reglab/housing_qa huggingface dataset:
TN Code § 35-17-102 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 17 - Tennessee Community Property Trust Act of 2010|§ 35-17-102. Chapter Definitions

 As used in this chapter:   “Community property” means property owned by a community property trust during the marriage of the settlor spouses;   “Community property trust” means an express trust that complies with § 35-17-103;   “Decree” means a judgment or other order of a court;   “Dissolution” means either:  Termination of a marriage by a decree of dissolution, divorce, annulment or declaration of invalidity; or   Entry of a decree of legal separation maintenance;     “During marriage” means a period that begins at marriage and ends at dissolution or the death of a spouse;   “Qualified trustee” means either:  A natural person who is a resident of this state; or   A company authorized to act as a fiduciary in this state pursuant to § 45-2-1001; and     “Settlor spouses” means a married couple that establishes a community property trust.
TN Code § 35-17-103 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 17 - Tennessee Community Property Trust Act of 2010|§ 35-17-103. Requirements for Community Property Trust

 An arrangement is a community property trust if one (1) or both spouses transfer property to a trust, that:   Expressly declares that the trust is a Tennessee community property trust;   Has at least one (1) trustee who is a qualified trustee whose powers include, or are limited to, maintaining records for the trust on an exclusive or a nonexclusive basis and preparing or arranging for the preparation of, on an exclusive or a nonexclusive basis, any income tax returns that must be filed by the trust. Both spouses or either spouse may be a trustee;   Is signed by both spouses; and   Contains the following language in capital letters at the beginning of the trust:  THE CONSEQUENCES OF THIS TRUST MAY BE VERY EXTENSIVE, INCLUDING, BUT NOT LIMITED TO, YOUR RIGHTS WITH YOUR SPOUSE BOTH DURING THE COURSE OF YOUR MARRIAGE AND AT THE TIME OF A DIVORCE. ACCORDINGLY, THIS AGREEMENT SHOULD ONLY BE SIGNED AFTER CAREFUL CONSIDERATION. IF YOU HAVE ANY QUESTIONS ABOUT THIS AGREEMENT, YOU SHOULD SEEK COMPETENT ADVICE.
TN Code § 35-17-104 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 17 - Tennessee Community Property Trust Act of 2010|§ 35-17-104. Agreement Establishing Community Property Trust — Amendments and Revocation

  In the agreement establishing a community property trust, spouses may agree on:  The rights and obligations in the property transferred to the trust, notwithstanding when and where the property is acquired or located;   The management and control of the property transferred to the trust;   The disposition of the property transferred to the trust on dissolution, death, or the occurrence or nonoccurrence of another event;   The choice of law governing the interpretation of the trust; and   Any other matter that affects the property transferred to the trust and does not violate public policy or a statute imposing a criminal penalty.      Either spouse may amend a community property trust regarding the disposition of that spouse's one-half (½) share of the community property in the occurrence of such spouse's death.   Except as provided in subdivision (b)(1), a community property trust may not be amended or revoked unless the agreement itself provides for amendment or revocation.
TN Code § 35-17-105 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 17 - Tennessee Community Property Trust Act of 2010|§ 35-17-105. Classification of Property as Community Property — Enforcement — Duration — Management and Control — Effect of Distributions

  Whether or not both, one or neither is domiciled in this state, spouses may classify any or all of their property as community property by transferring property to a community property trust and providing in the trust that the property is community property.   A community property trust is enforceable without consideration.   All property owned by a community property trust will be community property during marriage.   The right to manage and control property that is transferred to a community property trust is determined by the terms of the trust.   When property is distributed from a community property trust, it shall no longer constitute community property.
TN Code § 35-17-106 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 17 - Tennessee Community Property Trust Act of 2010|§ 35-17-106. Satisfaction of Obligations

  An obligation incurred by only one (1) spouse before or during marriage may be satisfied from that spouse's one-half (½) share of a community property trust.   An obligation incurred by both spouses during marriage may be satisfied from a community property trust of the spouses.
TN Code § 35-17-107 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 17 - Tennessee Community Property Trust Act of 2010|§ 35-17-107. Death of a Spouse

 Upon the death of a spouse, one-half (½) of the aggregate value of the property owned by a community property trust established by the spouses reflects the share of the surviving spouse and the other one-half (½) reflects the share of the decedent. Unless provided otherwise in the trust agreement, the trustee has the power to distribute assets of the trust in divided or undivided interests and to adjust resulting differences in valuation. A distribution in kind may be made on the basis of a non pro rata division of the aggregate value of the trust assets, on the basis of a pro rata division of each individual asset, or by using both methods.
TN Code § 35-17-108 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 17 - Tennessee Community Property Trust Act of 2010|§ 35-17-108. Dissolution of Marriage

