§ 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 […]
§ 53-12-292. Deposit of Securities in Clearing Corporation
Any fiduciary holding securities in its fiduciary capacity, any bank or trust company holding securities as a custodian or managing agent, and any bank or trust company holding securities as custodian for a fiduciary shall be authorized to deposit or arrange for the deposit of the securities in a clearing corporation, as defined in Article […]
§ 53-12-342. Duties at Inception of Trusteeship
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, provisions, distributions requirements, and other circumstances of the trust and with the […]
§ 53-12-300. Accountable to Beneficiary; Breach of Trust
The trustee shall be accountable to the beneficiary for the trust property. A violation by the trustee of any duty that the trustee owes the beneficiary shall be a breach of trust. History. Code 1981, § 53-12-300 , enacted by Ga. L. 2010, p. 579, § 1/SB 131. Cross references. Registration of securities generally, § […]
§ 53-12-343. Reviewing Compliance
Compliance with the investment rules of this part shall be determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight. History. Code 1981, § 53-12-343 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
§ 53-12-301. Actions for Breach of Trust
If a trustee commits a breach of trust, or threatens to commit a breach of trust, a beneficiary shall have a cause of action to seek: To recover damages; To compel the trustee to perform the trustee’s duties; To require an accounting; To enjoin the trustee from committing a breach of trust; To compel the […]
§ 53-12-344. Language Invoking Application of Article
The following terminology or comparable language in the provisions of a trust, unless otherwise limited or modified, shall authorize any investment or strategy permitted under this article and Article 17 of this chapter: “investments permissible by law for investment of trust funds,” “legal investments,” “authorized investments,” “using the judgment and care under the circumstances then […]
§ 53-12-302. Damages for Breach of Trust; Interest
A trustee who commits a breach of trust shall be personally chargeable with any damages resulting from such breach of trust, including, but not limited to: Any loss or depreciation in value of the trust property as a result of such breach of trust, with interest; Any profit made by the trustee through such breach […]
§ 53-12-303. Relief of Liability
No provision in a trust instrument shall be effective to relieve the trustee of liability for a breach of trust committed in bad faith or with reckless indifference to the interests of the beneficiaries. A trustee of a revocable trust shall not be liable to a beneficiary for any act performed or omitted pursuant to […]
§ 53-12-304. Liability of Successor Trustee
A successor trustee shall be liable to the beneficiary for breach of trust involving acts or omissions of a predecessor trustee only if the successor trustee: Knows or reasonably should have known of a situation constituting a breach of trust committed by the predecessor trustee and the successor trustee improperly permits it to continue; Neglects […]