reglab/housing_qa huggingface dataset:
TN Code § 35-13-110 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 13 - Charitable Beneficiaries|§ 35-13-110. Attorney General and Reporter to Be Party to Court Actions Affecting Gifts — Court Approval of Disposition

  In all court actions directly affecting the amount, administration or disposition of a charitable gift or a discretionary charitable gift, the court may require that the attorney general and reporter be made a party to represent the charitable beneficiaries, potential charitable beneficiaries and all citizens of the state in all legal matters pertaining to the amount, administration and disposition of a charitable gift or discretionary charitable gift. The attorney general and reporter may sue and be sued, and, insofar as the suit against the attorney general and reporter is against the state, the state expressly consents to be sued. The attorney general and reporter may designate a district attorney general to prosecute or defend any court action.   It is unlawful to settle any litigation concerning the validity of a charitable gift or discretionary charitable gift without first obtaining the approval of the court. The court shall approve a settlement only after determining that the interest of the people of the state, as true beneficiaries of any charitable gift, has been served.
TN Code § 35-13-111 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 13 - Charitable Beneficiaries|§ 35-13-111. Venue of Court Action

  If the gift instrument is a will and the estate is in administration, or if the gift under a will is not in trust, the venue of any court action is in the county in which the donor's will was or is being administered.   If the gift instrument is an inter-vivos trust or a testamentary trust under a fully administered will, venue of any court action shall be in any county in which a trustee resides, or is located if not an individual, or in which a majority of the beneficiaries, or potential beneficiaries, reside or are located.   If neither subsection (a) nor (b) applies, venue is in Davidson County, in a court of competent jurisdiction; provided, that the court may transfer the court action to a more convenient forum.   With the consent of the court in which an action is pending, the parties may waive the venue provisions of subsections (a), (b) and (c).
TN Code § 35-13-112 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 13 - Charitable Beneficiaries|§ 35-13-112. Trust in Violation of State or Federal Law

 If the department of revenue makes a written determination that the operation of a charitable trust violates § 35-9-101 or if the Internal Revenue Service makes such a written determination with respect to the corresponding provisions of the Internal Revenue Code (26 U.S.C.), and provides the written determination to the trustee, the trustee shall furnish a copy of the determination to the attorney general and reporter, and any other person may notify the attorney general and reporter of the determination. The attorney general and reporter may take any action that is deemed necessary to protect the interest of the people of the state.
TN Code § 35-13-113 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 13 - Charitable Beneficiaries|§ 35-13-113. Construction With Other Laws

 This chapter is deemed cumulative to any equitable doctrine or remedy or statute having for its object the same or similar purposes of this chapter.
TN Code § 35-13-114 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 13 - Charitable Beneficiaries|§ 35-13-114. Cy Pres

 Section 35-15-413 shall also apply to charitable gifts, as defined in § 35-13-102, whether given before or after April 12, 2007, on the same basis as charitable trusts.
TN Code § 35-14-101 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-101. Short Title

 This chapter shall be known and may be cited as the “Tennessee Uniform Prudent Investor Act of 2002.”
TN Code § 35-14-102 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-102. Chapter Definitions

 As used in this chapter, unless the context otherwise requires:   “Governing instrument” means:  A will, deed, trust instrument or agency agreement;   For purposes of subdivision (1)(A), an agency agreement includes but is not limited to, any agreement under which any delegation is made, either pursuant to § 35-15-807 or by anyone holding a power or duty pursuant to chapter 15, part 12;     “Trust” means any fiduciary relationship created by a governing instrument; and   “Trustee” means any fiduciary as defined in § 35-15-103.
TN Code § 35-14-103 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-103. Prudent Investor Rule

  Except as otherwise provided in subsection (b), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this chapter.   The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reliance on the provisions of the trust.
TN Code § 35-14-104 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-104. Standard of Care — Portfolio Strategy — Risk and Return Objectives

  A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.   A trustee's investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.   Among circumstances that a trustee may consider in investing and managing trust assets the following are relevant to the trust or its beneficiaries:  General economic conditions;   The possible effect of inflation or deflation;   The expected tax consequences of investment decisions or strategies;   The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property;   The expected total return from income and the appreciation of capital;   Other resources of the beneficiaries;   Needs for liquidity, regularity of income, and preservation or appreciation of capital; and   An asset's special relationship or special value, if any, to the purposes of the trust or to one (1) or more of the beneficiaries.     A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.   In addition to the permissible investments listed in §§ 35-3-102 — 35-3-111, a trustee may invest in any kind of property or type of investment consistent with the standards of this chapter.   A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, has a duty to use those special skills or expertise.   The powers granted by this section to trustees, guardians and other fiduciaries shall be in addition to the powers existing under other provisions of this code authorizing investments by fiduciaries.
TN Code § 35-14-105 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-105. Diversification

