§ 53-12-321. Foreign Entities Acting as Trustees
Any foreign entity may act in this state as trustee, executor, administrator, guardian, or any other like or similar fiduciary capacity, whether the appointment is by law, will, deed, inter vivos trust, security deed, mortgage, deed of trust, court order, or otherwise without the necessity of complying with any law of this state relating to […]
§ 53-12-322. Acting as Fiduciary; Establishment of Place of Business Prohibited; Certificate of Authority Required
A foreign entity, insofar as it acts in a fiduciary capacity in this state pursuant to this article, shall not establish or maintain in this state a place of business, branch office, or agency for the conduct in this state of business as a fiduciary unless it obtains a certificate of authority to transact business […]
§ 53-12-323. Filing Statement With Secretary of State; Appointment of Agent for Service
Prior to the time when any foreign entity acts pursuant to the authority of this article in any fiduciary capacity in this state, the foreign entity shall file with the Secretary of State a verified statement which shall state: The correct name of the foreign entity; The name of the state under the laws of […]
§ 53-12-340. Investment Standard
A trustee shall invest and manage trust assets as a prudent investor would by considering the purposes, provisions, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. A trustee’s investment and management decisions respecting individual assets shall be evaluated not in isolation but […]
§ 53-12-291. Registration Where Two or More Fiduciaries Are Acting Jointly
If two or more fiduciaries are acting jointly in reference to any securities, it shall be lawful to register the property in the name of any nominee or any joint corporate fiduciary. In the event that more than one corporate fiduciary is acting, it shall be lawful to register securities in the name of any […]
§ 53-12-341. Concentrated Holdings and Diversification
A trustee shall reasonably manage the risk of concentrated holdings of assets in a trust by diversifying or by using other appropriate mechanisms, except as otherwise provided in this Code section, as follows: The duty imposed by this Code section shall not apply if the trustee reasonably determines that, because of special circumstances, the purposes […]
§ 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.