reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 11 - TRUSTEES (§§ 53-12-200 — 53-12-221) › Part 1 - GENERAL PROVISIONS (§§ 53-12-200 — 53-12-204) › Section 53-12-204 - Cotrustees generally

The authority of cotrustees to act on behalf of the trust shall be as follows:
(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 performance of ministerial acts;
(2)
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
(3)
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.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 11 - TRUSTEES (§§ 53-12-200 — 53-12-221) › Part 2 - COMPENSATION (§§ 53-12-210 — 53-12-214) › Section 53-12-211 - Compensation of cotrustees and successor trustees

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 unless they shall agree otherwise; and
(2)
The annual fee paid pursuant to subparagraph (c)(2)(B) of Code Section
53-12-210
shall be apportioned among trustees and successor trustees according to the proportion of time each rendered services during the year.
Amended by 2011 Ga. Laws 181,§ 11, eff. 5/12/2011.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 11 - TRUSTEES (§§ 53-12-200 — 53-12-221) › Part 2 - COMPENSATION (§§ 53-12-210 — 53-12-214) › Section 53-12-212 - Extra compensation

(a)
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.
(b)
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.
Amended by 2018 Ga. Laws 366,§ 16, eff. 7/1/2018.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 11 - TRUSTEES (§§ 53-12-200 — 53-12-221) › Part 2 - COMPENSATION (§§ 53-12-210 — 53-12-214) › Section 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.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 11 - TRUSTEES (§§ 53-12-200 — 53-12-221) › Part 2 - COMPENSATION (§§ 53-12-210 — 53-12-214) › Section 53-12-214 - Compensation from business enterprise

(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 to the corporation or other business enterprise are of a managerial, executive, or business advisory nature;
(2)
The compensation received for the services is reasonable; and
(3)
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.
(b)
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.
(c)
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.
(d)
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
.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 11 - TRUSTEES (§§ 53-12-200 — 53-12-221) › Part 3 - RESIGNATION OR REMOVAL OF TRUSTEE (§§ 53-12-220 — 53-12-221) › Section 53-12-220 - Resignation of trustee

(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 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.
(c)
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.
(d)
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.
Amended by 2018 Ga. Laws 366,§ 17, eff. 7/1/2018.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 11 - TRUSTEES (§§ 53-12-200 — 53-12-221) › Part 3 - RESIGNATION OR REMOVAL OF TRUSTEE (§§ 53-12-220 — 53-12-221) › Section 53-12-221 - Removal of trustee

(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 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.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 12 - ACCOUNTING (§§ 53-12-230 — 53-12-232) › Section 53-12-230 - Interim accounting

(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.
(b)
The petition shall set forth:
(1)
The name and address of the trustee;
(2)
Any provisions of the trust relating to matters that will be covered by the interim accounting;
(3)
The beneficiaries of the trust, specifying any beneficiary believed to be in need of a guardian ad litem;
(4)
The period which the accounting covers;
(5)
A statement of receipts and disbursements of the trust that have occurred since the trustee's acceptance of the trust or since the effective date of the last accounting;
(6)
In a separate schedule, the principal on hand at the beginning of the accounting period and the status at that time of its investment; the investments received from the settlor and still held; additions to principal during the accounting period, with dates and sources of acquisition; investments collected, sold, or charged off during the accounting period, with the consequent loss or gain and whether credited to principal or income; investments made during the accounting period, with the date, source, and cost of each; deductions from the principal during the accounting period, with the date and purpose of each; and principal on hand at the end of the accounting period, how invested, and the estimated market value of each investment;
(7)
In a separate schedule, the income on hand at the beginning of the accounting period and in what form held; income received during the accounting period, when, and from what source; income paid out during the accounting period, when, to whom, and for what purpose; and income on hand at the end of the accounting period and how invested;
(8)
A statement of the assets and liabilities of the trust as of the end of the accounting period; and
(9)
Other information reasonably necessary to explain or understand the accounting.
(c)
The petition shall be served on the beneficiaries of the trust and the surety on the trustee's bond, if any.
(d)
Upon review of the petition and after considering any objections thereto and any evidence presented, the court may approve the trustee's interim accounting or enter judgment granting appropriate relief. If no objection to the petition is filed within the time allowed by law after service, or if the parties consent, the petition may be approved without notice, hearing, or further proceedings. The final judgment of the court shall be binding on all parties.
(e)
Costs and expenses, including reasonable attorney's fees of the trustee, shall be taxed against the trust, unless otherwise directed by the court.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 12 - ACCOUNTING (§§ 53-12-230 — 53-12-232) › Section 53-12-231 - Final accounting