 Upon the dissolution of the marriage of the settlor spouses, the community property trust shall terminate and the trustee shall distribute one half (½) of the trust assets to each spouse, with each spouse receiving one half (½) of each asset, unless otherwise agreed to in writing by both spouses.
TN Code § 35-50-101 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 50 - Miscellaneous Provisions|§ 35-50-101. Joint Control of Deposits by Principal and Surety Is Lawful

 It is lawful for any party of whom a bond, undertaking or other obligation is required to agree with the party's surety or sureties for the deposit of any or all moneys and assets for which the party and surety or sureties are or may be held responsible, with a bank, savings bank, safe deposit or trust company, authorized by law to do business as such, or with another depository; provided, that the other depository is approved by the court or a judge of the court, if the deposit is otherwise proper, for the safekeeping of the money or assets and in such manner as to prevent the withdrawal of the money or assets or any part of the money or assets, without the written consent of the surety or sureties, or an order of the court, or a judge of the court, made on such notice to the surety or sureties as the court or judge may direct; and provided further, that the agreement shall not in any manner release from or change the liability of the principal or sureties as established by the terms of the bond.
TN Code § 35-50-102 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 50 - Miscellaneous Provisions|§ 35-50-102. Insurance Trusts — Creation — Validity

 Any trust previously or subsequently established by the depositing with or transferring to a trustee of any life, accident or health insurance policies with proceeds assigned or otherwise made payable to the trustee, irrespective of whether the designation of policy beneficiary is revocable or irrevocable, or whether the insured reserves loan privileges, the right to receive the cash surrender values under any of the policies, the right to receive dividends, or any other or all benefits under any of the policies and/or avails the insured thereof, and irrespective also of whether or not the creator of the trust reserves to the creator the right to modify the trust or withdraw part or all of the property from the trust, shall be valid and legally effective as to all the property and the disposition of the property, except any that may have been affected by the exercise of any of the reserved rights, and it shall not be necessary to the validity of the trust that the instrument creating the trust be executed according to the formalities prescribed for the execution of wills.   Code 1932, § 9596; T.C.A. (orig. ed.), § 35-602.   Law Reviews.   Chancery Procedure — Hearing on Bill and Answer, 17 Tenn. L. Rev. 399 (1943).
TN Code § 35-50-103 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 50 - Miscellaneous Provisions|§ 35-50-103. Life Insurance Proceeds Payable to Trustee

  Life insurance may be made payable to a trustee to be named as beneficiary in the policy, and the proceeds of that insurance shall be paid to the trustee and shall be held and disposed of by the trustee as provided in a trust agreement made by the insured during the insured's lifetime. It shall not be necessary to the validity of any such trust agreement or declaration of trust that it have a trust corpus other than the right of the trustee to receive the insurance proceeds as beneficiary.   A policy of life insurance may designate as beneficiary a trustee or trustees named by will, if the designation is made in accordance with the policy and the requirements of the insurance company. Upon probate of the will, the proceeds of such insurance shall be payable to the trustee or trustees to be held and disposed of under the terms of the will as they exist as of the date of the death of the testator and in the same manner as other testamentary trusts are administered; but if no qualified trustee makes claim to the proceeds from the insurance company within eighteen (18) months after the death of the insured, or if satisfactory evidence is furnished to the insurance company within the eighteen-month period showing that there is or will be no trustee to receive the proceeds, payment shall be made by the insurance company to the executors, administrators or assigns of the insured, unless otherwise provided by agreement with the insurance company during the lifetime of the insured.   The proceeds of the insurance as received by the trustee or trustees shall not be subject to debts of the insured.   Insurance proceeds so held in trust shall not be considered part of the insured's estate for administration purposes.   Insurance proceeds so held in trust may be commingled with any other assets that may properly come into the trust.   Nothing in this section shall affect the validity of any life insurance policy beneficiary designation previously made naming trustees of trusts established by living trust or by will.
TN Code § 35-50-104 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 50 - Miscellaneous Provisions|§ 35-50-104. Purchase of Annuity Contract

