§ 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 […]
§ 53-12-364. 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 […]
§ 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 […]
§ 53-12-401. Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins
A trustee shall allocate an income receipt or disbursement to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest. A trustee shall allocate an income receipt or disbursement to income if its […]
§ 53-12-402. Apportionment When Income Interest Ends
As used in this Code section, the term “undistributed income” means net income received before the date on which an income interest ends. Such term shall not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under […]
§ 53-12-410. Character of Receipts
As used in this Code section, the term “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate to which Code Section 53-12-411 applies, a business or activity to which […]