HB 406 — Trusts; allocation of principal and income; amend provisions
A BILL to be entitled an Act to amend Article 10 of Chapter 12 of Title 53 of the O.C.G.A., relating to allocation of principal and income, so as to change provisions relating to the duty of the trustee as to receipts and expenditures; to provide for general principles relating to the allocation of principal and income; to provide for the discretionary power of a trustee to adjust the trust receipts between principal and income; to provide for requirements and prohibitions in adjustments; to provide for the criteria and procedure for conversion to a unitrust; to provide for judicially approved conversion; to provide for requirements and prohibitions in conversions; to provide for remedies; to correct a cross-reference; to amend Article 9 of Chapter 12 of Title 53 of the O.C.G.A., relating to trustees´ duties and liabilities; to amend Code Section 15-9-127 of the O.C.G.A.; to provide for related matters; to repeal conflicting laws; and for other purposes.
House Date Signed by Governor