  A trustee shall diversify the investments of the trust:  Unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying, or   Except as otherwise provided in subsection (b).      In the absence of express provisions to the contrary in the governing instrument, a fiduciary may without liability continue to hold property received into a trust at its inception or subsequently added to it or acquired pursuant to proper authority if and as long as the fiduciary, in the exercise of good faith and reasonable prudence, discretion and intelligence, may consider that retention is in the best interest of the trust and its beneficiaries or in furtherance of the goals of the trustor as determined from that instrument. Such property may include capital stock in the corporate fiduciary and stock in any corporation controlling, controlled by or under common control with such fiduciary; and the fiduciary may acquire additional shares of such stock by stock dividends, stock splits, exchanges and conversions for other stock or debentures and exercise of rights to acquire stock of the corporation or another corporation acquiring the stock of the corporation by merger, consolidation or reorganization.   In the absence of express provisions to the contrary in the governing instrument, a deposit of trust funds at interest in any bank, savings and loan association or other financial institution (including the fiduciary and an affiliated depository institution) shall be a qualified investment to the extent that such deposit is insured under any present or future law of the United States. The fiduciary may also hold deposits in such institutions without interest in reasonable amounts and for reasonable times for operating expenses, anticipated distributions and pending investments.      Notwithstanding any other provision of this chapter to the contrary, and except as otherwise provided in the governing instrument, the duties of a trustee regarding the acquisition, retention or ownership of a contract of insurance on the life of the grantor of the trust, or on the lives of the grantor and the grantor's spouse, children, grandchildren, or parents, do not include a duty to:  Determine whether any contract of life insurance in the trust, or to be acquired by the trust, is or remains a proper investment;   As to the type of insurance contract;   As to the quality of the insurance company;   Or otherwise.     Diversify the investment; or   Exercise any policy options, rights, or privileges available under any contract of life insurance in the trust, including any right to borrow the cash value or reserve of the policy, acquire a paid-up policy, or convert to a different policy.     The trustee is not liable to the beneficiaries of the contract of insurance or to any other party for loss arising from the absence of these duties regarding insurance contracts under this subsection (c).
TN Code § 35-14-106 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-106. Duties at Inception of Trusteeship

 Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this chapter.
TN Code § 35-14-107 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-107. Loyalty

 A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
TN Code § 35-14-108 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-108. Impartiality

 If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
TN Code § 35-14-109 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-109. Investment Costs

 In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.
TN Code § 35-14-110 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-110. Reviewing Compliance

 Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.
TN Code § 35-14-111 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-111. Delegation of Investment and Management Functions

  A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:  Selecting an agent;   Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and   Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.     In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.   A trustee who complies with the requirements of subsection (a) is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.   By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.
TN Code § 35-14-112 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-112. Language Invoking Standard of Act

 The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this chapter: “investments permissible by law for investment of trust funds,” “legal investments,” “authorized investments,” “using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital,” “prudent man rule,” “prudent trustee rule,” “prudent person rule,” and “prudent investor rule.”
TN Code § 35-14-113 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-113. Application to Existing Trusts

  This chapter applies to trusts existing on and created after July 1, 2002. As applied to trusts existing on July 1, 2002, this chapter governs only decisions or actions occurring after that date.   This section shall not apply in any situation governed by the Uniform Veterans Guardianship Act, compiled in title 34, chapter 5.
TN Code § 35-14-114 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 14 - Uniform Prudent Investor Act|§ 35-14-114. Court Authority

 Nothing in this chapter abrogates or restricts the power of an appropriate court in proper cases to direct or permit the fiduciary to deviate from the terms of the governing instrument or restrains a fiduciary from taking any action regarding the making or retention of investments.
TN Code § 35-16-101 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 16 - Tennessee Investment Services Act of 2007|§ 35-16-101. Short Title

 This chapter shall be known and may be cited as the “Tennessee Investment Services Act of 2007.”
TN Code § 35-16-103 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 16 - Tennessee Investment Services Act of 2007|§ 35-16-103. Qualified Affidavit Requirements

 A qualified affidavit shall state that:   The transferor has full right, title, and authority to transfer the assets to the trust;   The transfer of the assets to the trust will not render the transferor insolvent;   The transferor does not intend to defraud a creditor by transferring the assets to the trust;   The transferor does not have any pending or threatened court actions against the transferor, except for those court actions identified by the transferor on an attachment to the affidavit;   The transferor is not involved in any administrative proceedings, except for those administrative proceedings identified on an attachment to the affidavit;   The transferor does not contemplate filing for relief under the federal bankruptcy code; and   The assets being transferred to the trust were not derived from unlawful activities.
TN Code § 35-16-105 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 16 - Tennessee Investment Services Act of 2007|§ 35-16-105. Powers and Rights of Transferor

