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O.C.G.A. § 53-12-506

Statutory provisions applicable to trust directors; defenses available to trust directors; personal jurisdiction; term “trustee” includes trust director where required or permitted

Redline — December 1, 2018 → current.View current text →
Current — December 1, 2020
As of December 1, 2018
(1) An individual shall be eligible to serve as a trust director regardless of citizenship and residency. If the trust director is a corporation, partnership, or other entity, it shall be required to have the power to act as a trustee in Georgia.
(1) Except as otherwise provided in the trust instrument, the rules applicable to a trustee shall apply to a trust director regarding: Appointment and vacancies under Code Section 53-12-201;
(2) The rules applicable to a trustee apply to a trust director regarding: Jurisdiction under Code Section 53-12-6;
(2) Acceptance under Code Section 53-12-202;
(3) Giving of a bond under Code Section 53-12-203;
(4) Co-trustees under Code Section 53-12-204;
(5) Compensation and reimbursement of expenses under Code Sections 53-12-210 through 53-12-214;
(6) Resignation under Code Section 53-12-220;
(7) Removal under Code Section 53-12-221; and
(8) Service under Code Section 53-12-320.
(3) Appointment and acceptance, compensation, and resignation and removal of trustees under Article 11 of this chapter;
(4) Accounting under Article 12 of this chapter; and
(5) Nonresidents and foreign entities acting as trustees under Article 15 of this chapter.
(9) In an action against a trust director for breach of trust, the trust director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee.
(6) In an action against a trust director for breach of trust, the trust director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee.
(10) By accepting appointment as a trust director of a trust subject to this article, a trust director submits to personal jurisdiction of the courts of this state regarding any matter related to a power or duty of a trust director. This subsection shall not preclude use of another method to obtain jurisdiction over a trust director.
(7) By accepting appointment as a trust director of a trust subject to this article, a trust director submits to personal jurisdiction of the courts of this state regarding any matter related to a power or duty of a trust director. This subsection shall not preclude use of another method to obtain jurisdiction over a trust director.
(8) As used in this Code, where the context requires or permits, the term "trustee" includes a trust director.

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.