GA Code § 53-12-244 (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|§ 53-12-244. Duty to Distribute Income

 A trustee shall distribute all net income derived from the trust at least annually.    (Code 1981, §53-12-244, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)   Law reviews.   - For article, "The Scope of Permissible Investments by Fiduciaries Under Georgia Law," see 19 Ga. St. B.J. 6 (1982).   JUDICIAL DECISIONS   Editor's notes.   - In light of the similarity of the statutory provisions, decisions under former Code 1933, § 108-112, and former O.C.G.A. § 53-13-51 are included in the annotations for this Code section.   Trust holding title to utility property.    - Statutory provisions imposing a general duty to exercise ordinary care in the preservation and protection of trust property in the possession of the trustee, and former O.C.G.A. § 51-1-19, imposing general liability upon a compensated trustee for the trustee's negligence, were inapplicable since the underlying purpose of the trust to hold title to certain utility property was neither to transfer to the uncompensated trustee immediate possession of the utility corporation's property nor to impose any immediate duty on the trustee to undertake the operation and maintenance of the corporation's water system. Smith v. Hawks, 182 Ga. App. 379, 355 S.E.2d 669 (1987) (decided under former O.C.G.A. § 53-13-51).   Standing to bring suit.    - In a class action brought by a beneficiary of a trust holding a participating unit in the common trust fund of a bank, alleging that the bank made imprudent investments which resulted in losses, the class members, i.e., beneficiaries of other participating trusts, had standing, having possibly suffered injury. The bank, which had an adverse interest in the litigation, was not required to bring suit against itself. Meyer v. Citizens & S. Nat'l Bank, 106 F.R.D. 356 (M.D. Ga. 1985) (decided under former O.C.G.A. § 53-13-51).    Trustees vested jointly and severally with power to preserve trust. Smith v. Francis, 221 Ga. 260, 144 S.E.2d 439 (1965) (decided under former Code 1933, § 108-112).    While recognizing the general rule that the unified action of all the trustees is required to dispose of trust property, under Georgia law, each trustee has the duty and is clothed with the authority necessary to protect the corpus of the trust. Smith v. Francis, 221 Ga. 260, 144 S.E.2d 439 (1965) (decided under former Code 1933, § 108-112).   Trial court's discretion as to accountings.    - Appellate court erred by reversing a trial court and ordering that the trustees provide the beneficiaries of a family trust the accounting sought because the appellate court failed to give any consideration to the trial court's discretion to require or excuse an accounting. Rollins v. Rollins, 294 Ga. 711, 755 S.E.2d 727 (2014).    Cited in Mobley v. Phinizy, 42 Ga. App. 33, 155 S.E. 73 (1930); Fine v. Saul, 183 Ga. 309, 188 S.E. 439 (1936); Clayton v. First Nat'l Bank, 237 Ga. 604, 229 S.E.2d 346 (1976); Fox v. First Nat'l Bank, 145 Ga. App. 1, 243 S.E.2d 291 (1978).   RESEARCH REFERENCES   Am. Jur. 2d.   - 76 Am. Jur. 2d, Trusts, § 331 et seq.   24 Am. Jur. Pleading and Practice Forms, § 231 et seq.   C.J.S.   - 90 C.J.S., Trusts, § 258.   ALR.    - Care required of trustee or guardian with respect to retaining securities coming into his hands as assets of the estate, 77 A.L.R. 505; 112 A.L.R. 355.    Provisions of will or other trust instrument exempting trustee from or limiting his liability, 83 A.L.R. 616; 158 A.L.R. 276.    Right or duty of trustee to withhold income as a reserve against future charges, anticipated loss, or reduction of future income or other emergencies, 125 A.L.R. 629.    Control of discretion of trustee as to turning over entire principal of fund to beneficiary, 143 A.L.R. 467.    Duty of trustee or other fiduciary in respect of existing life insurance policy, 150 A.L.R. 840.    Discretion given trustee respecting payment, application, or distribution of income or corpus as conditioning the gift itself, or as governing merely the time or method of permitting enjoyment, 172 A.L.R. 455.   Power of guardian representing unborn future interest holders to consent to invasion of trust corpus, 49 A.L.R.2d 1095.   Duty of trustees of charitable trust to furnish information and records to attorney general relating to trust administration, 86 A.L.R.2d 1375.   Validity and construction of trust provision authorizing trustee to purchase trust property, 39 A.L.R.3d 836.   Liability of executor, administrator, trustee, or his counsel, for interest, penalty, or extra taxes assessed against estate because of tax law violations, 47 A.L.R.3d 507.   Liability of testamentary trustee for failure to assert claim against executor of testator's estate for mistake resulting in overpayment of taxes, 68 A.L.R.3d 1265.   Absence of market therefor as justifying trustee's retention of unauthorized or nonlegal securities received from creator of trust, 88 A.L.R.3d 894.   Payment or distribution under invalid instruction as breach of trustee's duty, 6 A.L.R.4th 1196.