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Official Code of Georgia Annotated

Title 53. WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES · Chapter 12. TRUSTS · Article 18. TRUST DIRECTORS

53-12-502. Authority, procedures, and powers of trust directors.

Active

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

  1. (a)

    Except as otherwise provided in this Code section, a trust instrument may grant powers of direction to a trust director.#

  2. (b)

    Except as otherwise provided in the trust instrument, when a trust instrument grants powers of direction to a trust director, the trust director shall have any further powers appropriate to the exercise or nonexercise of the powers of direction.#

  3. (c)

    A trust director shall have the same power to employ and compensate persons, subject to the same limitations, that a trustee has under paragraph (23) of subsection (b) of Code Section 53-12-261.#

  4. (d)

    The powers of direction of a trust director who is also a beneficiary shall be subject to the limitations of Code Section 53-12-270.#

  5. (e)

    In the case of a power to modify the trust:#

    1. (1)

      The duties or liabilities of a trustee may not be enlarged without the trustee’s express consent; and#

    2. (2)

      A trustee shall not be liable for failing to act in accordance with a modification or termination of a trust of which the trustee had no notice.#

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, § 53-12-502, enacted by Ga. L. 2018, p. 262, § 25/HB 121; Ga. L. 2020, p. 377, § 1-89/HB 865. The 2020 amendment, effective January 1, 2021, substituted ‘‘Except as otherwise provided in’’ for ‘‘Subject to’’ at the beginning of subsection (a); substituted ‘‘Except as otherwise provided in the trust instrument, when a trust instrument grants powers of direction to a trust director, the trust director shall have any further powers appropriate to the exercise or nonexercise of the powers of direction.’’ for ‘‘A trust director shall be subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction regarding: (1) A payback provision in the trust necessary to comply with the reimbursement requirements of Medicaid law in Section 1917 of the Social Security Act, 42 U.S.C. Section 1396p(d)(4)(A), as it existed on February 1, 2018, and regulations issued thereunder; and (2) A charitable interest in the trust.’’ in subsection (b); added subsection (c) and redesignated former subsections (c) and (d) as subsections (d) and (e).

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 960 to 961; merge action: carried; file SHA-256 062775612dfc.