reglab/housing_qa huggingface dataset:
GA Code § 53-12-120 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 6 - Testamentary Additions to Trusts|Part 2 - Trusts as Beneficiaries|§ 53-12-120. Trusts as Beneficiaries

 A trust under a testator's will may be designated as the beneficiary of the testator's qualified retirement plan, individual retirement account, other retirement plan, or life insurance policies on the life of the testator so long as the testator's will is admitted to probate in solemn form, whether the designation occurs before or after the execution of the will. Unless the beneficiary designation provides otherwise, the designation of a trust under a will as beneficiary shall not be treated as the designation of the testator's estate as beneficiary nor shall such property, once delivered to the trustee under the testator's will, be deemed to be part of the testator's estate.    (Code 1981, §53-12-120, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)   Law reviews.   - For article, "The Georgia Trust Act," see 28 Ga. St. B.J. 95 (1991).
GA Code § 53-12-180 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 10 - Private Foundations|Part 1 - Corporations|§ 53-12-180. Automatic Amendment of Articles of Incorporation of Corporate Private Foundation

 Notwithstanding any provision therein to the contrary and except as provided in Code Section 53-12-181, the articles of incorporation of any corporation which is a private foundation shall be amended automatically as of the later of the date of incorporation or January 1, 1972, to provide that the corporation shall:    Not engage in any act of self-dealing, as defined in Section 4941(d) of the federal Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4941 of the federal Internal Revenue Code;   Not retain any excess business holdings, as defined in Section 4943(c) of the federal Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4943 of the federal Internal Revenue Code;   Not make any investments which would jeopardize the carrying out of any of the exempt purposes of the corporation, within the meaning of Section 4944 of the federal Internal Revenue Code, so as to give rise to any liability for the tax imposed by Section 4944 of the federal Internal Revenue Code;   Not make any taxable expenditures, as defined in Section 4945(d) of the federal Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4945 of the federal Internal Revenue Code; and   Distribute for the purpose specified in its articles of incorporation for each taxable year amounts at least sufficient to avoid any liability for the tax imposed by Section 4942 of the federal Internal Revenue Code.     (Code 1981, §53-12-180, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-181 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 10 - Private Foundations|Part 1 - Corporations|§ 53-12-181. Amendment of Articles of Incorporation to Exclude Application of Code Section 53-12-180

 Any corporation which is a private foundation may amend its articles of incorporation expressly to exclude the application of Code Section 53-12-180 or any portion thereof in the manner provided by Article 10 of Chapter 2 of Title 14 or Article 8 of Chapter 3 of Title 14, whichever is applicable.    (Code 1981, §53-12-181, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 2010, Code Section 53-112-181, as enacted by Ga. L. 2010, p. 579, § 1, was redesignated as Code Section 53-12-181.
GA Code § 53-12-182 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 10 - Private Foundations|Part 1 - Corporations|§ 53-12-182. Effect of Code Sections 53-12-180 and 53-12-181 as to Forfeiture or Reversion of Trust Property

 Nothing contained in Code Sections 53-12-180 and 53-12-181 shall cause or be construed to cause a forfeiture or reversion of any of the property of a corporation which is subject to such Code sections.    (Code 1981, §53-12-182, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-183 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 10 - Private Foundations|Part 1 - Corporations|§ 53-12-183. Election of Private Foundation to Distribute Such Property as Will Enable Corporation to Avoid Tax Liability

 With respect to property held by a corporation which is a private foundation and which is subject to conditions which permit distributions to the extent of the net income of the property each year but do not permit distributions of the property or any part thereof itself, the directors of the corporation may elect to distribute so much of the property as may be necessary to enable the corporation to avoid liability for any tax imposed by Section 4942 of the federal Internal Revenue Code in the same manner as if the corporation were a trust described in Code Section 53-12-193 and the property were the only property held in the trust and as if the directors were the trustees of the trust.    (Code 1981, §53-12-183, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-184 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 10 - Private Foundations|Part 1 - Corporations|§ 53-12-184. Effect of Code Sections 53-12-180 Through 53-12-183 on Powers of the Courts or the Attorney General