(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 trustee or the trustee's personal representative may petition the court to approve a final accounting relieving the trustee from liability for the period covered by the final accounting. The settlement period shall begin from the acceptance of the trusteeship by the trustee or the end of the period covered by the last interim accounting.
(b)
The petition shall set forth:
(1)
The name and address of the trustee;
(2)
The beneficiaries of the trust, specifying any beneficiary believed to be in need of a guardian ad litem;
(3)
The period which the accounting covers; and
(4)
If the petition is filed by the trustee or the trustee's personal representative, the petition shall also include the information required to be filed by trustees in conjunction with the approval of an interim accounting as set forth in subsection (b) of Code Section
53-12-230
.
(c)
The petition shall be served on the beneficiaries, the trustee, the trustee's personal representative, if any, and the surety on the trustee's bond, if any.
(d)
Upon review of the trustee's final accounting and after considering any objections thereto and any evidence presented, the court may approve the final accounting or enter judgment granting appropriate relief. If no objection to the petition is filed within the time allowed by law after service, or if the parties consent, the petition may be approved without notice, hearing, or further proceedings. The final judgment of the court shall be binding on all parties.
(e)
Costs and expenses, including reasonable attorney's fees of the trustee, shall be taxed against the trust, unless otherwise directed by the court.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 12 - ACCOUNTING (§§ 53-12-230 — 53-12-232) › Section 53-12-232 - Equitable accounting

Nothing in this article shall restrict the right of any party to seek an equitable accounting.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 1 - GENERAL PROVISIONS (§§ 53-12-240 — 53-12-247) › Section 53-12-240 - Duties generally

(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 provisions and purposes.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 1 - GENERAL PROVISIONS (§§ 53-12-240 — 53-12-247) › Section 53-12-241 - Duty of prudent administration

(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.
(b)
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.
Amended by 2020 Ga. Laws 508,§ 1-82, eff. 1/1/2021.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 1 - GENERAL PROVISIONS (§§ 53-12-240 — 53-12-247) › Section 53-12-242 - Duty to inform as to existence of trust

(a)
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.
(b)
All irrevocable trusts in existence on July 1, 2010, shall be deemed to have waived this provision unless the trust instrument says otherwise.
Amended by 2018 Ga. Laws 366,§ 18, eff. 7/1/2018.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 1 - GENERAL PROVISIONS (§§ 53-12-240 — 53-12-247) › Section 53-12-243 - Duty to provide reports and accounts

(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 trustee, and the particulars relating to the administration of such trust, including the trust provisions that describe or affect such beneficiary's interest.
(b)
(1)
A trustee shall account at least annually, at the termination of the trust, and upon a change of trustees to each beneficiary of an irrevocable trust to whom income is required or authorized in the trustee's discretion to be distributed currently, and to any person who may revoke the trust. At the termination of the trust, the trustee shall also account to each remainder beneficiary. Upon a change of trustees, the trustee shall also account to the successor trustee.
(2)
An accounting furnished to a beneficiary pursuant to paragraph (1) of this subsection shall contain a statement of receipts and disbursements of principal and income that have occurred during the last complete fiscal year of the trust or since the last accounting to that beneficiary and a statement of the assets and liabilities of the trust as of the end of the accounting period.
(c)
A trustee shall not be required to report information or account to a beneficiary who has waived in writing the right to a report or accounting and has not withdrawn that waiver.
(d)
Subsections (a) and (b) of this Code section and the common law duty of the trustee to keep the beneficiaries of the trust reasonably informed of the trust and its administration shall not apply to the extent that the provisions of the trust provide otherwise or the settlor of the trust directs otherwise in a writing delivered to the trustee.
(e)
Nothing in this Code section shall affect the power of a court to require or excuse an accounting.
Amended by 2020 Ga. Laws 508,§ 1-83, eff. 1/1/2021.
Amended by 2018 Ga. Laws 366,§ 19, eff. 7/1/2018.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 1 - GENERAL PROVISIONS (§§ 53-12-240 — 53-12-247) › Section 53-12-244 - Duty to distribute income