 A transferor shall have only the powers and rights conferred by the investment services trust. The powers and rights conferred by the investment services trust upon the transferor are personal powers and rights that may not be exercised by a creditor or any other person, except as expressly permitted by the trust. Except as permitted by §§ 35-16-109 and 35-16-111, the transferor shall have no rights or authority with respect to the corpus of the investment services trust or the income from the trust, and any agreement or understanding purporting to grant or permit the retention of any greater rights or authority shall be void.
TN Code § 35-16-106 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 16 - Tennessee Investment Services Act of 2007|§ 35-16-106. Avoidance of Qualified Dispositions

  A qualified disposition to an investment services trust shall be avoided only to the extent necessary to satisfy the transferor's debt to the creditor at whose instance the disposition had been avoided, together with costs, including attorneys' fees, that the court may allow.   In the event any qualified disposition shall be avoided as provided in subsection (a), then:  If the court is satisfied that a qualified trustee has not acted in bad faith in accepting or administering the property that is the subject of the qualified disposition:  The qualified trustee shall have a first and paramount lien against the property that is the subject of the qualified disposition in an amount equal to the entire cost, including attorneys' fees, properly incurred by the qualified trustee in the defense of the action or proceedings to avoid the qualified disposition;   The qualified disposition shall be avoided subject to the proper fees, costs, preexisting rights, claims and interests of the qualified trustee and of any predecessor qualified trustee that has not acted in bad faith; and   For purposes of this subdivision (b)(1), it shall be presumed that the qualified trustee did not act in bad faith merely by accepting the property; and     If the court is satisfied that a beneficiary of an investment services trust has not acted in bad faith, the avoidance of the qualified disposition shall be subject to the right of the beneficiary to retain any distribution made upon the exercise of a trust power or discretion vested in the qualified trustee or qualified trustees of the investment services trust, which power or discretion was properly exercised prior to the creditor's commencement of an action to avoid the qualified disposition. For purposes of this subdivision (b)(2), it shall be presumed that the beneficiary, including a beneficiary who is also a transferor of the trust, did not act in bad faith merely by creating the trust or by accepting a distribution made in accordance with the terms of the trust.     A disposition by a trustee that is not a qualified trustee to a trustee that is a qualified trustee shall not be treated as other than a qualified disposition solely because the trust instrument fails to meet the requirements of § 35-16-102(7)(A).   In the case of a disposition to more than one (1) trustee, a disposition that is otherwise a qualified disposition shall not be treated as other than a qualified disposition solely because not all of the recipient trustees are qualified trustees.
TN Code § 35-16-107 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 16 - Tennessee Investment Services Act of 2007|§ 35-16-107. Spendthrift Provisions

 A spendthrift provision as described in § 35-16-102(7)(C) shall be deemed to be a restriction on the transfer of the transferor's beneficial interest in the trust that is enforceable under applicable nonbankruptcy law within the meaning of § 541(c)(2) of the Bankruptcy Code (11 U.S.C. § 541(c)(2)), or any successor provision.
TN Code § 35-16-108 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 16 - Tennessee Investment Services Act of 2007|§ 35-16-108. Qualified Trustees and Advisors

  For purposes of this chapter, neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in § 35-16-102(12)(A) shall be considered a qualified trustee; however, nothing in this chapter shall preclude a transferor from appointing one (1) or more advisors, including, but not limited to:  Advisors who have authority under the terms of the trust instrument to remove and appoint qualified trustees or trust advisors;   Advisors who have authority under the terms of the trust instrument to direct, consent to or disapprove distributions from the trust; and   Investment advisors, whether or not the advisors would meet the requirements imposed by § 35-16-102(12).     For purposes of subsection (a), “advisor” includes a trust “protector” or any other person who, in addition to a qualified trustee, holds one (1) or more trust powers.
TN Code § 35-16-109 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 16 - Tennessee Investment Services Act of 2007|§ 35-16-109. Transferor as Investment Advisor

 A person may serve as an investment advisor notwithstanding that the person is the transferor of the qualified disposition.
TN Code § 35-16-110 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 16 - Tennessee Investment Services Act of 2007|§ 35-16-110. Successor Trustees

 In the event that a qualified trustee of an investment services trust ceases to meet the requirements of § 35-16-102(12)(A), and there remains no trustee that meets the requirements, the qualified trustee shall be deemed to have resigned as of the time of that cessation, and thereupon the successor qualified trustee provided for in the investment services trust shall become a qualified trustee of the investment services trust, or in the absence of any successor qualified trustee provided for in the investment services trust, then a court of this state shall, upon application of any interested party, appoint a successor qualified trustee.
TN Code § 35-16-112 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 16 - Tennessee Investment Services Act of 2007|§ 35-16-112. Applicability

 This chapter applies to qualified dispositions to investment services trusts and dispositions by transferors who are trustees made on or after July 1, 2007.
TN Code § 35-17-101 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 17 - Tennessee Community Property Trust Act of 2010|§ 35-17-101. Short Title

 This chapter shall be known as the “Tennessee Community Property Trust Act of 2010.”