Section 53-12-246. Duty to avoid conflict of interest

Latest version.

   (a) A trustee shall administer the trust solely in the interests of the beneficiaries.

(b) This Code section shall not preclude the following transactions, if fair to the beneficiaries:

   (1) An agreement between a trustee and a beneficiary relating to the appointment or compensation of the trustee;

   (2) Payment of reasonable compensation to the trustee; or

   (3) Performing and receiving reasonable compensation for performing services of a managerial, executive, or business advisory nature for a corporation or other business enterprise, where the trust estate owns an interest in the corporation or other business enterprise.

Code 1981, § 53-12-246, enacted by Ga. L. 2010, p. 579, § 1/SB 131.

                    
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