Official Code of Georgia Annotated

Title 53. WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES · Chapter 12. TRUSTS · Article 17. GEORGIA PRINCIPAL AND INCOME ACT · Part 4. ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST

53-12-420. Principal receipts.

Active

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

A trustee shall allocate to principal:
(1)
To the extent not allocated to income under this article, assets received from a transferor during the transferor’s lifetime, a decedent’s estate, a trust with a terminating income interest, or a payor under a contract naming the trust or its trustee as beneficiary;#
(2)
Money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to the provisions of this article;#
(3)
Amounts recovered from third parties to reimburse the trust because of disbursements described in paragraph (7) of subsection (a) of Code Section 53-12-451 or for other reasons to the extent not based on the loss of income;#
(4)
Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest shall be income;#
(5)
Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and#
(6)
Other receipts as provided in this article.#

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, § 53-12-420, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2011, p. 752, § 53/HB 142.

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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, pages 946 to 947; merge action: carried; file SHA-256 062775612dfc.

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