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

53-12-423. Insurance policies and similar contracts.

Active

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

(a)
Except as otherwise provided in subsection (b) of this Code section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income and to principal if the premiums are paid from principal.#
(b)
A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or, subject to Code Section 53-12-412, loss of profits from a business.#
(c)
This Code section shall not apply to a contract to which Code Section 53-12-425 applies.#

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, § 53-12-423, 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 948; merge action: carried; file SHA-256 062775612dfc.

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