A trustee shall distribute all net income derived from the trust at least annually.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 1 - GENERAL PROVISIONS (§§ 53-12-240 — 53-12-247) › Section 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.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 1 - GENERAL PROVISIONS (§§ 53-12-240 — 53-12-247) › Section 53-12-246 - Duty to avoid conflict of interest

(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 of the trustee;
(2)
Payment of reasonable compensation to the trustee; or
(3)
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.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 1 - GENERAL PROVISIONS (§§ 53-12-240 — 53-12-247) › Section 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.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 2 - INCORPORATION OF FIDUCIARY POWERS BY REFERENCE (§§ 53-12-260 — 53-12-264) › Section 53-12-260 - Discretionary powers

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.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 2 - INCORPORATION OF FIDUCIARY POWERS BY REFERENCE (§§ 53-12-260 — 53-12-264) › Section 53-12-262 - Powers of corporate fiduciaries

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 received or contributed may be converted or which may be derived therefrom as a result of merger, consolidation, stock dividends, splits, liquidations, and similar procedures. The corporate fiduciary may exercise by purchase or otherwise any rights, warrants, or conversion features attaching to any such securities. The authority described in this paragraph shall:
(A)
Apply to the exchange or conversion of stock or securities of the corporate fiduciary's own issue, whether or not any new stock or securities received in exchange therefor are substantially equivalent to those originally held;
(B)
Apply to the continued retention of all new stock and securities resulting from merger, consolidation, stock dividends, splits, liquidations, and similar procedures and received by virtue of such conversion or exchange of stock or securities of the corporate fiduciary's own issue, whether or not the new stock or securities are substantially equivalent to those originally received by the fiduciary;
(C)
Have reference, inter alia, to the exchange of such stock or securities for stock or securities of any holding company which owns stock or other interests in one or more other corporations, including the corporate fiduciary, whether the holding company is newly formed or already existing and whether or not any of the corporations own assets identical or similar to the assets of or carry on a business identical or similar to the corporation whose stock or securities were previously received by the fiduciary and the continued retention of stock or securities, or both, of the holding company; and
(D)
Apply regardless of whether any of the corporations have officers, directors, employees, agents, or trustees in common with the corporation whose stock or securities were previously received by the fiduciary; and
(2)
To borrow money from its own banking department for such periods of time and upon such terms and conditions as to rates, maturities, renewals, and security as the fiduciary shall deem advisable for the purpose of paying debts, taxes, or other charges against the estate or any trust or any part thereof, and to mortgage, pledge, or otherwise encumber such portion of the estate or any trust as may be required to secure the loan or loans; and to renew existing loans either as maker or endorser.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 2 - INCORPORATION OF FIDUCIARY POWERS BY REFERENCE (§§ 53-12-260 — 53-12-264) › Section 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.
Amended by 2018 Ga. Laws 366,§ 22, eff. 7/1/2018.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 3 - DISCRETIONARY DISTRIBUTIONS (§ 53-12-270) › Section 53-12-270 - Exercise of power by trustee who is also a beneficiary

