§ 53-12-155. Duties and Powers of Trustees; Resignation or Removal; Successor Trustees
The trustee of a trust created under Code Section 53-12-151 shall have sole and exclusive management and control of the property, in accordance with the terms of the deed creating the estate. The exercise by the trustee of any power granted or conferred by the deed, including the power to lease, encumber, and sell, when […]
§ 53-12-156. Investments by Trustees
In addition to investments in any property, the trustee of a trust created under Code Section 53-12-151 may invest any funds of the trust estate in investments authorized by trustees under the laws of this state; provided, however, that the deed creating the estate may further limit or expand the powers and authority of the […]
§ 53-12-157. Initial and Annual Returns
Each trust created pursuant to this article shall make a return to the Secretary of State, upon the creation of the trust and annually thereafter, in the same manner and embracing the same information, insofar as applicable, as returns by corporations which are required to be made under Articles 1 and 16 of Chapter 2 […]
§ 53-12-158. How Title Vests on Termination of Estate
Upon the termination of the estate created under Code Section 53-12-151, the legal title to all the property belonging to the estate which is then undisposed of shall pass to and vest in the persons who are, at that time, the beneficiaries of the estate, in shares corresponding to their respective interest as beneficiaries. History. […]
§ 53-12-159. Merger of Trust Into a Domestic Corporation
Any trust created pursuant to this article may be merged into a domestic corporation for profit organized under the laws of this state and subject to Title 14 if the deed creating the trust expressly authorizes the merger. With respect to the required procedure for the merger and the rights of dissenting shareholders: The trust […]
§ 53-12-170. Definition; Charitable Purposes
A charitable trust is a trust in which the settlor provides that the trust property shall be used exclusively for charitable purposes. Charitable purposes shall include: The relief of poverty; The advancement of education; The advancement of ethics and religion; The advancement of health; The advancement of science and the arts and humanities; The protection […]
§ 53-12-171. Power to Select Purposes or Beneficiaries
The settlor of a charitable trust may retain the power to select the charitable purposes or charitable beneficiaries, or may grant the trustee or any other person the power to select charitable purposes or charitable beneficiaries or to engage in the charitable purposes, without rendering the trust void for indefiniteness. History. Code 1981, § 53-12-171 […]
§ 53-12-172. Cy Pres
If a charitable trust or gift cannot be executed in the manner provided by the settlor or donor, the superior court shall exercise equitable powers in such a way as will as nearly as possible effectuate the intention of the settlor or donor. History. Code 1981, § 53-12-172 , enacted by Ga. L. 2010, p. […]
§ 53-12-173. Duration of Charitable Trusts
A charitable trust shall be valid even though under the trust provisions it is to continue for an indefinite or unlimited period. History. Code 1981, § 53-12-173 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
§ 53-12-132. Constructive Trusts
A constructive trust is a trust implied whenever the circumstances are such that the person holding legal title to property, either from fraud or otherwise, cannot enjoy the beneficial interest in the property without violating some established principle of equity. The person claiming the beneficial interest in the property may be found to have waived […]