Georgia Commons

Title 53. WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES

Chapter 12. TRUSTS

169 sections · 53-12-1 to 53-12-513

Article 1. GENERAL PROVISIONS

  1. 53-12-1Short title; effect on existing trusts.
  2. 53-12-2Definitions.
  3. 53-12-3Construction with common law and equity.
  4. 53-12-4Law governing the validity of the trust.
  5. 53-12-5Law governing the meaning and effect of trust provisions.
  6. 53-12-6Jurisdiction.
  7. 53-12-7When trust and chapter conflict.
  8. 53-12-8Notice to person permitted to bind another person; consent on behalf of another person; representation of others.
  9. 53-12-9Binding nonjudicial settlement agreement.

Article 2. CREATION AND VALIDITY OF EXPRESS TRUSTS

  1. 53-12-20Express trusts.
  2. 53-12-21Formal and precatory words.
  3. 53-12-22Trust purposes.
  4. 53-12-23Capacity of settlor.
  5. 53-12-24Non-merger.
  6. 53-12-25Transfer of property in trust.
  7. 53-12-26Additions to trust property.
  8. 53-12-27Construction; parol evidence.
  9. 53-12-28Trusts for animals.
  10. 53-12-29Conditions in terrorem in trust documents.

Article 3. REVOCABLE TRUSTS

  1. 53-12-40Revocation and modification generally.
  2. 53-12-41Trustee’s consent necessary to enlarge duties.
  3. 53-12-42Notice to trustee.
  4. 53-12-43Power of agent or conservator to revoke trust.
  5. 53-12-44Trust not revocable because life estate holder has reversion.
  6. 53-12-45Limitation on action contesting validity of revocable trust.
  7. 53-12-46Duties and enforcement of trust.

Article 4. REFORMATION, MODIFICATION, DIVISION, CONSOLIDATION, AND TERMINATION OF TRUSTS

  1. 53-12-60Reformation to correct mistakes.
  2. 53-12-61Power to direct modification or termination; petition to modify or terminate irrevocable trust; proceeding to approve proposed modification or termination; distribution of trust property under order for termination; waiver of notice.
  3. 53-12-62Power of trustee to distribute income or principal of original trust.
  4. 53-12-63Division and consolidation of trusts.Repealed
  5. 53-12-64Termination of trusts.Repealed
  6. 53-12-65Modification or termination of uneconomic trust.

Article 5. SPENDTHRIFT PROVISIONS AND CREDITORS’ RIGHTS AND CLAIMS

  1. 53-12-80Spendthrift provisions.
  2. 53-12-81Limitations on creditors’ rights to discretionary distributions.
  3. 53-12-82Rules for trusts; consideration of assets of an inter vivos marital trust following death.
  4. 53-12-83Creditors’ claims against property that is subject to withdrawal right.

Article 6. TESTAMENTARY ADDITIONS TO TRUSTS · Part 1. TESTAMENTARY ADDITIONS TO TRUSTS

  1. 53-12-100Short title.
  2. 53-12-101Making of testamentary additions to trusts.
  3. 53-12-102Limitations of duties and responsibilities of trustee.
  4. 53-12-103Effect on prior and subsequent wills.

Article 6. TESTAMENTARY ADDITIONS TO TRUSTS · Part 2. TRUSTS AS BENEFICIARIES

  1. 53-12-120Trusts as beneficiaries.

Article 7. IMPLIED TRUSTS

  1. 53-12-130Resulting trusts.
  2. 53-12-131Purchase money resulting trusts.
  3. 53-12-132Constructive trusts.
  4. 53-12-133Parol evidence and implied trusts.

Article 8. CREATION BY DEED TO ACQUIRE BENEFICIAL INTEREST

  1. 53-12-150Definitions.
  2. 53-12-151Deeds to interests in property.
  3. 53-12-152Filing of deeds and amendments thereto; filing of copies with Secretary of State.
  4. 53-12-153Name of trust.
  5. 53-12-154Certificates of beneficial interest by trustees.
  6. 53-12-155Duties and powers of trustees; resignation or removal; successor trustees.
  7. 53-12-156Investments by trustees.
  8. 53-12-157Initial and annual returns.
  9. 53-12-158How title vests on termination of estate.
  10. 53-12-159Merger of trust into a domestic corporation.

Article 9. CHARITABLE TRUSTS

  1. 53-12-170Definition; charitable purposes.
  2. 53-12-171Power to select purposes or beneficiaries.
  3. 53-12-172Cy pres.
  4. 53-12-173Duration of charitable trusts.
  5. 53-12-174Attorney general or district attorney as representative of charitable beneficiaries.
  6. 53-12-175Enforcement by settlor.

