O.C.G.A. § 53-12-501
Application of article; construction of trust instru- ment
Redline — December 1, 2018 → current.View current text →
Current — August 17, 2021
As of December 1, 2018
(1) 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.
(1) 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.
(2) This article shall not apply to: A power of appointment;
(2) This article shall not apply to: A power of appointment;
(3) A power to appoint or remove a trustee or trust director;
(3) A power to appoint or remove a trustee or trust director;
(4) A power of a settlor to revoke the trust or amend the trust instrument;
(4) A power of a settlor to revoke the trust or amend the trust instrument;
(5) A power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of the beneficiary or a person represented by the beneficiary under Code Section 53-12-8 with respect to the exercise or nonexercise of the power; or
(5) A power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of the beneficiary or a person represented by the beneficiary under Code Section 53-12-8 with respect to the exercise or nonexercise of the power; or
(6) A power over a trust if: The terms of the trust provide such power is held in a nonfiduciary capacity; and
(6) A power over a trust if both: The trust instrument provides such power is held in a nonfiduciary capacity; and
(7) Such power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives.
(7) Such power is held in a nonfiduciary capacity to achieve the settlor's tax objectives.
(8) Except as otherwise provided in the trust instrument, for purposes of this Code section a power that is both a power of appointment and a power of direction shall be deemed a power of appointment and not a power of direction.
(8) Except as otherwise provided in the trust instrument, for purposes of this Code section a power granted to a person to designate a recipient of an ownership interest in or power over trust property that is exercisable in a capacity other than as a trustee is a power of appointment and not a power of direction.
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.