TITLE 53 WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES

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

ARTICLE 18 TRUST DIRECTORS

53-12-500. Definitions.

As used in this article, the term:

1. "Directed trustee" means a trustee that is subject to a trust director's power of direction.
2. "Power of appointment" means a power that enables a person, acting in a nonfiduciary capacity, to designate a recipient of either an ownership interest in or another power of appointment over trust property.
3. "Power of direction" means a power over a trust granted to a person by the trust instrument to the extent the power is exercisable while the person is not serving as a trustee. Such term includes a power over the administration of the trust or the investment, management, or distribution of the trust property; a power to consent to a trustee's actions, whether through exercise of an affirmative power to consent or through nonexercise of a veto power over a trustee's actions, when a trustee may not act without such consent; a power to represent a beneficiary, other than a power under Code Section 53-12-8; and, except as otherwise provided in the trust instrument, any further powers appropriate to the exercise or nonexercise of such powers. Such term shall exclude the powers described in subsection (b) of Code Section 53-12-501.
4. "Trust director" means a person that is granted a power of direction by a trust to the extent the power is exercisable while the person is not serving as a trustee, regardless of how the trust instrument refers to such person and regardless of whether the person is a beneficiary or settlor of the trust.

(Code 1981, §53-12-500, enacted by Ga. L. 2018, p. 262, § 25/HB 121.)