Article 10. PRIVATE FOUNDATIONS · Part 1. CORPORATIONS

  1. 53-12-180Automatic amendment of articles of incorporation of corporate private foundation.
  2. 53-12-181Amendment of articles of incorporation to exclude application of Code Section 53-12-180.
  3. 53-12-182Effect of Code Sections 53-12-180 and 53-12-181 as to forfeiture or reversion of trust property.
  4. 53-12-183Election of private foundation to distribute such property as will enable corporation to avoid tax liability.
  5. 53-12-184Effect of Code Sections 53-12-180 through 53-12-183 on powers of the courts or the Attorney General.

Article 10. PRIVATE FOUNDATIONS · Part 2. TRUSTS

  1. 53-12-190Automatic amendment of governing instrument of private foundation trust, charitable trust, or split-interest trust.
  2. 53-12-191Automatic amendment of governing instrument of private foundation trust or charitable trust as to distribution of trust funds.
  3. 53-12-192Amendment of governing instrument of private foundation trust, charitable trust, or split-interest trust to exclude application of Code Section 53-12-190 or 53-12-191.
  4. 53-12-193Election of trustees of private foundation or charitable trust to distribute such trust principal as will enable trust to avoid tax liability; filing of written election with Attorney General; form of distribution; revocation of election.
  5. 53-12-194Effect of Code Sections 53-12-190 through 53-12-193 as to forfeiture or reversion of trust property or failure of trust.
  6. 53-12-195Effect of Code Sections 53-12-190 through 53-12-193 on powers of courts and Attorney General.

Article 11. TRUSTEES · Part 1. APPOINTMENT AND ACCEPTANCE

  1. 53-12-200Capacity of trustee.
  2. 53-12-201Appointment and vacancies.
  3. 53-12-202Acceptance.
  4. 53-12-203Trustee’s bond.
  5. 53-12-204Cotrustees generally.

Article 11. TRUSTEES · Part 2. TRUSTEE COMPENSATION

  1. 53-12-210Compensation of trustee.
  2. 53-12-211Compensation of cotrustees and successor trustees.
  3. 53-12-212Extra compensation.
  4. 53-12-213Reimbursement of expenses.
  5. 53-12-214Compensation from business enterprise.

Article 11. TRUSTEES · Part 3. RESIGNATION AND REMOVAL

  1. 53-12-220Resignation of trustee.
  2. 53-12-221Removal of trustee.

Article 12. ACCOUNTING BY TRUSTEE

  1. 53-12-230Interim accounting.
  2. 53-12-231Final accounting.
  3. 53-12-232Equitable accounting.

Article 13. TRUSTEES’ DUTIES AND POWERS · Part 1. DUTIES OF TRUSTEE

  1. 53-12-240Duties generally.
  2. 53-12-241Duty of prudent administration.
  3. 53-12-242Duty to inform as to existence of trust.
  4. 53-12-243Duty to provide reports and accounts.
  5. 53-12-244Duty to distribute income.
  6. 53-12-245No duty to investigate resources.
  7. 53-12-246Duty to avoid conflict of interest.
  8. 53-12-247Duty of impartiality.
  9. 53-12-248Exercise of power of appointment.

Article 13. TRUSTEES’ DUTIES AND POWERS · Part 2. TRUSTEES’ POWERS

  1. 53-12-260Discretionary powers.
  2. 53-12-261Powers of trustee; limitation based on fiduciary duties.
  3. 53-12-262Powers of corporate fiduciaries.
  4. 53-12-263Incorporation of powers by reference.
  5. 53-12-264Granting of powers by qualified beneficiaries.Repealed

Article 13. TRUSTEES’ DUTIES AND POWERS · Part 3. TRUSTEE AS BENEFICIARY

  1. 53-12-270Exercise of power by trustee who is also a beneficiary.

Article 13. TRUSTEES’ DUTIES AND POWERS · Part 4. CERTIFICATION OF TRUSTS

  1. 53-12-280Certification of trust by trustee.

Article 13. TRUSTEES’ DUTIES AND POWERS · Part 5. REGISTRATION AND DEPOSIT OF SECURITIES

  1. 53-12-290How securities to be registered by corporate trustee.
  2. 53-12-291Registration where two or more fiduciaries are acting jointly.
  3. 53-12-292Deposit of securities in clearing corporation.

