Skip to content
Georgia Commons
Menu

Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 2. BANKS AND TRUST COMPANIES · Part 1. GENERAL MATTERS

7-1-242. Restriction on corporate fiduciaries.

Active

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

  1. (a)

    No corporation, partnership, or other entity may lawfully act as a fiduciary in this state except:#

    1. (1)

      A financial institution authorized to act in such capacity pursuant to the provisions of Georgia law;#

    2. (2)

      A trust company;#

    3. (3)

      A national bank or a state bank lawfully doing a banking business in this state and authorized to act as a fiduciary under the laws of the United States or another state;#

    4. (4)

      A savings bank or savings and loan association lawfully doing a banking business in this state and authorized to act as a fiduciary under the laws of the United States or another state;#

    5. (5)

      Attorneys at law licensed to practice in this state, whether organized as a professional corporation or otherwise;#

    6. (6)

      An investment adviser registered pursuant to the provisions of 15 U.S.C. Section 80b-3 or Chapter 5 of Title 10, provided that this exception shall not authorize an investment adviser to act in any fiduciary capacity subject to the provisions of Title 53, relating to wills, trusts, and the administration of estates, or Title 29, relating to guardianships and conservatorships;#

    7. (7)

      A securities broker or dealer registered pursuant to the provisions of 15 U.S.C. Section 78o or Chapter 5 of Title 10 acting in such fiduciary capacity incidental to and as a consequence of its broker or dealer activities; or#

    8. (8)

      A nonprofit corporation.#

  2. (b)

    Acting as a fiduciary for purposes of this Code section includes, but is not limited to:#

    1. (1)

      Accepting or executing trusts or otherwise acting as a trustee;#

    2. (2)

      Administering real or tangible personal property located in Georgia or elsewhere. As used in this paragraph, the term “administer” means to possess, purchase, sell, lease, insure, safekeep, manage, or otherwise oversee; and#

    3. (3)

      Acting pursuant to a court order as personal representative or temporary administrator of the estate of a deceased person or as guardian or conservator for a minor or incapacitated person.#

  3. (c)

    Nothing in this chapter shall be construed to repeal or to change Article 15 of Chapter 12 of Title 53 or any other statutes or rules of law on such subject.#

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 1933, § 109-302.1, enacted by Ga. L. 1973, p. 525, § 1; Code 1933, § 41A1103, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1980, p. 972, §§ 5, 6; Ga. L. 1981, p. 1366, § 4; Ga. L. 1990, p. 301, § 2; Ga. L. 1991, p. 810, § 2; Ga. L. 1998, p. 795, § 13; Ga. L. 2004, p. 631, § 7; Ga. L. 2008, p. 381, § 3/SB 358; Ga. L. 2010, p. 579, § 2/SB 131; Ga. L. 2025, p. 806, § 2/HB 327, effective July 1, 2025.

Amendments

The 2025 amendment, effective July 1, 2025, inserted a comma following “includes” in subsection (b), substituted “As used in this paragraph, the term” for “For the purposes of this paragraph,” in paragraph (b)(2); and substituted “representative or temporary” for “representative, executor, or” in paragraph (b)(3).

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 t7-t8-(v5)-pdf.pdf, Volume V5, 2024 edition, 2025 supplement, pages 8 to 9; merge action: replaced; file SHA-256 be4c41aa6399.