 Nothing in Code Sections 53-12-180 through 53-12-183 shall impair the rights and powers of the courts or the Attorney General of this state with respect to any corporation.    (Code 1981, §53-12-184, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-190 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 10 - Private Foundations|Part 2 - Trusts|§ 53-12-190. Automatic Amendment of Governing Instrument of Private Foundation Trust, Charitable Trust, or Split-Interest Trust

 Notwithstanding any provision therein to the contrary and except as provided in Code Section 53-12-192, the governing trust instrument of any trust which is a private foundation, a charitable trust, as defined in Section 4947(a)(1) of the federal Internal Revenue Code, or a split-interest trust, as defined in Section 4947(a)(2) of the federal Internal Revenue Code, shall be amended automatically as of the later of the inception of the trust or January 1, 1972, to include provisions which prohibit the trustees of the trust from:    Engaging in any act of self-dealing, as defined in Section 4941(d) of the federal Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4941 of the federal Internal Revenue Code;   Retaining any excess business holdings, as defined in Section 4943(c) of the federal Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4943 of the federal Internal Revenue Code;   Making any investments which would jeopardize the carrying out of any of the exempt purposes of the trust, within the meaning of Section 4944 of the federal Internal Revenue Code, so as to give rise to any liability for the tax imposed by Section 4944 of the federal Internal Revenue Code; and   Making any taxable expenditures, as defined in Section 4945(d) of the federal Internal Revenue Code, which would give rise to any liability for the tax imposed by Section 4945 of the federal Internal Revenue Code;  provided, however, that in the case of a split-interest trust, as defined in Section 4947(a)(2) of the federal Internal Revenue Code, paragraphs (1) through (4) of this Code section shall apply only to the extent required by Section 4947 of the federal Internal Revenue Code.      (Code 1981, §53-12-190, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2011, p. 752, § 53/HB 142.)
GA Code § 53-12-191 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 10 - Private Foundations|Part 2 - Trusts|§ 53-12-191. Automatic Amendment of Governing Instrument of Private Foundation Trust or Charitable Trust as to Distribution of Trust Funds

 Notwithstanding any provision therein to the contrary and except as provided in Code Section 53-12-192, the governing trust instrument of any trust which is a private foundation or which is a charitable trust, as defined in Section 4947(a)(1) of the federal Internal Revenue Code, shall be amended automatically as of the later of the inception of the trust or January 1, 1972, to include a provision which requires the trustees to distribute, for the purposes specified in the governing trust instrument, for each taxable year, amounts at least sufficient to avoid any liability for the tax imposed by Section 4942 of the federal Internal Revenue Code.    (Code 1981, §53-12-191, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-192 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 10 - Private Foundations|Part 2 - Trusts|§ 53-12-192. Amendment of Governing Instrument of Private Foundation Trust, Charitable Trust, or Split-Interest Trust to Exclude Application of Code Section 53-12-190 or 53-12-191

 The trustees of any trust which is a private foundation, a charitable trust, as defined in Section 4947(a)(1) of the federal Internal Revenue Code, or a split-interest trust, as defined in Section 4947(a)(2) of the federal Internal Revenue Code, may, without judicial proceedings, amend the governing trust instrument of the trust expressly to exclude the application of Code Section 53-12-190 or 53-12-191, or both, by executing a written amendment to the trust and filing a duplicate original of the amendment with the Attorney General of this state, whereupon the Code section or Code sections, as the case may be, shall not apply to the trust.    (Code 1981, §53-12-192, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-193 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 10 - Private Foundations|Part 2 - Trusts|§ 53-12-193. Election of Trustees of Private Foundation or Charitable Trust to Distribute Such Trust Principal as Will Enable Trust to Avoid Tax Liability; Filing of Written Election With Attorney General; Form of Distribution; Revocation of Election

