§ 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, […]
§ 53-12-428. Timber
To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this Code section, the trustee shall allocate the net receipts: To income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the […]
§ 53-12-429. Property Not Productive of Income
If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under Code Section 53-12-361 and distributes to the […]
§ 53-12-430. Derivatives and Options
As used in this Code section, the term “derivative” means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a […]
§ 53-12-431. Asset-Backed Securities
As used in this Code section, the term “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. Such term includes an asset that gives the owner the right to receive from the collateral […]