reglab/housing_qa huggingface dataset:
GA Code § 53-12-220 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 11 - Trustees|Part 3 - Resignation and Removal|§ 53-12-220. Resignation of Trustee

  A trustee may resign:   In the manner and under the circumstances described in the trust instrument;   Upon at least 30 days' written notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or   Upon a trustee's petition to the court.     The petition to the court provided for in paragraph (3) of subsection (a) of this Code section shall be served upon all qualified beneficiaries. In approving a trustee's resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.   The resignation of a trustee shall not relieve such trustee from liability for any actions prior to the resignation except to the extent such trustee is relieved by the court in the appropriate proceeding or to the extent relieved by the trust instrument.   If the resignation would create a vacancy required to be filled, then the trustee's resignation shall not be effective until the successor trustee accepts the trust and the resigning trustee shall remain liable for any actions until such acceptance, except as such liability may be limited by court order or the trust instrument.     (Code 1981, §53-12-220, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2018, p. 262, § 17/HB 121.)   Law reviews.   - For article on the 2018 amendment of this Code section, see 35 Ga. St. U. L. Rev. 219 (2018).   JUDICIAL DECISIONS   Editor's notes.   - In light of the similarity of the statutory provisions, decisions under former O.C.G.A. § 53-12-175 of the 1991 Trust Act are included in the annotations for this Code section.   Resignation ineffective when vacancy created that was required to be filled.    - Pursuant to former O.C.G.A. § 53-12-175 (see O.C.G.A. § 53-12-220), when the resignation of a co-trustee created a vacancy that was required to be filled, the resignation was not effective; accordingly, service on the co-trustee after the purported resignation was effective, and with no answer having been filed, entry of a default judgment was proper. Hays v. Hamblen Family Irrevocable Trust (In re Hamblen), Bankr. (Bankr. N.D. Ga. May 9, 2007) (decided under former O.C.G.A. § 53-12-175).    Cited in  Ledbetter v. First State Bank & Trust Co., 85 F.3d 1537 (11th Cir. 1996).   RESEARCH REFERENCES   Am. Jur. 2d.   - 76 Am. Jur. 2d, Trusts, § 223 et seq.   C.J.S.   - 90 C.J.S., Trusts, §§ 229 et seq., 246. 90A C.J.S., Trusts, § 383.
GA Code § 53-12-221 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 11 - Trustees|Part 3 - Resignation and Removal|§ 53-12-221. Removal of Trustee

  A trustee may be removed:   In accordance with the provisions of the trust instrument; or   Upon petition to the court by any interested person showing good cause.     In the discretion of the court, in order to protect the trust property or the interests of any beneficiary, on its own motion or on motion of a cotrustee or other interested person, the court may compel the trustee whose removal is being sought to surrender trust property to a cotrustee, a receiver, or temporary trustee pending a decision on a petition for removal of a trustee or pending appellate review of such decision. To the extent the court deems necessary, the powers of the trustee also may be suspended.     (Code 1981, §53-12-221, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-241 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 13 - Trustees' Duties and Powers|Part 1 - Duties of Trustee|§ 53-12-241. Duty of Prudent Administration

  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.   A trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in Article 16 of this chapter.     (Code 1981, §53-12-241, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2020, p. 377, § 1-82/HB 865.)    The 2020 amendment,  effective January 1, 2021, designated the previously existing provisions as subsection (a) and added subsection (b).
GA Code § 53-12-242 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 13 - Trustees' Duties and Powers|Part 1 - Duties of Trustee|§ 53-12-242. Duty to Inform as to Existence of Trust

  Within 60 days after the date of creation of an irrevocable trust or of the date on which a revocable trust becomes irrevocable, the trustee shall notify the qualified beneficiaries of such trust of the existence of such trust and the name and mailing address of such trustee.   All irrevocable trusts in existence on July 1, 2010, shall be deemed to have waived this provision unless the trust instrument says otherwise.     (Code 1981, §53-12-242, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2018, p. 262, § 18/HB 121.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 2010, "in existence on July 1, 2010," was substituted for "in existence on the effective date of this part" in subsection (b).   Law reviews.   - For article on the 2018 amendment of this Code section, see 35 Ga. St. U. L. Rev. 219 (2018).
GA Code § 53-12-245 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 13 - Trustees' Duties and Powers|Part 1 - Duties of Trustee|§ 53-12-245. No Duty to Investigate Resources

 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.    (Code 1981, §53-12-245, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-246 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 13 - Trustees' Duties and Powers|Part 1 - Duties of Trustee|§ 53-12-246. Duty to Avoid Conflict of Interest

  A trustee shall administer the trust solely in the interests of the beneficiaries.   This Code section shall not preclude the following transactions, if fair to the beneficiaries:   An agreement between a trustee and a beneficiary relating to the appointment or compensation of the trustee;   Payment of reasonable compensation to the trustee; or   Performing and receiving reasonable compensation for performing services of a managerial, executive, or business advisory nature for a corporation or other business enterprise, where the trust estate owns an interest in the corporation or other business enterprise.       (Code 1981, §53-12-246, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-247 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 13 - Trustees' Duties and Powers|Part 1 - Duties of Trustee|§ 53-12-247. Duty of Impartiality

