§ 53-12-291. Registration Where Two or More Fiduciaries Are Acting Jointly
If two or more fiduciaries are acting jointly in reference to any securities, it shall be lawful to register the property in the name of any nominee or any joint corporate fiduciary. In the event that more than one corporate fiduciary is acting, it shall be lawful to register securities in the name of any […]
§ 53-12-292. Deposit of Securities in Clearing Corporation
Any fiduciary holding securities in its fiduciary capacity, any bank or trust company holding securities as a custodian or managing agent, and any bank or trust company holding securities as custodian for a fiduciary shall be authorized to deposit or arrange for the deposit of the securities in a clearing corporation, as defined in Article […]
§ 53-12-270. Exercise of Power by Trustee Who Is Also a Beneficiary
Subject to subsection (c) of this Code section, and unless the trust provisions expressly indicate that a rule in this subsection shall not apply: A person other than a settlor who is a beneficiary and trustee of a trust that confers on such trustee a power to make discretionary distributions to or for such trustee’s […]
§ 53-12-280. Certification of Trust by Trustee
The trustee may present a certification of trust to any person other than a beneficiary in lieu of providing a copy of the trust instrument to establish the existence of the trust provisions. The certification of trust provided for in subsection (a) of this Code section shall contain some or all of the following information: […]
§ 53-12-290. How Securities to Be Registered by Corporate Trustee
Whenever a bank or trust company is duly authorized to act and is acting as a fiduciary, which term shall include an executor, administrator, trustee, guardian, or conservator, and has a nominee in whose name securities, including, without limitation, bonds, stocks, notes, and other evidences of title to intangible personal property, held as a fiduciary, […]
§ 53-12-240. Duties Generally
The duties contained in this part are in addition to and not in limitation of the common law duties of the trustee, except to the extent inconsistent therewith. Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its provisions and purposes. History. Code 1981, § 53-12-240 , […]
§ 53-12-241. Duty of Prudent Administration
In administering a trust, the trustee shall exercise the judgment and care of a prudent person acting in a like capacity and familiar with such matters, considering the purposes, provisions, distribution requirements, and other circumstances of the trust. A trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust […]
§ 53-12-242. Duty to Inform as to Existence of Trust
Within 60 days after the date of creation of an irrevocable trust or of the date on which a revocable trust becomes irrevocable, the trustee shall notify the qualified beneficiaries of such trust of the existence of such trust and the name and mailing address of such trustee. All irrevocable trusts in existence on July […]
§ 53-12-243. Duty to Provide Reports and Accounts
On reasonable request by any qualified beneficiary, the trustee shall provide the qualified beneficiary with a report of information, to the extent relevant to that beneficiary’s interest, about the assets, liabilities, receipts, and disbursements of the trust, the acts of the trustee, and the particulars relating to the administration of such trust, including the trust […]
§ 53-12-244. Duty to Distribute Income
A trustee shall distribute all net income derived from the trust at least annually. History. Code 1981, § 53-12-244 , enacted by Ga. L. 2010, p. 579, § 1/SB 131. Law reviews. For article, “The Scope of Permissible Investments by Fiduciaries Under Georgia Law,” see 19 Ga. St. B.J. 6 (1982).