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

53-12-421. Rental property.

Active

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

To the extent that a trustee accounts for receipts from rental property pursuant to this Code section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, shall be added to principal and held subject to the terms of the lease and shall not be available for distribution to a beneficiary until the trustee’s contractual obligations have been satisfied with respect to such amount.

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, § 53-12-421, 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, page 947; merge action: carried; file SHA-256 062775612dfc.