§ 53-12-506. Statutory Provisions Applicable to Trust Directors; Defenses Available to Trust Directors; Personal Jurisdiction; Term “Trustee” Includes Trust Director Where Required or Permitted
An individual shall be eligible to serve as a trust director regardless of citizenship and residency. If the trust director is a corporation, partnership, or other entity, it shall be required to have the power to act as a trustee in Georgia. The rules applicable to a trustee apply to a trust director regarding: Jurisdiction […]
§ 53-12-500. Definitions
As used in this article, the term: “Directed trustee” means a trustee that is subject to a trust director’s power of direction. “Power of appointment” means a power that enables a person, acting in a nonfiduciary capacity, to: Designate a recipient of either an ownership interest in or another power of appointment over trust property; […]
§ 53-12-501. Application of Article; Construction of Trust Instrument
This article shall apply when the trust instrument evidences the settlor’s intent to provide for the office and function of a trust director, regardless of the terms used to describe such office and functions. This article shall not apply to: A power of appointment; A power to appoint or remove a trustee or trust director; […]
§ 53-12-502. Authority, Procedures, and Powers of Trust Directors
Except as otherwise provided in this Code section, a trust instrument may grant powers of direction to a trust director. 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 […]
§ 53-12-503. Role of Directors; Petitioning Court for Instructions
Except as otherwise provided in this article, with respect to a power of direction, a trust director shall have the same fiduciary duty and liability in the exercise or nonexercise of the power of direction as a trustee in a like position and under similar circumstances. Where a trust director individually holds a power of […]
§ 53-12-504. Directed Trustees; Role; Trustee’s Duty as to Directed Trustee; Petitioning Court for Instructions
Unless compliance by the directed trustee would clearly constitute an act committed in bad faith on the part of the directed trustee, a directed trustee shall take reasonable action to comply with a trust director’s exercise or nonexercise of a power of direction and shall not be liable for such action. A directed trustee must […]
§ 53-12-505. Relief From Duty and Liability
A trust instrument may relieve a cotrustee from duty and liability with respect to another cotrustee’s exercise or nonexercise of a power of the other cotrustee to the same extent that a directed trustee is relieved from duty and liability with respect to a trust director’s power of direction under this article. History. Code 1981, […]