia Principal and Income Act|Part 5 - Allocation of Disbursements During Administration of Trust|§ 53-12-453. Transfers From Income to Reimburse Principal

 Wherever a charge that is properly allocable to income has been made or is expected to be made from principal because of the unusually large nature of the charge or otherwise, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.    (Code 1981, §53-12-453, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)