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Official Code of Georgia Annotated

Title 53. WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES · Chapter 12. TRUSTS · Article 17. GEORGIA PRINCIPAL AND INCOME ACT · Part 2. PAYMENT OF INTEREST AND EXPENSES

53-12-390. Payment of interest on pecuniary amount.

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

  1. (a)

    If a beneficiary is to receive a pecuniary amount outright from a trust after an income interest ends, and no interest is provided for by the terms of the trust, the pecuniary amount usually bears interest at the legal rate after the expiration of 12 months from the date the income interest terminates.#

  2. (b)

    The general rule in subsection (a) of this Code section shall be subservient to the equity and necessity of a particular case.#

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.

History

Code 1981, § 53-12-390, enacted by Ga. L. 2010, p. 579, § 1/SB 131.

Read the official page (the state's PDF, opened at the page this text was read from).

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, pages 941 to 942; merge action: carried; file SHA-256 062775612dfc.