§ 53-12-360. Duty of Trustee as to Receipts and Disbursements Within Scope of Article 17
In allocating receipts and disbursements to or between principal and income and with respect to any matter within the scope of Article 17 of this chapter: A trustee shall administer a trust in accordance with the governing trust instrument, even if there is a different provision in Article 17 of this chapter; A trustee may […]
§ 53-12-361. Power of Adjustment
Subject to subsections (c) and (f) of this Code section, a trustee may adjust between principal and income by allocating an amount of income to principal or an amount of principal to income to the extent the trustee considers appropriate if: The governing trust instrument describes what may or shall be distributed to a beneficiary […]
§ 53-12-362. Conversion to Unitrust
Unless expressly prohibited by the trust instrument, a trustee may release the power to adjust under Code Section 53-12-361 and convert a trust into a unitrust as described in this Code section if: The trustee determines that the conversion will enable such trustee to better carry out the intent of the settlor or testator and […]
§ 53-12-363. Abuse of Trustee’s Discretion
A court shall not change a trustee’s decision to exercise or not to exercise a discretionary power conferred by Code Section 53-12-361 or 53-12-362 unless it determines that the decision was an abuse of the trustee’s discretion. The decisions to which subsection (a) of this Code section applies include: A determination of whether and to […]
§ 53-12-364. Express Total Return Unitrusts
The following provisions shall apply to a trust which by its governing trust instrument requires the distribution at least annually of a unitrust amount equal to a fixed percentage of not less than 3 percent nor more than 5 percent per year of the net fair market value of the trust’s assets, valued at least […]