(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:
(1)
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
(2)
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.
(b)
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.
(c)
Subsection (a) of this Code section shall not apply to:
(1)
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;
(2)
Any trust during any period that the trust may be revoked or amended by its settlor; or
(3)
A trust if contributions to such trust qualify for the annual exclusion under Section 2503(c) of the federal Internal Revenue Code of 1986.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 4 - CERTIFICATIONS OF TRUST (§ 53-12-280) › Section 53-12-280 - Certification of trust by trustee

(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 shall contain some or all of the following information:
(1)
That the trust exists and the date of the trust and any amendments;
(2)
The identity of each settlor;
(3)
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;
(4)
The relevant powers of the trustee and any restrictions or limitations on those powers;
(5)
The revocability or irrevocability of the trust;
(6)
How trust property should be titled;
(7)
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
(8)
Such other information as the trustee deems appropriate.
(c)
A certification of trust:
(1)
Shall be signed by each trustee;
(2)
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
(3)
Need not contain the dispositive provisions of the trust.
(d)
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.
(e)
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.
(f)
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.
(g)
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.
(h)
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.
(i)
A certification of trust in recordable form may be recorded in the office of the clerk of superior court.
Amended by 2011 Ga. Laws 245,§ 53, eff. 5/13/2011.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 5 - REGISTRATION AND DEPOSIT OF SECURITIES (§§ 53-12-290 — 53-12-292) › Section 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:
(1)
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
(2)
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.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 5 - REGISTRATION AND DEPOSIT OF SECURITIES (§§ 53-12-290 — 53-12-292) › Section 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.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 13 - ADMINISTRATION OF TRUST (§§ 53-12-240 — 53-12-292) › Part 5 - REGISTRATION AND DEPOSIT OF SECURITIES (§§ 53-12-290 — 53-12-292) › Section 53-12-292 - Deposit of securities in clearing corporation

(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 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.
(b)
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.
(c)
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.
(d)
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.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 14 - BREACH OF TRUST (§§ 53-12-300 — 53-12-308) › Section 53-12-300 - Accountable to beneficiary; breach of trust

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.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 14 - BREACH OF TRUST (§§ 53-12-300 — 53-12-308) › Section 53-12-301 - Actions for breach of trust

(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 committing a breach of trust;
(5)
To compel the trustee to redress a breach of trust by payment of money or otherwise;
(6)
To appoint a temporary trustee to take possession of the trust property and administer the trust or to suspend a trustee with or without the appointment of a temporary trustee;
(7)
To remove the trustee; and
(8)
To reduce or deny compensation of the trustee.
(b)
When trust assets are misapplied and can be traced in the hands of persons affected with notice of the misapplication, the trust shall attach to such assets. A creditor of a trust may follow assets in the hands of beneficiaries even if they were received without notice.
(c)
The remedy set forth in subsection (c) of Code Section
53-12-363
shall be the exclusive remedy for an abuse of discretion as provided in Code Sections
53-12-361
and
53-12-362
.
(d)
The provision of remedies for breach of trust shall not prevent resort to any other appropriate remedy provided by statute or common law.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 14 - BREACH OF TRUST (§§ 53-12-300 — 53-12-308) › Section 53-12-302 - Damages for breach of trust; interest

(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;
(2)
Any profit made by the trustee through such breach of trust, with interest;
(3)
Any amount that would reasonably have accrued to the trust or beneficiary if there had been no breach of trust, with interest; and
(4)
In the discretion of the court, expenses of litigation, including reasonable attorney's fees incurred in bringing an action on such breach or threat to commit such breach.
(b)
If the trustee is liable for interest, then the amount of the liability for interest shall be the greater of:
(1)
The amount of interest that accrues at the legal rate on judgments; or
(2)
The amount of interest actually received.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 14 - BREACH OF TRUST (§§ 53-12-300 — 53-12-308) › Section 53-12-303 - Relief of liability

(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 for any act performed or omitted pursuant to written direction from a person holding the power to revoke, including a person to whom the power to revoke the trust is delegated. If the trust is revocable in part, then this subsection shall apply with respect to the interest of the beneficiary in that part of the trust property.
Amended by 2018 Ga. Laws 366,§ 23, eff. 7/1/2018.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 14 - BREACH OF TRUST (§§ 53-12-300 — 53-12-308) › Section 53-12-304 - Liability of successor trustee

