§ 53-12-500. Definitions
As used in this article, the term: “Directed trustee” means a trustee that is subject to a trust director’s power of direction. “Power of appointment” means a power that enables a person, acting in a nonfiduciary capacity, to: Designate a recipient of either an ownership interest in or another power of appointment over trust property; […]
§ 53-12-501. Application of Article; Construction of Trust Instrument
This article shall apply when the trust instrument evidences the settlor’s intent to provide for the office and function of a trust director, regardless of the terms used to describe such office and functions. This article shall not apply to: A power of appointment; A power to appoint or remove a trustee or trust director; […]
§ 53-12-424. Insubstantial Allocations Not Required
If a trustee determines that an allocation between principal and income required by Code Sections 53-12-425 through 53-12-428 or Code Section 53-12-431 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in Code Section 53-12-361 applies to the allocation. Such power may be exercised by a cotrustee […]
§ 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 […]
§ 53-12-425. Deferred Compensation, Annuities, and Similar Payments
As used in this Code section, the term: “Payment” means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payor in exchange for future payments. Such term includes a payment made in money […]
§ 53-12-503. Role of Directors; Petitioning Court for Instructions
Except as otherwise provided in this article, with respect to a power of direction, a trust director shall have the same fiduciary duty and liability in the exercise or nonexercise of the power of direction as a trustee in a like position and under similar circumstances. Where a trust director individually holds a power of […]
§ 53-12-426. Liquidating Asset
As used in this Code section, the term “liquidating asset” means an asset whose value will diminish or terminate because such asset is expected to produce receipts for a period of limited duration. Such term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year […]
§ 53-12-504. Directed Trustees; Role; Trustee’s Duty as to Directed Trustee; Petitioning Court for Instructions
Unless compliance by the directed trustee would clearly constitute an act committed in bad faith on the part of the directed trustee, a directed trustee shall take reasonable action to comply with a trust director’s exercise or nonexercise of a power of direction and shall not be liable for such action. A directed trustee must […]
§ 53-12-427. Minerals, Water, and Other Natural Resources
To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this Code section, the trustee shall allocate them as follows: If received as nominal delay rental or nominal annual rent on a lease, a receipt shall be allocated to income; If received from a production […]
§ 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, […]