O.C.G.A.

O.C.G.A. § 53-12-154 (2019)

Certificates of beneficial interest by trustees

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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When an estate is created pursuant to Code Section 53-12-151 and from time to time thereafter, the trustee shall issue such certificates of beneficial interest as may be provided for by the deed to the persons who are beneficially interested in the estate or who become so interested therein in accordance with the provisions of the deed. The certificates shall pass and be transferred as personalty and in the same manner as shares of stock in corporations and shall be subject to levy and sale under attachment or execution or any other process in like manner as shares of stock. The trustee or person in charge of the estate representing the trustee shall be subject to the same demand as that provided by Code Sections 9-13-58 and 11-8-112 for the levying officer to make upon the officers of a corporation. Persons having claims against the estate may enforce the same by action against the trustee thereof in like manner as actions against corporations, and service thereof may be perfected by serving the trustee, if a resident of this state, and if not, then by publication. The venue of such actions shall be the same as that of similar actions against private corporations, but neither the trustee nor the beneficiaries of the estate shall be personally or individually liable therefor except in cases where officers and stockholders of private corporations would be liable under the law.

History

Code 1981, § 53-12-154, enacted by Ga. L. 2010, p. 579, § 1/SB 131.

Annotations

JUDICIAL DECISIONS Editor’s notes. - In light of the similarity of the statutory provisions, decisions

under Ga. L. 1899, p. 57, are included in the annotations for this Code section.

Cited in Solomon v. Commissioner, 89 F.2d 569 (5th Cir. 1937).

Notes of Decisions

Cited in 1 case, 1994–1994 · leading case: Crow v. Cook, 451 S.E.2d 467 (Ga. Ct. App. 1994).

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Crow v. Cook, 451 S.E.2d 467 (Ga. Ct. App. 1994). · cites it 2× “886, § 12), and OCGA § 53-12-199 (c) (formerly OCGA § 53-12-154, and Code 1933, § 108-505) had been deemed ineffective by the Court of Appeals as abolishing the common law rule that a trustee may be sued individually under any contract he negotiates and executes on behalf of the…”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.