§ 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, […]
§ 53-12-428. Timber
To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this Code section, the trustee shall allocate the net receipts: To income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the […]
§ 53-12-429. Property Not Productive of Income
If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under Code Section 53-12-361 and distributes to the […]
§ 53-12-430. Derivatives and Options
As used in this Code section, the term “derivative” means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a […]
§ 53-12-431. Asset-Backed Securities
As used in this Code section, the term “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. Such term includes an asset that gives the owner the right to receive from the collateral […]
§ 53-12-450. Disbursements From Income
A trustee shall make the following disbursements from income: One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee; One-half of all court costs, attorney’s fees, and other fees and expenses for accountings, judicial proceedings, or other matters that involve both the income and […]
§ 53-12-451. Disbursements From Principal
A trustee shall make the following disbursements from principal: The remaining one-half of the disbursements described in paragraphs (1) and (2) of subsection (a) of Code Section 53-12-450; All of the trustee’s compensation calculated on principal as a fee for acceptance, distribution, or termination and disbursements made to prepare property for sale; Payments on the […]
§ 53-12-452. Transfers From Income to Principal for Depreciation
As used in this Code section, the term “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year. A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that […]
§ 53-12-453. Transfers From Income to Reimburse Principal
Wherever a charge that is properly allocable to income has been made or is expected to be made from principal because of the unusually large nature of the charge or otherwise, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a […]
§ 53-12-454. Income Taxes
A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority. A tax […]