 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 regard to the respective interests of income beneficiaries and remainder beneficiaries.    (Code 1981, §53-12-247, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-264 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 13 - Trustees' Duties and Powers|Part 2 - Trustees' Powers|§ 53-12-264. Granting of Powers by Qualified Beneficiaries

 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.    (Code 1981, §53-12-264, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2018, p. 262, § 22/HB 121.)   Law reviews.   - For article on the 2018 amendment of this Code section, see 35 Ga. St. U. L. Rev. 219 (2018).
GA Code § 53-12-270 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 13 - Trustees' Duties and Powers|Part 3 - Trustee as Beneficiary|§ 53-12-270. Exercise of Power by Trustee Who Is Also a Beneficiary

  Subject to subsection (c) of this Code section, and unless the trust provisions expressly indicate that a rule in this subsection shall not apply:   A person other than a settlor who is a beneficiary and trustee of a trust that confers on such trustee a power to make discretionary distributions to or for such trustee's personal benefit may exercise such power only in accordance with an ascertainable standard; and   A trustee shall not exercise a power to make discretionary distributions to satisfy a legal obligation of support that such trustee personally owes another person.     A power whose exercise is limited or prohibited by subsection (a) of this Code section may be exercised by a majority of the remaining trustees whose exercise of such power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, the court may appoint a special fiduciary with authority to exercise the power.   Subsection (a) of this Code section shall not apply to:   A power held by the settlor's spouse who is the trustee of a trust for which a marital deduction, as defined in Section 2056(b)(5) or 2523(e) of the federal Internal Revenue Code of 1986, was previously allowed;   Any trust during any period that the trust may be revoked or amended by its settlor; or   A trust if contributions to such trust qualify for the annual exclusion under Section 2503(c) of the federal Internal Revenue Code of 1986.       (Code 1981, §53-12-270, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-280 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 13 - Trustees' Duties and Powers|Part 4 - Certification of Trusts|§ 53-12-280. Certification of Trust by Trustee

  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.   The certification of trust provided for in subsection (a) of this Code section shall contain some or all of the following information:   That the trust exists and the date of the trust and any amendments;   The identity of each settlor;   The identity and address of each current trustee and, if more than one, the number and identity of those required to exercise the powers of the trustee;   The relevant powers of the trustee and any restrictions or limitations on those powers;   The revocability or irrevocability of the trust;   How trust property should be titled;   Except as specifically disclosed in the certification, that the transaction at issue requires no consent or action by any person other than the certifying trustee; and   Such other information as the trustee deems appropriate.     A certification of trust:   Shall be signed by each trustee;   Shall state that the trust has not been revoked, modified, or amended in any manner that would cause the representations contained in the certification to be incorrect; and   Need not contain the dispositive provisions of the trust.     The recipient of a certification of trust may require the trustee to furnish copies of those excerpts from the original trust instrument and any amendments that designate the trustee and confer upon the trustee the power to act in the pending transaction.   A person who acts in reliance upon the certification of trust without knowledge that any information therein is incorrect shall not be liable to any person for so acting and may assume without inquiry that the information is correct.   A person who in good faith enters into a transaction in reliance upon the certification of trust may enforce the transaction as if the information in the certification were correct.   A person making a demand for the trust instrument in addition to a certification of trust or excerpts shall be liable for damages, including court costs and attorney's fees, if the court determines that such demand was not made in good faith.   This Code section shall not limit the right of a person to obtain a copy of the trust instrument in a judicial proceeding concerning the trust.   A certification of trust in recordable form may be recorded in the office of the clerk of superior court.     (Code 1981, §53-12-280, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2011, p. 752, § 53/HB 142.)
GA Code § 53-12-290 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 13 - Trustees' Duties and Powers|Part 5 - Registration and Deposit of Securities|§ 53-12-290. How Securities to Be Registered by Corporate Trustee

 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 other evidences of title to intangible personal property, held as a fiduciary, may be registered, it shall be lawful to register securities in the name of the nominee without mention of the fiduciary relationship in the trust instrument evidencing the securities or on the books of the issuer of the same, provided that:    The records of the corporate fiduciary shall at all times clearly show that the securities are held by the corporate fiduciary in its capacity as fiduciary, together with the beneficial owner or owners thereof and all facts relating to its ownership, possession, and holding thereof; and   The corporate fiduciary shall not be relieved of liability for the safe custody, control, and proper distribution of the securities by reason of the registration of same in the name of any nominee.     (Code 1981, §53-12-290, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)   Cross references.   - Uniform transfer on death security registration, § 53-5-60 et seq.
GA Code § 53-12-291 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 13 - Trustees' Duties and Powers|Part 5 - Registration and Deposit of Securities|§ 53-12-291. Registration Where Two or More Fiduciaries Are Acting Jointly

