Public-domain · open source
OpenJurist

O.C.G.A. § 53-12-500

Definitions

Redline — December 1, 2018 → current.View current text →
Current — December 1, 2020
As of December 1, 2018
As used in this article, the term:
As used in this article, the term:
(1) "Directed trustee" means a trustee that is subject to a trust director's power of direction.
(1) "Directed trustee" means a trustee that is subject to a trust director's power of direction.
(2) "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.
(2) "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;
(3) Rescind or terminate either an ownership interest in or another power of appointment over trust property; and
(4) Determine when a beneficiary shall have the rights granted under Code Sections 53-12-242 and 53-12-243 or similar rights granted under the governing instrument.
(3) "Power of direction" means a power over a trust granted to a person by the trust instrument to the extent the power is exercisable while the person is not serving as a trustee. Such term includes a power over the administration of the trust or the investment, management, or distribution of the trust property; a power to consent to a trustee's actions, whether through exercise of an affirmative power to consent or through nonexercise of a veto power over a trustee's actions, when a trustee may not act without such consent; a power to represent a beneficiary, other than a power under Code Section 53-12-8; and, except as otherwise provided in the trust instrument, any further powers appropriate to the exercise or nonexercise of such powers. Such term shall exclude the powers described in subsection (b) of Code Section 53-12-501.
(5) "Power of direction" means a power over a trust granted to a person by the trust instrument to the extent the power is exercisable in a capacity other than as a trustee. Such term includes a power over the administration of the trust or the investment, management, or distribution of the trust property; a power to consent to a trustee's actions, whether through exercise of an affirmative power to consent or through nonexercise of a veto power over a trustee's actions, where a trustee may not act without such consent; and all further powers appropriate to the exercise or nonexercise of such powers held by the trust director pursuant to subsection (a) of Code Section 53-12-502. Such term shall exclude the powers described in subsection (b) of Code Section 53-12-501.
(4) "Trust director" means a person that is granted a power of direction by a trust to the extent the power is exercisable while the person is not serving as a trustee, regardless of how the trust instrument refers to such person and regardless of whether the person is a beneficiary or settlor of the trust.
(6) "Trust director" means a person that is granted a power of direction by a trust to the extent the power is exercisable in a capacity other than as a trustee, regardless of whether the trust instrument refers to such person as a trust director and regardless of whether the person is a beneficiary or settlor of the trust.

Current official text: Official Code of Georgia Annotated (LexisNexis). Digitized from the Internet Archive scan of the OCGA. Reproduced from public-domain Georgia statutes; confirm against the official source for the current text. Not legal advice.