Georgia § 53-12-424 - Insubstantial allocations not required.
Full text of Georgia Official Code of Georgia Annotated § 53-12-424 — Insubstantial allocations not required., with citation guidance and answers to common questions.
§ 53-12-424. Insubstantial allocations not required.
If a trustee determines that an allocation between principal and income required by Code Sections 53-12-425 through 53-12-428 or Code Section 53-12-431 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in Code Section 53-12-361 applies to the allocation. Such power may be exercised by a cotrustee in the circumstances described in Code Section 53-12-361 and may be released for the reasons and in the manner described in such Code section. An allocation shall be presumed to be insubstantial if: The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10 percent; or The value of the asset producing the receipt for which the allocation would be made is less than 10 percent of the total value of the trust's assets at the beginning of the accounting period. (Code 1981, § 53-12-424 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
Frequently Asked Questions About Georgia § 53-12-424
What does Official Code of Georgia Annotated § 53-12-424 cover?
Section 53-12-424 ("Insubstantial allocations not required.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 53-12-424?
A common citation format is "Official Code of Georgia Annotated § 53-12-424" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 53-12-424 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.