§ 53-7-165 - (Pre-1998 Probate Code) Basis for final settlement - Georgia Statutes

O.C.G.A. 53-7-165 (2010)
53-7-165. (Pre-1998 Probate Code) Basis for final settlement

All statements for final settlement with executors or administrators shall be made upon the following basis:

(1) The rate of interest charged against executors and administrators shall be the same as that provided by law;

(2) No interest shall be charged either way for the first year, as one year is allowed by law for the collection of assets and to ascertain the indebtedness of an estate;

(3) An executor or administrator, in the management of an estate, may retain in his hands, at the beginning of each year, an amount of money sufficient to pay the current expenses of the year, upon which amount no interest shall be charged in final settlement;

(4) The executor or administrator shall, however, pay interest upon all balances left in his hands at the beginning of each year, over and above the payment of expenses for the year, the same to be ascertained and computed in final settlement;

(5) When it happens that, at the beginning of any year, an executor or administrator does not have an amount in hand sufficient to pay the current expenses of the year and his annual returns show that fact, he shall be allowed to charge, in final settlement, interest on the amount advanced by him during the year for such expenses;

(6) The annual returns of executors or administrators shall be made out in the manner provided by law and practiced in this state; and the reservations, charges, and computations of interest set forth in this Code section shall be made when the parties come to make a statement for final settlement; and

(7) The expenditures and receipts of each year shall be ascertained by reference to annual returns, and in all cases the commissions annually shall be considered as a part of the annual expenses.