O.C.G.A. § 53-12-506 (2019)
Statutory provisions applicable to trust directors;
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.
Annotations
Effective date. - This chapter became effective July 1, 2018.
Editor's notes. - Former Chapter 13, consisting of Code Sections 53-13-1 to 53-13-34 (Article 1), 53-13-50 to 53-13-85 (Article 2), 53-13-100 to 53-13-104 (Part 1 of Article 3), and 53-13-120 to 53-13-126 (Part 2 of Article 3), was repealed by Ga. L. 1991, p. 810, § 1, effective July 1, 1991, and was based on Ga. L. 1901, p. 57, § 1; Ga. L. 1908, p. 72, § 10; Civil Code 1910, §§ 462, 3765; Ga. L. 1918, p. 234, § 2; Ga. L. 1919, p. 384, § 2; Code 1933, §§ 49-218, 108-305, 108-420; Ga. L. 1939, p. 366, § 1; Ga. L. 1953, Jan.-Feb. Sess., p. 178, §§ 2, 5; Ga. L. 1959, p. 175, § 1; Ga. L. 1965, p. 232, § 1; Ga. L. 1981, Ex. Sess., p. 8; Ga. L. 1983, p. 1474, § 7; Ga. L. 1984, p. 22, § 53; Ga. L. 1986, p. 10, § 53; Ga. L. 1989, p. 364, § 4. For present law on trustees, see Chapter 12 of Title 53.
Law reviews. - For annual survey on wills, trusts, guardianships, and fiduciary administration, see 70 Mercer L. Rev. 275 (2018).
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ARTICLE 1 GENERAL PROVISIONS