Article 14. TRUSTEE LIABILITY

  1. 53-12-300Accountable to beneficiary; breach of trust.
  2. 53-12-301Actions for breach of trust.
  3. 53-12-302Damages for breach of trust; interest.
  4. 53-12-303Relief of liability.
  5. 53-12-304Liability of successor trustee.
  6. 53-12-305Liability of cotrustee.
  7. 53-12-306Action against cotrustee.
  8. 53-12-307Limitation of actions.
  9. 53-12-308Personal liability of trustee.

Article 15. NONRESIDENTS AND FOREIGN ENTITIES ACTING AS TRUSTEES

  1. 53-12-320Nonresidents acting as trustees.
  2. 53-12-321Foreign entities acting as trustees.
  3. 53-12-322Acting as fiduciary; establishment of place of business prohibited; certificate of authority required.
  4. 53-12-323Filing statement with Secretary of State; appointment of agent for service.

Article 16. TRUST INVESTMENTS · Part 1. INVESTMENTS GENERALLY

  1. 53-12-340Investment standard.
  2. 53-12-341Concentrated holdings and diversification.
  3. 53-12-342Duties at inception of trusteeship.
  4. 53-12-343Reviewing compliance.
  5. 53-12-344Language invoking application of article.
  6. 53-12-345Delegation.

Article 16. TRUST INVESTMENTS · Part 2. POWER OF ADJUSTMENT AND UNITRUSTS

  1. 53-12-360Duty of trustee as to receipts and disbursements within scope of Article 17.
  2. 53-12-361Power of adjustment.
  3. 53-12-362Conversion to unitrust.
  4. 53-12-363Abuse of trustee’s discretion.
  5. 53-12-364Express total return unitrusts.

Article 17. GEORGIA PRINCIPAL AND INCOME ACT · Part 1. GENERAL PROVISIONS AND DEFINITIONS

  1. 53-12-380Short title.
  2. 53-12-381Definitions.

Article 17. GEORGIA PRINCIPAL AND INCOME ACT · Part 2. PAYMENT OF INTEREST AND EXPENSES

  1. 53-12-390Payment of interest on pecuniary amount.
  2. 53-12-391Payment of expenses.

Article 17. GEORGIA PRINCIPAL AND INCOME ACT · Part 3. APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST

  1. 53-12-400When the right to income begins and ends.
  2. 53-12-401Apportionment of receipts and disbursements when decedent dies or income interest begins.
  3. 53-12-402Apportionment when income interest ends.

Article 17. GEORGIA PRINCIPAL AND INCOME ACT · Part 4. ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST

  1. 53-12-410Character of receipts.
  2. 53-12-411Distribution from trust or estate.
  3. 53-12-412Business and other activities conducted by trustee.
  4. 53-12-420Principal receipts.
  5. 53-12-421Rental property.
  6. 53-12-422Obligation to pay money.
  7. 53-12-423Insurance policies and similar contracts.
  8. 53-12-424Insubstantial allocations not required.
  9. 53-12-425Deferred compensation, annuities, and similar payments.
  10. 53-12-426Liquidating asset.
  11. 53-12-427Minerals, water, and other natural resources.
  12. 53-12-428Timber.
  13. 53-12-429Property not productive of income.
  14. 53-12-430Derivatives and options.
  15. 53-12-431Asset-backed securities.

Article 17. GEORGIA PRINCIPAL AND INCOME ACT · Part 5. ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST

  1. 53-12-450Disbursements from income.
  2. 53-12-451Disbursements from principal.
  3. 53-12-452Transfers from income to principal for depreciation.
  4. 53-12-453Transfers from income to reimburse principal.
  5. 53-12-454Income taxes.
  6. 53-12-455Adjustments between principal and income because of taxes.

Article 18. TRUST DIRECTORS

  1. 53-12-500Definitions.
  2. 53-12-501Application of article; construction of trust instrument.
  3. 53-12-502Authority, procedures, and powers of trust directors.
  4. 53-12-503Role of directors; petitioning court for instructions.
  5. 53-12-504Directed trustees; role; trustee’s duty as to directed trustee; petitioning court for instructions.
  6. 53-12-505Relief from duty and liability.
  7. 53-12-506Eligibility; applicable rules.

Article 19. UTILIZATION OF ELECTRONIC COMMUNICATIONS

  1. 53-12-510Definitions.
  2. 53-12-511Method of providing notice.
  3. 53-12-512Application.
  4. 53-12-513Construction with federal provisions.