Georgia § 53-12-506 Statutory provisions applicable to trust directors; defenses available to trust directors; personal jurisdiction; term &quot;trustee&quot; includes trust director where required or permitted

Georgia Statutes

§ 53-12-506 — Statutory provisions applicable to trust directors; defenses available to trust directors; personal jurisdiction; term "trustee" includes trust director where required or permitted

(a)An individual shall be eligible to serve as a trust director regardless of citizenship and residency. If the trust director is a corporation, partnership, or other entity, it shall be required to have the power to act as a trustee in Georgia.

(b)The rules applicable to a trustee apply to a trust director regarding:

(1)Jurisdiction under Code Section 53-12-6 ;

(2)Appointment and acceptance, compensation, and resignation and removal of trustees under Article 11 of this chapter;

(3)Accounting under Article 12 of this chapter; and (4) Nonresidents and foreign entities acting as trustees under Article 15 of this chapter.

(c)In an action against a trust director for breach of trust, the trust director may assert the same defenses a trustee in a like position and under similar circumstan

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(a) An individual shall be eligible to serve as a trust director regardless of citizenship and residency. If the trust director is a corporation, partnership, or other entity, it shall be required to have the power to act as a trustee in Georgia. (b) The rules applicable to a trustee apply to a trust director regarding: (1) Jurisdiction under Code Section 53-12-6 ; (2) Appointment and acceptance, compensation, and resignation and removal of trustees under Article 11 of this chapter; (3) Accounting under Article 12 of this chapter; and (4) Nonresidents and foreign entities acting as trustees under Article 15 of this chapter. (c) In an action against a trust director for breach of trust, the trust director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee. (d) By accepting appointment as a trust director of a trust subject to this article, a trust director submits to personal jurisdiction of the courts of this state regarding any matter related to a power or duty of a trust director. This subsection shall not preclude use of another method to obtain jurisdiction over a trust director. (e) As used in this Code, where the context requires or permits, the term "trustee" includes a trust director.

Georgia § 53-12-506 (Statutory provisions applicable to trust directors; defenses available to trust directors; personal jurisdiction; term "trustee" includes trust director where required or permitted) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.