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2018 Georgia Code 53-12-214 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 53-12-214 Case Law from Google Scholar Amendments to OCGA 53-12-214

TITLE 53 WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES

Section 12. (Revised Trust Code of 2010) Trusts, 53-12-1 through 53-12-506.

ARTICLE 11 TRUSTEES

53-12-214. Compensation from business enterprise.

  1. Any trustee may receive compensation for services, as specified in this subsection, from a corporation or other business enterprise, where the trust estate owns an interest in the corporation or other business enterprise, provided that:
    1. The services provided by the trustee to the corporation or other business enterprise are of a managerial, executive, or business advisory nature;
    2. The compensation received for the services is reasonable; and
    3. The services are performed and the trustee is paid pursuant to a contract executed by the trustee and the corporation or business enterprise, which contract is approved by a majority of those members of the board of directors or other similar governing authority of the corporation or business enterprise who are not officers or employees of the trustee and are not related to the trustee and provided, further, that the contract is approved by the court.
  2. Any trustee receiving compensation from a corporation or other business enterprise for services to it as described in subsection (a) of this Code section shall not receive extra compensation in respect to such services as provided in Code Section 53-12-212; provided, however, that nothing in this Code section shall prohibit the receipt by the trustee of extra compensation for services rendered in respect to other assets or matters involving the trust estate.
  3. Nothing in this Code section shall prohibit the receipt by trustees of normal commissions and compensation for the usual services performed by trustees pursuant to law or pursuant to any fee agreement executed by the settlor.
  4. The purpose of this Code section is to enable additional compensation to be paid to trustees for business management and advisory services to corporations and business enterprises pursuant to contract, without the necessity of petitioning for extra compensation pursuant to Code Section 53-12-212.

(Code 1981, §53-12-214, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)

PART 3 R ESIGNATION AND REMOVAL

53-12-220. Resignation of trustee.

  1. A trustee may resign:
    1. In the manner and under the circumstances described in the trust instrument;
    2. Upon at least 30 days' written notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or
    3. Upon a trustee's petition to the court.
  2. The petition to the court provided for in paragraph (3) of subsection (a) of this Code section shall be served upon all qualified beneficiaries. In approving a trustee's resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
  3. The resignation of a trustee shall not relieve such trustee from liability for any actions prior to the resignation except to the extent such trustee is relieved by the court in the appropriate proceeding or to the extent relieved by the trust instrument.
  4. If the resignation would create a vacancy required to be filled, then the trustee's resignation shall not be effective until the successor trustee accepts the trust and the resigning trustee shall remain liable for any actions until such acceptance, except as such liability may be limited by court order or the trust instrument.

(Code 1981, §53-12-220, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2018, p. 262, § 17/HB 121.)

The 2018 amendment, effective July 1, 2018, rewrote this Code Section.

JUDICIAL DECISIONS

Editor's notes.

- In light of the similarity of the statutory provisions, decisions under former O.C.G.A. § 53-12-175 of the 1991 Trust Act are included in the annotations for this Code section.

Resignation ineffective when vacancy created that was required to be filled.

- Pursuant to former O.C.G.A. § 53-12-175 (see O.C.G.A. § 53-12-220), when the resignation of a co-trustee created a vacancy that was required to be filled, the resignation was not effective; accordingly, service on the co-trustee after the purported resignation was effective, and with no answer having been filed, entry of a default judgment was proper. Hays v. Hamblen Family Irrevocable Trust (In re Hamblen), Bankr. (Bankr. N.D. Ga. May 9, 2007) (decided under former O.C.G.A. § 53-12-175).

Cited in Ledbetter v. First State Bank & Trust Co., 85 F.3d 1537 (11th Cir. 1996).

RESEARCH REFERENCES

Am. Jur. 2d.

- 76 Am. Jur. 2d, Trusts, § 223 et seq.

C.J.S.

- 90 C.J.S., Trusts, §§ 229 et seq., 246. 90A C.J.S., Trusts, § 383.

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