  In order to relieve estates and trusts of the burden of an annuity, the chancery court, on petition of one (1) or more of the beneficiaries in remainder in the estate or trust, or any portion of the estate or trust, is empowered, when not in terms prohibited by the will or trust instrument, to decree the purchase, in behalf of the annuitant, of an annuity contract of some insurance company, or insurer, that will afford the accordant definite income, for the stated term of life, stipulated for the annuitant by the law, or provision of the will or trust.   The cost of the annuity contract shall be paid out of the funds of the estate or trust; provided, that the contract shall be purchased only from a company or insurer admitted to do business in the state; and provided further, that all persons in interest, including the trustee or other fiduciary, complainant or defendant, shall be parties to the petition, and that the annuitant shall consent to the purchase and to the release of the annuitant's claim upon the estate or trust; or the court in the annuitant's behalf, if the annuitant is a minor or incompetent.   The annuity contract shall be one issued by a company or insurer, selected by, or for as aforementioned, the annuitant and approved by the court.   Should any beneficiary of a remainder interest not concur, that person's interest in the estate or trust shall not be distributed until the death of the annuitant or expiration of the term stipulated, nor charged with any part of the cost of the contract. In that event, however, the beneficiary or beneficiaries of the remainder interest concurring shall be entitled to distribution of their respective interests, upon paying the cost of an annuity contract as will be productive of an income to the annuitant proportionate to their interest in the entire remainder estate, and paying all costs of the application.   Nothing in this section shall be construed to authorize the acceleration of distribution except where it appears to the court that the payment of an annuity, or its equivalent, is the sole remaining purpose of the trust's continuance.
TN Code § 35-50-105 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 50 - Miscellaneous Provisions|§ 35-50-105. Fiduciaries May Effect Liability and Accident Insurance on Property

  All guardians, executors, administrators and trustees are authorized to effect liability and accident insurance, in such amount as may be reasonable and proper, on any or all real or personal property under their management and control.   Premiums paid on insurance effected according to subsection (a) shall be a proper charge against the estate under management or control, and shall be allowed as a credit on settlements made.
TN Code § 35-50-106 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 50 - Miscellaneous Provisions|§ 35-50-106. Trusts for Employees' Benefit — Rule Against Perpetuities

 No trust previously or subsequently created by an employer as a part of a pension, stock bonus, disability, death benefit, profit sharing or similar plan for the exclusive benefit of some or all of the employer's employees or their beneficiaries to which contributions are made by the employer or employees, or both employer and employees, for the purpose of distributing to the employees or their beneficiaries, the earnings or principal or both earnings and principal, of the trust, shall be deemed to be invalid by reason of any existing law or rule against perpetuities or suspension of the power of alienation; but the trust may continue for such time as may be necessary to accomplish the purposes for which it may be created. The income arising from any property held in trust may be permitted to accumulate for the length permitted by the instrument creating the trust, or, if no time is so specified, for the time the trustee or trustees deem necessary to accomplish the purposes of the trust.
TN Code § 35-50-108 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 50 - Miscellaneous Provisions|§ 35-50-108. Designation of Beneficiaries of Employee Pension, Stock Bonus or Investment Plans

  If a person, entitled to receive payment in money, securities, or other property under a pension, retirement, death benefit, stock bonus, profit-sharing or employees' savings and investment plan, system or trust, designates, as provided in this section, a payee or beneficiary to receive payment of the money, securities, or other property upon death of the person making the designation or to receive payment of the money, securities, or other property upon the death of any other person, the right of the person or persons so designated to receive payment in accordance with the designation, and the ownership of the money, securities or other property so received, shall not be defeated or impaired by any statute or rule of law governing the transfer of property by will or gift or on intestacy.   This section is applicable to a designation even though it is revocable or subject to change by the person who makes it, and even though the money, securities or other property under the designation are not yet payable at the time the designation is made or the money, securities or other property are subject to withdrawal, collection or assignment by the person making the designation.   A person entitled to receive payment includes:  An employee or participant in a pension, retirement, death benefit, stock bonus, profit-sharing or employees' savings and investment plan, system or trust; and   Any person entitled to receive payment by reason of a payee or beneficiary designation described in this section.     A designation of a beneficiary or payee to receive payment upon death either of the person making the designation or of any other person must be made in writing and signed by the person making the designation, and must be agreed to by the employer or be made in accordance with rules prescribed for the pension, retirement, death benefit, stock bonus, profit-sharing or employees' savings and investment plan, system or trust.   This section shall not alter, abridge or limit title 29, chapter 12; title 31, chapter 1; title 66, chapter 3; or title 67, chapter 8, parts 2-4.
TN Code § 35-50-109 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 50 - Miscellaneous Provisions|§ 35-50-109. Incorporation of § 35-50-110 in Will or Trust Instrument

