O.C.G.A.

O.C.G.A. § 53-12-193 (2019)

Election of trustees of private foundation or charitable trust to distribute such trust principal as will enable trust to avoid tax liability; filing of written election with Attorney General; form of distribution; revocation of election

✓ 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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(a) With respect to any trust which is a private foundation or a charitable trust, as defined in Section 4947(a)(1) of the federal Internal Revenue Code, the governing trust instrument of which permits distributions to the extent of the net income of the trust each year but does not permit distributions from trust principal, the trustees of the trust may elect, without judicial proceedings and notwithstanding any provision to the contrary contained in the governing trust instrument of the trust, to distribute in any year, for the purposes specified in the governing trust instrument, that amount from the principal of the trust which, when added to the income of the trust available for distribution during such year, will enable the trust to avoid any liability for the tax imposed by Section 4942 of the federal Internal Revenue Code by filing a written election, which may be a continuing one, with the Attorney General of this state to have this Code section and Code Section 53-12-183 apply to the trust. A distribution from trust principal pursuant to the election shall only be in the form of cash or securities which are either listed or admitted to unlisted trading privileges upon any stock exchange or are quoted regularly in any newspaper having a general circulation in this state. (b) Any election made under subsection (a) of this Code section may be revoked at any time by filing written notice of revocation with the Attorney General of this state.

History

Code 1981, § 53-12-193, enacted by Ga. L. 2010, p. 579, § 1/SB 131.

Annotations

JUDICIAL DECISIONS Cited in Reliance Trust Co. v. Candler, 294 Ga. 15, 751 S.E.2d 47 (2013).

Notes of Decisions

Cited in 11 cases (1 in the last 5 years), 2002–2022 · leading case: In Re Est. of Zeigler, 671 S.E.2d 218 (Ga. Ct. App. 2008).

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In Re Est. of Zeigler, 671 S.E.2d 218 (Ga. Ct. App. 2008). · cites it 14× “9 OCGA § 53-12-193 (a) allows a beneficiary to recover damages resulting from a breach of trust, including “[a]ny loss or depreciation in value of the trust property” 10 and “[a]ny amount that would reasonably have accrued to the trust or beneficiary if there had been no breach…”

Kemp v. Kemp Et Al., 788 S.E.2d 517 (Ga. Ct. App. 2016). · cites it 4× “20 See former OCGA § 53-12-193 (a) (4) (2006) (“[A] trustee who commits a breach of trust is personally chargeable with any damages resulting from the breach of trust including but not limited to: .”

Wachovia Bank of Georgia, N.A. v. Namik, 620 S.E.2d 470 (Ga. Ct. App. 2005). · cites it 4× “Namik argues that the trial court only considered OCGA § 13-6-11, and not OCGA§ 53-12-193 (a) (4), in deciding whether to award attorney fees.”

Bloodworth v. Bloodworth, 626 S.E.2d 589 (Ga. Ct. App. 2006). · cites it 6× “Henry and Eva Roy attack the trial court’s award of attorney fees under OCGA § 53-12-193 (a) (4) in the amount of $56,959.”

Sims v. Heath, 577 S.E.2d 789 (Ga. Ct. App. 2002). · cites it 2× “OCGA § 53-12-193 (a) (3) mandates that a trustee who commits a breach of trust is personally chargeable with any damages resulting from the breach of trust, including, but not limited to, “[a]ny amount that would reasonably have accrued to the trust or beneficiary if there had…”

Reliance Trust Co. v. Candler, 751 S.E.2d 47 (Ga. 2013). · cites it 2× “This new Code section is materially identical to formerOCGA § 53-12-193, in effect at the time of the trial.”

Steve Bishop v. Michael W. Goins, 809 S.E.2d 280 (Ga. Ct. App. 2017). · cites it 2× “2d 218 (Appellate attorney fees could be recovered in a breach of trust action, pursuant to former OCGA § 53-12-193 (a) (4), which provided: "a trustee who commits a breach of trust is personally chargeable with any damages resulting from the breach of trust including but not…”

Davis v. Walker, 655 S.E.2d 634 (Ga. Ct. App. 2007). · cites it 2× “OCGA § 53-12-193 (a) (4) permits the trial court to exercise its discretion in awarding expenses of litigation, including reasonable attorney fees, incurred by beneficiaries in bringing an action against a trustee for breach of fiduciary duty.”

Springside Condo. Ass'n, Inc. v. Harpagon Co., LLC., 679 S.E.2d 85 (Ga. Ct. App. 2009). · cites it 2× “(appellate attorney fees authorized in breach of trust actions under OCGA § 53-12-193 (a) (4)); Evans County Bd.”

Comm'r, 2009 T.C. Memo. 134 (1970). “Both Georgia and Ohio law appear to be consistent with that precept.”

Thomas a. Rosser, Sr. v. W. Gordon Clyatt (Ga. Ct. App. 2022). “156, 161 (2) (d) ( 671 SE2d 218 ) (2008) (holding that appellate fees are recoverable under former OCGA § 53-12-193 (a) (4), which allows a trial court to award “reasonable attorney’s fees incurred by the beneficiary in bringing an action on the breach [of a trust.”

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.