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§ 53-12-501. Application of article; construction of trust instrument

GA Code § 53-12-501 (2018) (N/A)
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(a) This article shall apply when the trust instrument evidences the settlor's intent to provide for the office and function of a trust director, regardless of the terms used to describe such office and functions.

(b) This article shall not apply to:

(1) A power of appointment;

(2) A power to appoint or remove a trustee or trust director;

(3) A power of a settlor to revoke the trust or amend the trust instrument;

(4) A power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of the beneficiary or a person represented by the beneficiary under Code Section 53-12-8 with respect to the exercise or nonexercise of the power; or

(5) A power over a trust if:

(A) The terms of the trust provide such power is held in a nonfiduciary capacity; and

(B) Such power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives.

(c) Except as otherwise provided in the trust instrument, for purposes of this Code section a power that is both a power of appointment and a power of direction shall be deemed a power of appointment and not a power of direction.

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