O.C.G.A.

O.C.G.A. § 53-12-506 (2019)

Statutory provisions applicable to trust directors;

✓ 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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defenses available to trust directors; personal jurisdiction; term ‘‘trustee’’ includes trust director where required or permitted.

(a) An individual shall be eligible to serve as a trust director regardless of citizenship and residency. If the trust director is a corporation, partnership, or other entity, it shall be required to have the power to act as a trustee in Georgia.

(b) The rules applicable to a trustee apply to a trust director regarding:

(1) Jurisdiction under Code Section 53-12-6;

(2) Appointment and acceptance, compensation, and resignation and removal of trustees under Article 11 of this chapter;

(3) Accounting under Article 12 of this chapter; and

(4) Nonresidents and foreign entities acting as trustees under Article 15 of this chapter.

(c) In an action against a trust director for breach of trust, the trust director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee.

(d) By accepting appointment as a trust director of a trust subject to this article, a trust director submits to personal jurisdiction of the courts of this state regarding any matter related to a power or duty of a trust director. This subsection shall not preclude use of another method to obtain jurisdiction over a trust director.

(e) As used in this Code, where the context requires or permits, the term ‘‘trustee’’ includes a trust director.

History

Code 1981, § 53-12-506, enacted by Ga. L. 2018, p. 262, § 25/HB 121; Ga. L. 2020, p. 377, § 1-92/HB 865. The 2020 amendment, effective January 1, 2021, added subsections (a) and (e) and redesignated former subsections (a) through (c) as present subsections (b) through (d); in subsection (b), in the introductory language, substituted ‘‘The’’ for ‘‘Except as otherwise provided in the trust instrument, the’’ and deleted ‘‘shall’’ following ‘‘trustee’’, rewrote paragraph (b)(1), which formerly read: ‘‘Appointment and vacancies under Code Section 53-12-201’’, rewrote paragraph (b)(2),

which formerly read: ‘‘Acceptance under Code Section 53-12-202’’, rewrote paragraph (b)(3), which formerly read: ‘‘Giving of a bond under Code Section 53-12-203’’, rewrote paragraph (b)(4), which formerly read: ‘‘Co-trustees under Code Section 53-12-204’’, and deleted former paragraphs (b)(5) through (b)(8), which formerly read: ‘‘(5) Compensation and reimbursement of expenses under Code Sections 53-12-210 through 53-12-214; (6) Resignation under Code Section 53-12-220; (7) Removal under Code Section 53-12-221; and (8) Service under Code Section 53-12-320’’.

CHAPTER 13 REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS Sec.