(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:
(1)
Knows or reasonably should have known of a situation constituting a breach of trust committed by the predecessor trustee and the successor trustee improperly permits it to continue;
(2)
Neglects to take reasonable steps to compel the predecessor to deliver the trust property to the successor trustee; or
(3)
Neglects to take reasonable steps to redress a breach of trust committed by the predecessor trustee in a case where the successor trustee knows or reasonably should have known of the predecessor trustee's breach.
(b)
A trustee succeeding a trustee who was also the settlor shall not be liable to the beneficiary for any action taken or omitted to be taken by the prior trustee nor shall such successor trustee have a duty to institute any action against such prior trustee or to file any claim against such prior trustee's estate for any of the prior trustee's acts or omissions as trustee. This subsection shall apply only with respect to a trust or any portion of a trust that was revocable by the settlor during the time that the settlor served as trustee and committed the act or omission.
Amended by 2011 Ga. Laws 245,§ 53, eff. 5/13/2011.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 14 - BREACH OF TRUST (§§ 53-12-300 — 53-12-308) › Section 53-12-305 - Liability of cotrustee

(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 in, or conceals a breach of trust committed by the cotrustee;
(4)
Negligently enables the cotrustee to commit a breach of trust; or
(5)
Neglects to take reasonable steps to compel the cotrustee to redress a breach of trust in a case where such trustee knows or reasonably should have known of the breach of trust.
(b)
If two or more cotrustees are jointly liable to the beneficiary, each cotrustee shall be entitled to contribution from the other, as determined by the degree of each cotrustee's fault.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 14 - BREACH OF TRUST (§§ 53-12-300 — 53-12-308) › Section 53-12-306 - Action against cotrustee

(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)
The provision of remedies for a breach of trust shall not prevent resort to any other appropriate remedy provided by statute or common law.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 14 - BREACH OF TRUST (§§ 53-12-300 — 53-12-308) › Section 53-12-307 - Limitation of actions

(a)
Unless a claim is previously barred by adjudication, consent, limitation, or otherwise, if a beneficiary has received a written report that adequately discloses the existence of a claim against the trustee for a breach of trust, the claim shall be barred as to that beneficiary unless a proceeding to assert the claim is commenced within two years after receipt of the report. A report adequately discloses existence of a claim if it provides sufficient information so that the beneficiary knows of such claim or reasonably should have inquired into the existence of such claim. If the beneficiary has not received a report which adequately discloses the existence of a claim against the trustee for a breach of trust, such claim shall be barred as to that beneficiary unless a proceeding to assert such claim is commenced within six years after the beneficiary discovered, or reasonably should have discovered, the subject of such claim.
(b)
A successor trustee's claim against a predecessor trustee shall be barred unless a proceeding to assert such claim is commenced within two years after such successor trustee takes office.
(c)
A trustee's claim against a cotrustee shall be barred unless a proceeding to assert such claim is commenced within two years after the date the cause of action against the cotrustee arises.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.
2023 CODE OF GEORGIA › Title 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES (§§ 53-1-1 — 53-17-12) › Chapter 12 - REVISED GEORGIA TRUST CODE OF 2010 (§§ 53-12-1 — 53-12-506) › Article 14 - BREACH OF TRUST (§§ 53-12-300 — 53-12-308) › Section 53-12-308 - Personal liability of trustee

(a)
A trustee shall not be personally liable on any warranty made in any conveyance unless the intention to create a personal liability is distinctly expressed.
(b)
Unless otherwise provided in the contract, a trustee shall not be personally liable on contracts properly entered into in the trustee's fiduciary capacity unless the trustee fails to reveal the trustee's representative capacity in the contract.
(c)
A judgment rendered in an action brought against the trust shall impose no personal liability on the trustee or the beneficiary.
Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.