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2018 Georgia Code 44-5-115 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 44-5-115 Case Law from Google Scholar Amendments to OCGA 44-5-115

TITLE 44 PROPERTY

Section 5. Acquisition and Loss of Property, 44-5-1 through 44-5-230.

ARTICLE 5 THE GEORGIA TRANSFERS TO MINORS ACT

44-5-115. Irrevocable transfer by personal representative or trustee to custodian for minor's benefit.

  1. A personal representative or trustee may make an irrevocable transfer pursuant to Code Section 44-5-119 to a custodian for the benefit of a minor as authorized in the governing will or trust.
  2. If the testator or settlor has nominated a custodian under Code Section 44-5-113 to receive the custodial property, the transfer must be made to that person.
  3. If the testator or settlor has not nominated a custodian under Code Section 44-5-113, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under subsection (a) of Code Section 44-5-119, which designation may include the personal representative or the trustee.

(Code 1981, §44-5-115, enacted by Ga. L. 1990, p. 667, § 1.)

JUDICIAL DECISIONS

Use of funds by custodian.

- Custodian may show that the custodian has used a part or all of the funds in the custodian's absolute discretion for the support, maintenance, education, or general use of the minor and, although title was in the beneficiary, the beneficiary is entitled only to so much of the fund or property as may remain after proper disbursement. Honeycutt v. Edwards, 136 Ga. App. 486, 221 S.E.2d 678 (1975).

Cited in Harris, Upham & Co. v. Harris, 142 Ga. App. 696, 236 S.E.2d 773 (1977).

RESEARCH REFERENCES

Am. Jur. 2d.

- 38 Am. Jur. 2d, Gifts, § 7.

C.J.S.

- 39 C.J.S., Guardian and Ward, § 70 et seq.

U.L.A.

- Uniform Transfers to Minors Act (U.L.A.) § 5.

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