§ 53-12-220 — Resignation of trustee

Georgia § 53-12-220

• Jurisdiction: Georgia
• Title: 53

Text

(a) A trustee may resign: (1) In the manner and under the circumstances described in the trust instrument; (2) Upon at least 30 days' written notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or (3) Upon a trustee's petition to the court. (b) The petition to the court provided for in paragraph (3) of subsection (a) of this Code section shall be served upon all qualified beneficiaries. In approving a trustee's resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. (c) The resignation of a trustee shall not relieve such trustee from liability for any actions prior to the resignation except to the extent such trustee is relieved by the court in the appropriate proceeding or to the extent relieved by the trust instrument. (d) If the resignation would create a vacancy required to be filled, then the trustee's resignation shall not be effective until the successor trustee accepts the trust and the resigning trustee shall remain liable for any actions until such acceptance, except as such liability may be limited by court order or the trust instrument.

Legislative History

Amended by 2018 Ga. Laws 366,§ 17, eff. 7/1/2018. Added by 2010 Ga. Laws 506,§ 1, eff. 7/1/2010.