 If two or more fiduciaries are acting jointly in reference to any securities, it shall be lawful to register the property in the name of any nominee or any joint corporate fiduciary. In the event that more than one corporate fiduciary is acting, it shall be lawful to register securities in the name of any nominee of any one of the corporate fiduciaries.    (Code 1981, §53-12-291, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-292 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 13 - Trustees' Duties and Powers|Part 5 - Registration and Deposit of Securities|§ 53-12-292. Deposit of Securities in Clearing Corporation

  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 the securities in a clearing corporation, as defined in Article 8 of Title 11. When the securities are deposited, certificates representing securities of the same class of the same issuer may be merged and held in bulk, in the name of the nominee of the clearing corporation, with any other such securities deposited in the clearing corporation by any person, regardless of the ownership of the securities, and certificates of small denominations may be merged into one or more certificates of larger denomination. The records of the fiduciary and the records of the bank or trust company acting as custodian, as managing agent, or as custodian for a fiduciary shall at all times show the name of the party for whose account the securities are deposited. Title to the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities.   A bank or trust company depositing securities pursuant to this Code section shall be subject to such rules and regulations as, in the case of state chartered institutions, the commissioner of banking and finance and, in the case of national banking associations, the comptroller of the currency may from time to time issue.   A bank or trust company acting as custodian for a fiduciary, on demand by the fiduciary, shall certify in writing to the fiduciary the securities deposited by the bank or trust company in the clearing corporation for the account of the fiduciary. A fiduciary, on demand by any party to a judicial proceeding for the settlement of the fiduciary's account or on demand by the attorney for the party, shall certify in writing to the party the securities deposited by the fiduciary in the clearing corporation for its account as the fiduciary.   This Code section shall apply to any fiduciary holding securities in its fiduciary capacity and to any bank or trust company holding securities as a custodian, managing agent, or custodian for a fiduciary acting on April 13, 1973, or acting thereafter, regardless of the date of the agreement, instrument, or court order by which it is appointed and regardless of whether or not the fiduciary, custodian, managing agent, or custodian for a fiduciary owns capital stock of the clearing corporation.     (Code 1981, §53-12-292, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-341 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 16 - Trust Investments|Part 1 - Investments Generally|§ 53-12-341. Concentrated Holdings and Diversification

 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:    The duty imposed by this Code section shall not apply if the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without complying with the duty;   The trustee shall not be liable for failing to comply with the duty imposed by this Code section to the extent that the terms of the trust instrument limit or waive the duty; and   Except as provided in this paragraph, the duty imposed by this Code section shall apply on or after January 1, 2011. With respect to any trust that is or becomes irrevocable before January 1, 2011, the duty imposed by this Code section shall not apply:   To the trust to the extent such trust instrument directs or permits the trustee to retain, invest, exchange, or reinvest assets without regard to any duty to diversify, without the need to diversify or create a diversity of investments, or without liability for either depreciation or failing to diversify, or contains other similar language expressing a settlor's intent to provide similar discretion to the trustee; or   Absent gross neglect, with respect to an asset that was transferred to the trustee of such trust by any settlor or gratuitous transferor.       (Code 1981, §53-12-341, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-342 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 16 - Trust Investments|Part 1 - Investments Generally|§ 53-12-342. Duties at Inception of Trusteeship

 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, provisions, distributions requirements, and other circumstances of the trust and with the requirements of this article.    (Code 1981, §53-12-342, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-343 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 16 - Trust Investments|Part 1 - Investments Generally|§ 53-12-343. Reviewing Compliance

 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.    (Code 1981, §53-12-343, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-344 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 16 - Trust Investments|Part 1 - Investments Generally|§ 53-12-344. Language Invoking Application of Article

 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 funds," "legal investments," "authorized investments," "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent trustee rule," "prudent person rule," and "prudent investor rule."    (Code 1981, §53-12-344, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2011, p. 752, § 53/HB 142.)
GA Code § 53-12-345 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 16 - Trust Investments|Part 1 - Investments Generally|§ 53-12-345. Delegation

  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:   Selecting an agent;   Establishing the scope and terms of the delegation consistent with the purposes and provisions of the trust; and   Reviewing periodically the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.     In performing a delegation function, an agent shall owe a duty to the trust to exercise reasonable care to comply with the terms of the delegation.   A trustee who complies with the requirements of subsection (a) of this Code section, and who takes reasonable steps to compel an agent to whom the function was delegated to redress a breach of duty to the trust, shall not be liable to the beneficiaries of the trust or to the trust for the decisions or actions of the agent to whom the function was delegated.   By accepting the delegation of a trust function from the trustee of a trust that is subject to the laws of this state, an agent shall waive the defense of lack of personal jurisdiction and shall submit to the jurisdiction of this state.     (Code 1981, §53-12-345, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)