O.C.G.A.
O.C.G.A. § 53-7-7 (2019)
Disposition of income received during administration
✓ 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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Except as otherwise provided in the will, income received by an executor during the period of administration from property that is used to pay debts, taxes, expenses of administration, general testamentary gifts, and other expenses chargeable to corpus shall be paid to the income beneficiaries of the residuum of the estate; provided, however, that nothing contained in this Code section shall alter or repeal Code Section 53-4-60.
History
Code 1981, § 53-7-7, enacted by Ga. L. 1996, p. 504, § 10.
Annotations
COMMENT This section carries forward former OCGA Sec. 53-7-12.
Notes of Decisions
Cited in 1
case, 1998–1998 · leading case: Est. of Thompson v. Comm'r, 1998 T.C. Memo. 325 (1998).
Est. of Thompson v. Comm'r, 1998 T.C. Memo. 325 (1998). “Former Georgia Code section *353 53-7-7 , applicable to decedents dying before January 1, 1998, provides in pertinent part as follows: (a) An executor * * * shall have the legal right to borrow money * * * for the purpose of paying any gift, estate, inheritance, income, sales,…”
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