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Georgia State Code
Title      53
Chapter      12  
Section Navigation     1 ... 22         23 ... 53    
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   114 ... 126       127 ... 152   
     153 ... 190       191 ... 210   
   211 ... 230       231 ... 255   
   256 ... 280       281 ... 300   
   301 ... 327       328 ... 371   
   372 ... 394     
Section<<< 153 170 171 172 173 173.1 174 175 176 190 >>>  
Title 53, Chapter 12, Section 175 (53-12-175)

(a) A trustee may resign:

(1) In the manner and under the circumstances described in the trust instrument;

(2) Upon application to the court wherein is located either the major portion of the trust property or the residence of the trustee or the residence of one or more income beneficiaries of the trust, showing that the resignation has been requested in writing by all sui juris beneficiaries who are then entitled to receive income from the trust, and by a majority of the sui juris beneficiaries who hold vested remainder interests; or

(3) Upon application to the court wherein is located either the major portion of the trust property or the residence of the trustee or the residence of one or more income beneficiaries of the trust, showing to the satisfaction of the court that:

(A) The trustee is unable to continue serving as trustee due to age, illness, infirmity, or similar reason;

(B) Greater burdens have devolved upon the office of trustee than those which were originally contemplated or should have been contemplated when the trust was accepted and the assumption of the additional burdens would work a hardship upon the trustee;

(C) Disagreement exists between one or more of the beneficiaries of the trust and the trustee in respect to the trustee's management of the trust, which disagreement and conflict appear deleterious to the best interests of the trust;

(D) The resignation of the trustee will result in or permit substantial financial benefit to the trust;

(E) The resigning trustee is one of two or more acting trustees and the cotrustee or cotrustees will continue in office with no adversity to the trust contemplated; or

(F) The resignation would not be disadvantageous to the trust.

(b) The application to the court provided for in paragraph (3) of subsection (a) of this Code section shall be served upon all income beneficiaries and upon all beneficiaries holding vested remainder interests; provided, however, that the court in its discretion may order service of the petition upon a majority of the income beneficiaries and a majority of the beneficiaries holding vested remainder interests, if it appears to the court that it will be to the advantage of the trust not to require full service upon all beneficiaries; and provided, further, that the court shall have discretion to order any other or additional service that the circumstances require.

(c) The resignation of a trustee shall not relieve the trustee from liability for any actions prior to the resignation except to the extent the trustee is relieved by the court in the resignation proceeding, or to the extent relieved by the trust instrument. (d) If the resignation would create a vacancy required to be filled, then the resignation shall not be effective until the successor accepts the trust.

Sunday May 24 16:30 EDT


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