  With respect to any trust which is a private foundation or a charitable trust, as defined in Section 4947(a)(1) of the federal Internal Revenue Code, the governing trust instrument of which permits distributions to the extent of the net income of the trust each year but does not permit distributions from trust principal, the trustees of the trust may elect, without judicial proceedings and notwithstanding any provision to the contrary contained in the governing trust instrument of the trust, to distribute in any year, for the purposes specified in the governing trust instrument, that amount from the principal of the trust which, when added to the income of the trust available for distribution during such year, will enable the trust to avoid any liability for the tax imposed by Section 4942 of the federal Internal Revenue Code by filing a written election, which may be a continuing one, with the Attorney General of this state to have this Code section and Code Section 53-12-183 apply to the trust. A distribution from trust principal pursuant to the election shall only be in the form of cash or securities which are either listed or admitted to unlisted trading privileges upon any stock exchange or are quoted regularly in any newspaper having a general circulation in this state.   Any election made under subsection (a) of this Code section may be revoked at any time by filing written notice of revocation with the Attorney General of this state.     (Code 1981, §53-12-193, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-194 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 10 - Private Foundations|Part 2 - Trusts|§ 53-12-194. Effect of Code Sections 53-12-190 Through 53-12-193 as to Forfeiture or Reversion of Trust Property or Failure of Trust

 Nothing contained in Code Sections 53-12-190 through 53-12-193 shall cause or be construed to cause a forfeiture or reversion of any of the property of a trust which is subject to such Code sections or to make the purposes of such trust impossible of accomplishment.    (Code 1981, §53-12-194, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-195 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 10 - Private Foundations|Part 2 - Trusts|§ 53-12-195. Effect of Code Sections 53-12-190 Through 53-12-193 on Powers of Courts and Attorney General

 Nothing in Code Sections 53-12-190 through 53-12-193 shall impair the rights and powers of the courts or the Attorney General of this state with respect to any trust.    (Code 1981, §53-12-195, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-200 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 11 - Trustees|Part 1 - Appointment and Acceptance|§ 53-12-200. Capacity of Trustee

 A trustee shall have legal capacity under Georgia law to acquire, hold, and transfer title to property. An individual shall be eligible to serve as a trustee regardless of citizenship or residency. If the trustee is a corporation, partnership, or other entity, it shall be required to have the power to act as a trustee in Georgia.    (Code 1981, §53-12-200, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-201 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 11 - Trustees|Part 1 - Appointment and Acceptance|§ 53-12-201. Appointment and Vacancies

  A settlor may appoint trustees or grant that power to others, including trust beneficiaries.   A trust shall never fail for want of a trustee.   If the trust instrument names a person to fill a vacancy or provides a method of appointing a trustee, any vacancy shall be filled or appointment made as provided in the trust instrument.   The qualified beneficiaries may appoint a trustee by unanimous consent.   In all other cases, the court, on petition of an interested person, may appoint any number of trustees consistent with the intention of the settlor and the interests of the beneficiaries.   The petition provided for in subsection (e) of this Code section shall be served upon all qualified beneficiaries.   A trustee appointed as a successor trustee shall have all the authority of the original trustee.     (Code 1981, §53-12-201, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2011, p. 551, § 10/SB 134; Ga. L. 2018, p. 262, § 14/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   ANALYSIS    General Consideration   Appointment Generally   Authority and Liability of Newly Appointed Trustee    RESEARCH REFERENCES   Am. Jur. 2d.   - 76 Am. Jur. 2d, Trusts, §§ 214, 217, 224, 308.   24 Am. Jur. Pleading and Practice Forms, Trusts, § 84 et seq.   C.J.S.   - 90 C.J.S., Trusts, §§ 215, 216, 219.   ALR.    - Right of surviving or remaining trustee or trustees to act without substitution of another trustee in place of one who has died or resigned or been removed, where the will or other trust instrument provides for substitution or replacement, 142 A.L.R. 1099.    Appointment and qualification of one of several trustees named in will as affecting power or duty of court to appoint a co-trustee, 151 A.L.R. 1308.   Court's power to appoint trustee to preserve, manage, and control personal property of nontrust life estate or other particular estate notwithstanding terms of will, 46 A.L.R.2d 502.   Hostility between trustee and beneficiary as ground for removal, 63 A.L.R.2d 523.   Court's power to appoint additional trustees over number specified in trust instrument, 59 A.L.R.3d 1129.   Propriety of sale of trust assets without consent despite trust provision requiring consent, 39 A.L.R.4th 158.   Liability of trustee for payments or conveyances under a trust subsequently held to be invalid, 77 A.L.R.4th 1177.
GA Code § 53-12-202 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 11 - Trustees|Part 1 - Appointment and Acceptance|§ 53-12-202. Acceptance

