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Georgia General Assembly > Legislation
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2001-2002 Regular Session - SB 517
Trustees; conflict of interest between beneficiaries of the trust; restrict certain powers; appointment of an independent trustee
Sponsored By
First Reader Summary
A BILL to be entitled an Act to amend Article 12 of Chapter 12 of Title 53 of the Official Code of Georgia Annotated, relating to the powers of trustees, so as to impose certain restrictions on the extent to which a trustee who is also a beneficiary of a trust may exercise discretionary powers of distribution over income or principal for his or her own benefit; to provide for the application to amendable trusts or trusts executed after enactment unless the terms of the trust expressly provide otherwise and to trusts executed before enactment unless all interested parties elect otherwise within three years; to provide for the appointment of an independent trustee to exercise any otherwise proscribed powers; to provide for definitions; to repeal conflicting laws; and for other purposes.
Status History
Jul/01/2002 - Effective Date
May/14/2002 - Act 801
May/14/2002 - Senate Date Signed by Governor
Apr/25/2002 - Senate Sent to Governor
Apr/09/2002 - House Passed/Adopted
Apr/09/2002 - House Third Readers
Apr/02/2002 - House Committee Favorably Reported
Mar/26/2002 - House Second Readers
Mar/25/2002 - House First Readers
Mar/19/2002 - Senate Passed/Adopted
Mar/19/2002 - Senate Third Read
Mar/18/2002 - Senate Read Second Time
Mar/08/2002 - Senate Committee Favorably Reported
Feb/28/2002 - Senate Read and Referred
Feb/27/2002 - Senate Hopper
Past Versions