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2018 Georgia Code 53-12-345 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 53-12-345 Case Law from Google Scholar Amendments to OCGA 53-12-345

TITLE 53 WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES

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

ARTICLE 16 TRUST INVESTMENTS

53-12-345. Delegation.

  1. A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:
    1. Selecting an agent;
    2. Establishing the scope and terms of the delegation consistent with the purposes and provisions of the trust; and
    3. Reviewing periodically the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.
  2. In performing a delegation function, an agent shall owe a duty to the trust to exercise reasonable care to comply with the terms of the delegation.
  3. A trustee who complies with the requirements of subsection (a) of this Code section, and who takes reasonable steps to compel an agent to whom the function was delegated to redress a breach of duty to the trust, shall not be liable to the beneficiaries of the trust or to the trust for the decisions or actions of the agent to whom the function was delegated.
  4. By accepting the delegation of a trust function from the trustee of a trust that is subject to the laws of this state, an agent shall waive the defense of lack of personal jurisdiction and shall submit to the jurisdiction of this state.

(Code 1981, §53-12-345, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)

PART 2 P OWER OF ADJUSTMENT AND UNITRUSTS

53-12-360. Duty of trustee as to receipts and disbursements within scope of Article 17.

In allocating receipts and disbursements to or between principal and income and with respect to any matter within the scope of Article 17 of this chapter:

  1. A trustee shall administer a trust in accordance with the governing trust instrument, even if there is a different provision in Article 17 of this chapter;
  2. A trustee may administer a trust by the exercise of a discretionary power of administration regarding a matter within the scope of Article 17 of this chapter given to the trustee by the governing trust instrument, even if the exercise of the power produces a result different from a result required or permitted by Article 17 of this chapter. No inference that the trustee has improperly exercised the discretionary power shall arise from the fact that the trustee has made an allocation contrary to a provision of Article 17 of this chapter;
  3. A trustee shall administer a trust in accordance with Article 17 of this chapter if the governing trust instrument does not contain a different provision or does not give the trustee a discretionary power of administration regarding a matter within the scope of Article 17 of this chapter; and
  4. A trustee shall add a receipt or charge a disbursement to principal to the extent that the governing trust instrument and Article 17 of this chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income.

(Code 1981, §53-12-360, enacted by Ga. L. 2010, p. 579, § 1/SB 131.)

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