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2018 Georgia Code 53-8-3 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 53-8-3 Case Law from Google Scholar Amendments to OCGA 53-8-3

TITLE 53 WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES

Section 8. Investments, Sales, and Conveyances, 53-8-1 through 53-8-15.

ARTICLE 1 INVESTMENTS

53-8-3. Securities, obligations, and interest-bearing deposits.

A personal representative is authorized to invest estate funds in:

  1. Bonds issued by any county or municipality of this state which have been validated as required by law for the validation of county and municipal bonds;
  2. Bonds issued by any county board of education under Subpart 1 of Part 3 of Article 9 of Chapter 2 of Title 20 for the purpose of building and equipping schoolhouses, which bonds have been validated and confirmed as required under Part 1 of Article 2 of Chapter 82 of Title 36;
  3. Bonds and other securities issued by this state or by the Board of Regents of the University System of Georgia;
  4. Bonds or other obligations issued by the United States government and bonds of any corporation created by an act of Congress, the bonds of which are guaranteed by the United States government as provided in Code Section 53-8-4; and
  5. Interest-bearing deposits in any chartered state or national bank or trust company or savings and loan association located in this state to the extent the deposits are insured by the Federal Deposit Insurance Corporation or comparable insurance.

(Code 1981, §53-8-3, enacted by Ga. L. 1996, p. 504, § 10.)

Law reviews.

- For note discussing and comparing the prudent man rule and the legal list rule in trustee investment, see 15 Mercer L. Rev. 530 (1964).

COMMENT

This section carries forward the permissible investments that appeared in former OCGA Sec. 53-8-6(a) through (c) and 53-8-8. As indicated by Code Sec. 53-8-1(a), the provisions of this Code section create a "safe harbor" for investments by personal representatives. The provisions in former OCGA Sec. 53-8-6(a) and (b) relating to interest rates are repealed. The requirement of a return to the probate court that appeared in former OCGA Sec. 53-8-7 is repealed.

JUDICIAL DECISIONS

Editor's notes.

- In light of the similarity of the statutory provisions, decisions under former Civil Code 1910, § 3765, and former Code 1933, § 113-1520, are included in the annotations for this Code section.

Cited in Mobley v. Phinizy, 42 Ga. App. 33, 155 S.E. 73 (1930); Citizens' & S. Nat'l Bank v. Clark, 172 Ga. 625, 158 S.E. 297 (1931); State Banking Co. v. Hinton, 178 Ga. 68, 172 S.E. 42 (1933).

RESEARCH REFERENCES

Am. Jur. 2d.

- 31 Am. Jur. 2d, Executors and Administrators, §§ 510, 517, 525, 527.

C.J.S.

- 34 C.J.S., Executors and Administrators, §§ 274 et seq., 357.

ALR.

- Liability of executor, administrator, or trustee and his sureties for depreciation in value of corporate stock or other corporation securities held by estate or trust, because of his conduct, for which he is directly responsible to the corporation, 62 A.L.R. 563.

Liability for interest or profits on funds of estate deposited in bank or trust company which is itself executor, administrator, trustee, or guardian, or in which executor, etc., is interested, 88 A.L.R. 205.

Effect of beneficiary's consent to, acquiescence in, or ratification of, improper investments or loans (including failure to invest) by trustee or other fiduciary, 128 A.L.R. 4.

Construction and effect of instrument authorizing or directing trustee or executor to retain investments received under such instrument. 47 A.L.R.2d 187.

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