O.C.G.A. § 53-7-64 (2019)
Accounting for income on property administered
A personal representative shall account for income on the property administered as follows:
(1) The personal representative shall be charged with all income earned during the period of one year after the date of qualification;
(2) For the period beginning one year after the date of qualification, the personal representative shall account for income as follows:
(A) All income earned on property the personal representative is:
(i) Authorized by the laws of this state to hold or invest in without securing the approval of any court to do so;
(ii) Authorized by any court to hold or invest in; or
(iii) Authorized by will to hold or invest in; and
(B) On all other property administered by the personal representative and, except as provided in paragraph (3) of this Code section, the personal representative shall be charged with the greater of the income earned on such property or the income it would have earned if invested at the legal rate of interest fixed by the laws of this state and in effect during the time the property was held. In applying this subparagraph, each item of property shall be treated separately, and income in excess of the legal rate of interest earned on one item may not be used to make up any deficiency in the income earned on another item; and
(3) The personal representative shall be charged only with interest actually earned, if any, on funds held in a reasonable sum to pay anticipated expenses.
History
Code 1981, § 53-7-64, enacted by Ga. L. 1996, p. 504, § 10.
Annotations
COMMENT This section replaces former OCGA Sec. 53-7-165. JUDICIAL DECISIONS Editor’s notes. - In light of the similarity of the statutory provisions, decisions under former Code 1933, § 113-2207, are included in the annotations for this Code section.
Statute provides in part for the basis for an accounting, and must be considered in the light of other sections of the Code concerning the duties of administrators and the penalties for failure to
perform such duties. The object of the proceeding is to require of the administrator a full accounting concerning the discharge of the administrator’s trust in a detailed statement of the administrator’s actings and doings, and a settlement with the administrator’s successor; and the paying of any portion of the estate which by evidence may be found to be due by the former administrator to the administrator’s successor. Ellis v. McWilliams, 70 Ga. App. 195, 27 S.E.2d 886 (1943) (decided under former Code 1933, § 113-2207). Law fixes the duties of the administrator as to the disposal of the funds of the estate, and the administrator’s failure
to conform thereto by keeping the money not needed for current expenses and in failing to invest the money as provided by law deprives the beneficiary of the use thereof. Accordingly, for this breach of duty and in order to protect the beneficiary from loss of income, the law requires that the administrator pay interest on funds so held. Thomas v. State, 87 Ga. App. 765, 75 S.E.2d 193 (1953) (decided under former Code 1933, § 113-2207). Cited in Chapalas v. Papachristos, 185 Ga. 544, 195 S.E. 737 (1937); Raines v. Shipley, 200 Ga. 180, 36 S.E.2d 150 (1945).
RESEARCH REFERENCES Am. Jur. 2d. - 31 Am. Jur. 2d, Executors and Administrators, §§ 879, 892, 894, 896 et seq. C.J.S. - 34 C.J.S., Executors and Administrators, §§ 1012, 1013.
ALR. - Rate of interest chargeable against guardians, executors or administrators, and trustees, 112 A.L.R. 833; 156 A.L.R. 936.