Georgia § 53-12-428 - Timber.
Full text of Georgia Official Code of Georgia Annotated § 53-12-428 — Timber., with citation guidance and answers to common questions.
§ 53-12-428. Timber.
To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this Code section, the trustee shall allocate the net receipts: To income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest; To principal to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber; To or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust by determining the amount of timber removed from the land under the lease or contract and applying the rules in paragraphs (1) and (2) of this subsection; or To principal to the extent that advance payments, bonuses, and other payments are not allocated pursuant to paragraph (1), (2), or (3) of this subsection. In determining net receipts to be allocated pursuant to subsection (a) of this Code section, a trustee shall deduct and transfer to principal a reasonable amount for depletion. This Code section shall apply whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust. If a trust owns an interest in timberland on July 1, 2010, the trustee may allocate net receipts from the sale of timber and related products as provided in this Code section or in the manner used by the trustee before July 1, 2010. If the trust acquires an interest in timberland after July 1, 2010, the trustee shall allocate net receipts from the sale of timber and related products as provided in this Code section. (Code 1981, § 53-12-428 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.)
Frequently Asked Questions About Georgia § 53-12-428
What does Official Code of Georgia Annotated § 53-12-428 cover?
Section 53-12-428 ("Timber.") 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 § 53-12-428?
A common citation format is "Official Code of Georgia Annotated § 53-12-428" (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 § 53-12-428 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.