reglab/housing_qa huggingface dataset:
TN Code § 35-6-503 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 6 - Uniform Principal and Income Act|Part 5 - Allocation of Disbursements During Administration of Trust|§ 35-6-503. Transfers From Income to Principal for Depreciation

  In this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one (1) year.   A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:  Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;   During the administration of a decedent's estate; or   Under this section if the trustee is accounting under § 35-6-403 for the business or activity in which the asset is used.     An amount transferred to principal need not be held as a separate fund.
TN Code § 35-6-504 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 6 - Uniform Principal and Income Act|Part 5 - Allocation of Disbursements During Administration of Trust|§ 35-6-504. Transfers From Income to Reimburse Principal

  If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one (1) or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.   Principal disbursements to which subsection (a) applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:  An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;   A capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments;   Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions;   Periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments; and   Disbursements described in § 35-6-502(a)(7).     If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subsection (a).
TN Code § 35-6-505 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 6 - Uniform Principal and Income Act|Part 5 - Allocation of Disbursements During Administration of Trust|§ 35-6-505. Income Taxes

  A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.   A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.   A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid:  From income to the extent that receipts from the entity are allocated only to income;   From principal to the extent that receipts from the entity are allocated only to principal;   Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and   From principal to the extent that the tax exceeds the total receipts from the entity.     After applying subsections (a)-(c), the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary.
TN Code § 35-6-506 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 6 - Uniform Principal and Income Act|Part 5 - Allocation of Disbursements During Administration of Trust|§ 35-6-506. Adjustments Between Principal and Income Because of Taxes

  A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from:  Elections and decisions, other than those described in subsection (b), that the fiduciary makes from time to time regarding tax matters;   An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or   The ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.     If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.
TN Code § 35-6-601 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 6 - Uniform Principal and Income Act|Part 6 - Miscellaneous Provisions|§ 35-6-601. Application and Construction of Chapter 6

 Section 35-15-1101 controls all application and construction of chapter 6.
TN Code § 35-6-602 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 6 - Uniform Principal and Income Act|Part 6 - Miscellaneous Provisions|§ 35-6-602. Application of Act to Existing Trusts and Estates

 This act applies to every trust or decedent's estate existing on or after July 1, 2000, except as otherwise expressly provided in the will or terms of the trust or in this act.
TN Code § 35-10-201 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 10 - Uniform Management of Institutional Funds Act|Part 2 - Uniform Prudent Management of Institutional Funds Act|§ 35-10-201. Short Title

 This part shall be known and may be cited as the “Uniform Prudent Management of Institutional Funds Act.”
TN Code § 35-10-202 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 10 - Uniform Management of Institutional Funds Act|Part 2 - Uniform Prudent Management of Institutional Funds Act|§ 35-10-202. Part Definitions

 As used in this part, unless the context otherwise requires:   “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community;   “Endowment fund” means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use;   “Gift instrument” means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund;   “Institution” means:  A person, other than an individual, organized and operated exclusively for charitable purposes;   A government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; and   A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated;     “Institutional fund” means a fund held by an institution exclusively for charitable purposes. “Institutional fund”  does not include:  Program-related assets;   A fund held for an institution by a trustee that is not an institution; or   A fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund;     “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity;   “Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment; and   “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
TN Code § 35-10-204 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 10 - Uniform Management of Institutional Funds Act|Part 2 - Uniform Prudent Management of Institutional Funds Act|§ 35-10-204. Appropriation for Expenditure or Accumulation of Endowment Fund — Rules of Construction

  Subject to the intent of a donor expressed in the gift instrument and to subsection (d), an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:  The duration and preservation of the endowment fund;   The purposes of the institution and the endowment fund;   General economic conditions;   The possible effect of inflation or deflation;   The expected total return from income and the appreciation of investments;   Other resources of the institution; and   The investment policy of the institution.     To limit the authority to appropriate for expenditure or accumulate under subsection (a), a gift instrument must specifically state the limitation.   Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only “income”, “interest”, “dividends”, or “rents, issues, or profits”, or “to preserve the principal intact”, or words of similar import:  Create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and   Do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection (a).      The appropriation for expenditure in any year of an amount greater than seven percent (7%) of the fair market value of an endowment fund, calculated on the basis of market values determined at least quarterly and averaged over a period of not less than three (3) years immediately preceding the year in which the appropriation for expenditure was made, creates a rebuttable presumption of imprudence.   For an endowment fund in existence for fewer than three (3) years, the fair market value of the endowment fund must be calculated for the period the endowment fund has been in existence.   This subsection (d) does not:  Apply to an appropriation for expenditure permitted under law other than this part or by the gift instrument; or   Create a presumption of prudence for an appropriation for expenditure of an amount less than or equal to seven (7%) percent of the fair market value of the endowment fund.
TN Code § 35-10-205 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 10 - Uniform Management of Institutional Funds Act|Part 2 - Uniform Prudent Management of Institutional Funds Act|§ 35-10-205. Delegation of Management and Investment Functions

  Subject to any specific limitation set forth in a gift instrument or in law other than this part, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:  Selecting an agent;   Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and   Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.     In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.   An institution that complies with subsection (a) is not liable for the decisions or actions of an agent to which the function was delegated.   By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.   An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this state other than this part.
TN Code § 35-10-206 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 10 - Uniform Management of Institutional Funds Act|Part 2 - Uniform Prudent Management of Institutional Funds Act|§ 35-10-206. Release or Modification of Restrictions on Management, Investment, or Purpose

