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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 4. ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST

53-12-424. Insubstantial allocations not required.

Active

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

  1. If a trustee determines that an allocation between principal and income required by Code Sections 53-12-425 through 53-12-428 or Code Section 53-12-431 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in Code Section 53-12-361 applies to the allocation. Such power may be exercised by a cotrustee in the circumstances described in Code Section 53-12-361 and may be released for the reasons and in the manner described in such Code section. An allocation shall be presumed to be insubstantial if:

  2. (1)

    The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10 percent; or#

  3. (2)

    The value of the asset producing the receipt for which the allocation would be made is less than 10 percent of the total value of the trust’s assets at the beginning of the accounting period.#

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, § 53-12-424, 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 948 to 949; merge action: carried; file SHA-256 062775612dfc.