  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.   Except as otherwise provided in subsection (c) of this Code section, a person designated as trustee accepts the trusteeship:   By substantially complying with a method of acceptance provided in the trust instrument; or   If the trust instrument does not provide a method or the method provided in the trust instrument is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.     A person designated as trustee, without accepting the trusteeship, may act to preserve the trust property if, as soon as practicable, the person rejects or declines the trusteeship.     (Code 1981, §53-12-202, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 76 Am. Jur. 2d, Trusts, § 220 .   C.J.S.   - 90 C.J.S., Trusts, § 59.   ALR.   - Appointee's renunciation of appointment, 9 A.L.R.2d 1382.
GA Code § 53-12-204 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 11 - Trustees|Part 1 - Appointment and Acceptance|§ 53-12-204. Cotrustees Generally

 The authority of cotrustees to act on behalf of the trust shall be as follows:    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 performance of ministerial acts;   If a vacancy occurs in the office of a cotrustee, the remaining cotrustee or cotrustees may act unless or until the vacancy is filled; and   While a cotrustee is unable to act because of inaccessibility, illness, or other temporary incapacity, the remaining cotrustee or cotrustees may act as if they were the only trustees when necessary to accomplish the purposes of the trust.     (Code 1981, §53-12-204, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-212 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 11 - Trustees|Part 2 - Trustee Compensation|§ 53-12-212. Extra Compensation

  A trustee who is receiving compensation as described in subsection (c) of Code Section 53-12-210 may petition the court for compensation that is greater than the compensation allowed under that subsection. Notice of the petition for extra compensation shall be given to all qualified beneficiaries.   After hearing any objection, the court shall allow such extra compensation as the court deems reasonable. The allowance of extra compensation shall be conclusive as to all parties in interest.     (Code 1981, §53-12-212, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2018, p. 262, § 16/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 § 53-12-213 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 11 - Trustees|Part 2 - Trustee Compensation|§ 53-12-213. Reimbursement of Expenses

 A trustee shall be entitled to be reimbursed out of the trust property for reasonable expenses that were properly incurred in the administration of the trust.    (Code 1981, §53-12-213, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
GA Code § 53-12-214 (2021)
2021 Georgia Code|Title 53 - Wills, Trusts, and Administration of Estates|Chapter 12 - Trusts|Article 11 - Trustees|Part 2 - Trustee Compensation|§ 53-12-214. Compensation From Business Enterprise

  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:   The services provided by the trustee to the corporation or other business enterprise are of a managerial, executive, or business advisory nature;   The compensation received for the services is reasonable; and   The services are performed and the trustee is paid pursuant to a contract executed by the trustee and the corporation or business enterprise, which contract is approved by a majority of those members of the board of directors or other similar governing authority of the corporation or business enterprise who are not officers or employees of the trustee and are not related to the trustee and provided, further, that the contract is approved by the court.     Any trustee receiving compensation from a corporation or other business enterprise for services to it as described in subsection (a) of this Code section shall not receive extra compensation in respect to such services as provided in Code Section 53-12-212; provided, however, that nothing in this Code section shall prohibit the receipt by the trustee of extra compensation for services rendered in respect to other assets or matters involving the trust estate.   Nothing in this Code section shall prohibit the receipt by trustees of normal commissions and compensation for the usual services performed by trustees pursuant to law or pursuant to any fee agreement executed by the settlor.   The purpose of this Code section is to enable additional compensation to be paid to trustees for business management and advisory services to corporations and business enterprises pursuant to contract, without the necessity of petitioning for extra compensation pursuant to Code Section 53-12-212.     (Code 1981, §53-12-214, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)