  If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.   The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the attorney general and reporter of the application, and the attorney general and reporter must be given an opportunity to be heard. To the extent practicable, any modification must be made in accordance with the donor's probable intention.   If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the attorney general and reporter of the application, and the attorney general and reporter must be given an opportunity to be heard.   If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, sixty (60) days after notification to the attorney general and reporter, may release or modify the restriction, in whole or part, if:  The institutional fund subject to the restriction has a total value of less than one hundred fifty thousand dollars ($150,000). This dollar limit shall increase by an amount of five thousand dollars ($5,000) on July 1, 2011, and on each July 1 in subsequent years;   More than twenty (20) years have elapsed since the fund was established; and   The institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.
TN Code § 35-10-207 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 10 - Uniform Management of Institutional Funds Act|Part 2 - Uniform Prudent Management of Institutional Funds Act|§ 35-10-207. Reviewing Compliance

 Compliance with this part is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.
TN Code § 35-10-208 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 10 - Uniform Management of Institutional Funds Act|Part 2 - Uniform Prudent Management of Institutional Funds Act|§ 35-10-208. Application to Existing Institutional Funds

 This part applies to institutional funds existing on or established after July 1, 2007. As applied to institutional funds existing on July 1, 2007, this part governs only decisions made or actions taken on or after July 1, 2007.
TN Code § 35-10-209 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 10 - Uniform Management of Institutional Funds Act|Part 2 - Uniform Prudent Management of Institutional Funds Act|§ 35-10-209. Relation to Electronic Signatures in Global and National Commerce Act

 This part modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act (15 U.S.C. § 7001 et seq.), but does not modify, limit, or supersede § 101 of that act (15 U.S.C. § 7001(a)), or authorize electronic delivery of any of the notices described in § 103 of that act (15 U.S.C. § 7003(b)).
TN Code § 35-10-210 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 10 - Uniform Management of Institutional Funds Act|Part 2 - Uniform Prudent Management of Institutional Funds Act|§ 35-10-210. Uniformity of Application and Construction

 In applying and construing the uniform act set out in this part, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
TN Code § 35-15-101 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 15 - Tennessee Uniform Trust Code|Part 1 - General Provisions and Definitions|§ 35-15-101. Short Title

 This chapter shall be known and may be cited as the “Tennessee Uniform Trust Code.”
TN Code § 35-15-102 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 15 - Tennessee Uniform Trust Code|Part 1 - General Provisions and Definitions|§ 35-15-102. Scope

 This chapter applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust.
TN Code § 35-15-104 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 15 - Tennessee Uniform Trust Code|Part 1 - General Provisions and Definitions|§ 35-15-104. Knowledge

  Subject to subsection (b), a person has knowledge of a fact if the person:  Has actual knowledge of it;   Has received a notice or notification of it; or   From all the facts and circumstances known to the person at the time in question, has reason to know it.     An organization that conducts activities through employees has notice or knowledge of a fact involving a trust only from the time the information was received by an employee having responsibility to act for the trust, or would have been brought to the employee's attention if the organization had exercised reasonable diligence. An organization exercises reasonable diligence if it maintains reasonable routines for communicating significant information to the employee having responsibility to act for the trust and there is reasonable compliance with the routines. Reasonable diligence does not require an employee of the organization to communicate information unless the communication is part of the individual's regular duties or the individual knows a matter involving the trust would be materially affected by the information.
TN Code § 35-15-105 (2021)
2021 Tennessee Code|Title 35 - Fiduciaries and Trust Estates|Chapter 15 - Tennessee Uniform Trust Code|Part 1 - General Provisions and Definitions|§ 35-15-105. Default and Mandatory Rules

  Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee or any other fiduciary under this chapter, relations among trustees and such other fiduciaries, and the rights and interests of a beneficiary. The terms of a trust may expand, restrict, eliminate, or otherwise vary the duties and powers of a trustee, any such other fiduciary, relations among any of them, and the rights and interests of a beneficiary; provided, however, that nothing contained in this subsection (a) shall be construed to override or nullify the provisions of subsection (b). The rule of statutory construction that states that statutes in derogation of the common law are to be strictly construed shall have no application to this section. Except as restricted by subsection (b), pursuant to this section, courts shall give maximum effect to the principle of freedom of disposition and to the enforceability of trust instruments.   The terms of a trust prevail over any provision of this chapter except:  The requirements for creating a trust;   The duty of a trustee to act in accordance with the terms and purposes of the trust and the interests of the beneficiaries;   The requirement that a trust and its terms be for the benefit of its beneficiaries as the interests of such beneficiaries are defined under the terms of the trust, and that the trust has a purpose that is lawful and possible to achieve;   The power to modify or terminate a trust under §§ 35-15-410 — 35-15-416;   The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in part 5 of this chapter;   The power of the court under § 35-15-702 to require, dispense with, or modify or terminate a bond;   The power of the court under § 35-15-708(b) to adjust a trustee's compensation specified in the terms of the trust which is unreasonably low or high;   The effect of an exculpatory term under § 35-15-1008;   The rights under §§ 35-15-1010 — 35-15-1013 of a person other than a trustee or beneficiary;   Periods of limitation for commencing a judicial proceeding;   The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice; and   The subject matter jurisdiction of the court and venue for commencing a proceeding as provided in §§ 35-15-203 and 35-15-204.     Any purpose enunciated as a material purpose of a trust in that trust's trust instrument shall be treated as a material purpose of that trust for all purposes of this chapter and chapter 16.