  By a clearly expressed intention of the testator or settlor so to do contained in a will, or in an instrument in writing by which a trust estate is created inter vivos, the language contained in the introductory paragraph of § 35-50-110, and in any one (1) or more of subdivisions (1)-(33) of that section, may be, by appropriate reference made to that language, incorporated in the will or other written instrument, to be applicable either to the fiduciary authorized to administer the estate of the testator, or to the fiduciary authorized to administer a trust estate established or to be established pursuant to the terms of the will or other written instrument, or to both types of fiduciaries, with the same effect and subject to the same judicial interpretation and control in appropriate cases as though the language were set forth verbatim in the instrument; provided, that the language contained in § 35-50-110(1)-(4) is appropriate only with respect to powers to be vested in the one (1) or more executors of the estate of a decedent, and is available only for incorporation by reference in a will, as powers of the executor or executors of the will.    “Estate,” as used in any subdivision of § 35-50-110, is construed to mean the estate of the decedent if by reference to the subdivision it has been made applicable to the executor or executors of a will, and is construed to mean the trust estate if by reference to the subdivision it has been made applicable to the trustee or trustees of such an estate.   As used in this section and § 35-50-110, “fiduciary,” and the masculine singular form of the pronoun referring to the fiduciary, are construed to mean the one (1) or more executors, whether male, female or corporate, of the estate of a decedent, or the one (1) or more trustees, whether male, female or corporate, of a testamentary or inter vivos trust estate, whichever in a particular case is appropriate.     Nothing contained in this section and § 35-50-110 shall be construed to limit the power of a court of competent jurisdiction to prohibit a fiduciary from taking any action, or to restrain a fiduciary in the taking of any action, notwithstanding the authorizations or powers vested in the fiduciary by any written instrument in which all or any part of § 35-50-110 is incorporated by reference.
TN Code § 35-50-111 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 50 - Miscellaneous Provisions|§ 35-50-111. Fiduciary Bond on Interest

 Whenever a fiduciary, as defined in § 35-2-102, is required by law to execute a bond for assets placed with a financial institution in the form of a bank, trust company or savings and loan association, and the fiduciary agrees with the institution not to withdraw the principal of the assets, the bond required of the fiduciary shall be for the amount of the interest. No bond adjustment is necessary if the principal, or a portion of the principal, is withdrawn with court approval. The authorization for elimination of bond on the principal so deposited with the financial institution shall not apply unless the agreement by the fiduciary with the institution is approved by the court charged with administering the funds or the estate of the minor, and unless the agreement is filed in and enforced by the court.
TN Code § 35-50-112 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 50 - Miscellaneous Provisions|§ 35-50-112. Impairment of Marital Deduction Prohibited

 No executor, trustee or other fiduciary may take, or refuse to take, any action, or make or retain any investment, the result of which would defeat an otherwise available marital deduction under the Internal Revenue Code (26 U.S.C.), or under the laws of this state, if the obvious and expressed intent of the testator or settlor was to take advantage of this deduction. After May 23, 1977, this section applies to all acts or investments, by all executors, trustees or other fiduciaries, as to all wills and trusts, whenever these instruments were executed or created.
TN Code § 35-50-114 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 50 - Miscellaneous Provisions|§ 35-50-114. Powers Exercisable by Majority — Liability

  Unless it is otherwise provided by an instrument under which the fiduciaries are acting, or an amendment of the instrument, or by court order, any power vested in three (3) or more fiduciaries, other than the power to remove a fiduciary, may be exercised by a majority of those fiduciaries; but no fiduciary who has not joined in exercising a power shall be liable to the beneficiaries or to others for the consequences of that exercise, nor shall a dissenting fiduciary be liable for the consequences of an act in which that fiduciary joins at the direction of the majority fiduciaries, if the fiduciary expressed the dissent in writing to the cofiduciaries at or before the time of the joinder.   Nothing in this section excuses a cofiduciary from liability for inactivity in the administration of the estate or trust nor for failure to attempt to prevent a breach of trust.   As used in this section, “fiduciary” is construed to mean the one (1) or more personal representatives, whether male, female or corporate, of a testamentary estate.   This section is effective with regard to all estates and trusts under administration on or after April 8, 1985, regardless of the date of the instruments under which administration is being carried out or when administration began.