§ 53-12-243. Duty to Provide Reports and Accounts
On reasonable request by any qualified beneficiary, the trustee shall provide the qualified beneficiary with a report of information, to the extent relevant to that beneficiary’s interest, about the assets, liabilities, receipts, and disbursements of the trust, the acts of the trustee, and the particulars relating to the administration of such trust, including the trust […]
§ 53-12-203. Trustee’s Bond
A trustee shall not be required to give a bond to secure performance of the trustee’s duties unless: The trust instrument requires a bond; or A bond is found by the court to be necessary to protect the interests of beneficiaries or creditors of the trust, even though the trust instrument waives the requirement of […]
§ 53-12-204. Cotrustees Generally
The authority of cotrustees to act on behalf of the trust shall be as follows: A power vested in two or more trustees shall only be exercised by their unanimous action; provided, however, that a cotrustee may delegate to one or more other cotrustees the performance of ministerial acts; If a vacancy occurs in the […]
§ 53-12-210. Compensation of Trustee
Trustees shall be compensated in accordance with either the trust instrument or any separate written agreement between the trustee and the settlor. After the settlor’s death or incapacity or while the trust is irrevocable, the trust instrument or the agreement relating to such trustee’s compensation may be modified as follows: The trustee and all qualified […]
§ 53-12-211. Compensation of Cotrustees and Successor Trustees
Unless any separate written agreement provides otherwise: Each cotrustee shall be compensated as specified by the terms of the trust, as each trustee may have agreed or in accordance with a published fee schedule, and such compensation among cotrustees shall not be apportioned unless they shall agree otherwise; and The annual fee paid pursuant to […]
§ 53-12-182. Effect of Code Sections 53-12-180 and 53-12-181 as to Forfeiture or Reversion of Trust Property
Nothing contained in Code Sections 53-12-180 and 53-12-181 shall cause or be construed to cause a forfeiture or reversion of any of the property of a corporation which is subject to such Code sections. History. Code 1981, § 53-12-182 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
§ 53-12-212. Extra Compensation
A trustee who is receiving compensation as described in subsection (c) of Code Section 53-12-210 may petition the court for compensation that is greater than the compensation allowed under that subsection. Notice of the petition for extra compensation shall be given to all qualified beneficiaries. After hearing any objection, the court shall allow such extra […]
§ 53-12-183. Election of Private Foundation to Distribute Such Property as Will Enable Corporation to Avoid Tax Liability
With respect to property held by a corporation which is a private foundation and which is subject to conditions which permit distributions to the extent of the net income of the property each year but do not permit distributions of the property or any part thereof itself, the directors of the corporation may elect to […]
§ 53-12-213. Reimbursement of Expenses
A trustee shall be entitled to be reimbursed out of the trust property for reasonable expenses that were properly incurred in the administration of the trust. History. Code 1981, § 53-12-213 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
§ 53-12-184. Effect of Code Sections 53-12-180 Through 53-12-183 on Powers of the Courts or the Attorney General
Nothing in Code Sections 53-12-180 through 53-12-183 shall impair the rights and powers of the courts or the Attorney General of this state with respect to any corporation. History. Code 1981, § 53-12-184 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.