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

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).