Section 53-12-500 - DefinitionsAs used in this article, the term:
(1) "Directed trustee" means a trustee that is subject to a trust director's power of direction.(2) "Power of appointment" means a power that enables a person, acting in a nonfiduciary capacity, to: (A) Designate a recipient of either an ownership interest in or another power of appointment over trust property;(B) Rescind or terminate either an ownership interest in or another power of appointment over trust property; and(C) Determine when a beneficiary shall have the rights granted under Code Sections 53-12-242 and 53-12-243 or similar rights granted under the governing instrument.(3) "Power of direction" means a power over a trust granted to a person by the trust instrument to the extent the power is exercisable in a capacity other than as a trustee. Such term includes a power over the administration of the trust or the investment, management, or distribution of the trust property; a power to consent to a trustee's actions, whether through exercise of an affirmative power to consent or through nonexercise of a veto power over a trustee's actions, where a trustee may not act without such consent; and all further powers appropriate to the exercise or nonexercise of such powers held by the trust director pursuant to subsection (a) of Code Section 53-12-502. Such term shall exclude the powers described in subsection (b) of Code Section 53-12-501.(4) "Trust director" means a person that is granted a power of direction by a trust to the extent the power is exercisable in a capacity other than as a trustee, regardless of whether the trust instrument refers to such person as a trust director and regardless of whether the person is a beneficiary or settlor of the trust.Amended by 2020 Ga. Laws 508,§ 1-87, eff. 1/1/2021.Added by 2018 Ga. Laws 366,§ 25, eff. 7/1/2018.