Official Code of Georgia Annotated

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.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(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. (1)
  An agreement between a trustee and a beneficiary relating to the appointment or compensation of the trustee;#
2. (2)
  Payment of reasonable compensation to the trustee; or#
3. (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.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1981, § 53-12-246, enacted by Ga. L. 2010, p. 579, § 1/SB 131.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t52-t53-(v40)-2021-pdf.pdf, Volume V40, 2021 edition, page 887; merge action: carried; file SHA-256 062775612dfc.