§ 53-12-421. Rental Property
To the extent that a trustee accounts for receipts from rental property pursuant to this Code section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit […]
§ 53-12-422. Obligation to Pay Money
An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, shall be allocated to income without any provision for amortization of premium. A trustee shall allocate to principal an amount received from the […]
§ 53-12-423. Insurance Policies and Similar Contracts
Except as otherwise provided in subsection (b) of this Code section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, […]
§ 53-12-380. Short Title
This article shall be known and may be cited as the “Georgia Principal and Income Act.” History. Code 1981, § 53-12-380 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
§ 53-12-381. Definitions
As used in this article, the term: “Accounting period” means a calendar year unless another 12 month period is selected by a fiduciary. Such term includes a portion of a calendar year or other 12 month period that begins when an income interest begins or ends when an income interest ends. “Beneficiary” includes, in the […]
§ 53-12-390. Payment of Interest on Pecuniary Amount
If a beneficiary is to receive a pecuniary amount outright from a trust after an income interest ends, and no interest is provided for by the terms of the trust, the pecuniary amount usually bears interest at the legal rate after the expiration of 12 months from the date the income interest terminates. The general […]
§ 53-12-391. Payment of Expenses
Expenses incurred in connection with the settlement of a decedent’s estate or the winding up of a terminating income interest, including interest and penalties concerning taxes, fees of attorneys and personal representatives and trustees, and court costs, may be charged against the principal or income in the discretion of the personal representative or trustee. History. […]
§ 53-12-400. When the Right to Income Begins and Ends
An income beneficiary shall be entitled to net income from the date on which the income interest begins. An income interest shall begin on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest. An asset […]