O.C.G.A.
O.C.G.A.

O.C.G.A. § 53-12-191 (2019)

Automatic amendment of governing instrument of private foundation trust or charitable trust as to distribution of trust funds

✓ 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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Notwithstanding any provision therein to the contrary and except as provided in Code Section 53-12-192, the governing trust instrument of any trust which is a private foundation or which is a charitable trust, as defined in Section 4947(a)(1) of the federal Internal Revenue Code, shall be amended automatically as of the later of the inception of the trust or January 1, 1972, to include a provision which requires the trustees to distribute, for the purposes specified in the governing trust instrument, for each taxable year, amounts at least sufficient to avoid any liability for the tax imposed by Section 4942 of the federal Internal Revenue Code.

History

Code 1981, § 53-12-191, enacted by Ga. L. 2010, p. 579, § 1/SB 131.

Notes of Decisions
Cited in 2 cases, 1996–1996 · leading case: Frederick D. Ledbetter v. First State Bank & Trust Co., Tr., 85 F.3d 1537 (1st Cir. 1996).
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Frederick D. Ledbetter v. First State Bank & Trust Co., Tr., 85 F.3d 1537 (1st Cir. 1996). “Remedies The question of remedy for any claim found to have merit is for the district court. By statute Georgia specifically provides for numerous alternative causes of action and remedies, statutory and common law, for breaches of trust.”
Ledbetter v. First State Bank (11th Cir. 1996). “O.C.G.A. §§ 53-12-191, 53- 12-192, 53-12-193.”
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.