reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 5 - CREDITOR'S CLAIMS - MANDATORY, SUPPORT AND DISCRETIONARY INTRESTS - EFFECT OF SPENDTHRIFT PROVISION (§§ 35-15-501 — 35-15-510) › Section 35-15-509 - Judicial foreclosure of beneficial interests, powers of appointment, and reserved powers prohibited - Certain reaches prohibited

Regardless of whether or not a trust contains a spendthrift provision:
(1)
No beneficial interest, power of appointment, or reserved power in a trust shall be judicially foreclosed;
(2)
No creditor or assignee shall reach a power of appointment or a remainder interest at the trust level and such creditor or assignee shall wait until any funds are distributed relative to such power of appointment or remainder interest before such creditor or assignee may reach such funds;
(3)
No creditor or assignee shall reach property transferred pursuant to a power of appointment exercised by a decedent unless the power of appointment was actually exercised in favor of the decedent or the decedent's estate; and
(4)
No power of appointment is a property interest.
Amended by 2021 Tenn. Acts, ch. 420, s 20, eff. 7/1/2021.
Added by 2013 Tenn. Acts, ch. 390, s 24, eff. 7/1/2013.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 6 - REVOCABLE TRUSTS (§§ 35-15-601 — 35-15-606) › Section 35-15-601 - Capacity of settlor of revocable trust - Form of execution for post-death disposition

The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. To be effective as a post death disposition of property transferred during the transferor's life or by the transferor's will to a trust of which the transferor is the settlor or deemed to be the settlor, neither a revocable nor irrevocable trust existing on or executed after July 1, 2004, has to be executed with the formalities of a will.
Acts 2004, ch. 537, § 47; 2005, ch. 99, § 8.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 6 - REVOCABLE TRUSTS (§§ 35-15-601 — 35-15-606) › Section 35-15-602 - Revocation or amendment of revocable trust

(a)
Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection (a) does not apply to a trust created under an instrument executed before July 1, 2004.
(b)
If a revocable trust is created or funded by more than one (1) settlor:
(1)
To the extent the trust consists of community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses;
(2)
To the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution; and
(3)
At the death of one (1) settlor, each surviving settlor shall have the right to revoke the trust as to that surviving settlor's portion of the trust as determined by the type of property in accordance with subdivisions (b)(1) and (b)(2).
(c)
The settlor may revoke or amend a revocable trust:
(1)
By substantial compliance with a method provided in the terms of the trust; or
(2)
If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by:
(A)
A later will or codicil that expressly refers to the trust or specifically devises property that would otherwise have passed according to the terms of the trust; or
(B)
Any other method manifesting clear and convincing evidence of the settlor's intent.
(d)
Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs. However, with respect to community property under subdivision (b)(1), the trustee shall deliver the property one-half (1/2) to each spouse unless the governing instrument specifically states otherwise.
(e)
A settlor's powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust or the power.
(f)
A conservator of the settlor or, if no conservator has been appointed, a guardian of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only if the trust instrument specifically grants to the conservator or guardian the power to revoke or amend the trust or distribute trust property.
(g)
A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked.
Acts 2004, ch. 537, § 48.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 6 - REVOCABLE TRUSTS (§§ 35-15-601 — 35-15-606) › Section 35-15-603 - Settlor's powers - Powers of withdrawal

(a)
While a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.
(b)
If a revocable trust has more than one (1) settlor, the duties of the trustee are owed to all of the settlors having capacity to revoke the trust.
(c)
During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
Acts 2004, ch. 537, § 49.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 6 - REVOCABLE TRUSTS (§§ 35-15-601 — 35-15-606) › Section 35-15-604 - Limitation on action contesting validity of revocable trust - Distribution of trust property

(a)
A person may commence a judicial proceeding to contest the validity of a trust that was revocable immediately preceding the settlor's death within the earlier of:
(1)
Two (2) years after the settlor's death; or
(2)
One hundred twenty (120) days after the trustee sent the person a copy of the trust instrument and a notice informing the person of the trust's existence, the trustee's name and address, and the time allowed for commencing a proceeding to contest the validity of the trust.
(b)
Upon the death of the settlor of a trust that was revocable immediately preceding the settlor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. Except as provided in §
35-15-817
, the trustee is subject to liability for making the distribution only if at the time of the distribution:
(1)
The trustee had actual knowledge of a pending judicial proceeding contesting the validity of the trust; or
(2)
A potential contestant had notified the trustee in writing of a possible judicial proceeding to contest the trust and the judicial proceeding is commenced within sixty (60) days following the trustee's receipt of the notification.
(c)
In the event a trust or trust provision is adjudged to be invalid, or if a distribution is adjudged to have been made in error, by the final judgment of the court having jurisdiction, which judgment is subject to no further appeal, any beneficiary having received an improper distribution shall, upon receipt of a copy of such order, return the improper distribution to the court. If the beneficiary fails to return the improper distribution to the court, the beneficiary is liable for costs, including reasonable attorney's fees, incurred to recover the improper distribution from the beneficiary.
Amended by 2023 Tenn. Acts, ch. 166,s 3, eff. 4/17/2023.
Amended by 2022 Tenn. Acts, ch. 877, s 7, eff. 4/14/2022.
Acts 2004, ch. 537, § 50.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 6 - REVOCABLE TRUSTS (§§ 35-15-601 — 35-15-606) › Section 35-15-605 - Written statement or list to dispose of items of tangible personal property

(a)
(1)
A revocable (living) trust that becomes irrevocable upon the death of its settlor may refer to a written statement or list to dispose of items of tangible personal property not otherwise specifically disposed of by the revocable trust, other than money, evidences of indebtedness, documents of title, securities, and property used in a trade or business.
(2)
To be effective under this section as evidence of the intended disposition, the writing:
(A)
Must:
(i)
Be either in the handwriting of the settlor or signed by the settlor;
(ii)
Be dated; and
(iii)
Describe the items and the beneficiaries with reasonable certainty;
(B)
May be prepared before or after the execution of the revocable trust;
(C)
May be altered by the settlor after its preparation, provided that the settlor signs and dates the alteration; and
(D)
May be a writing that has no significance apart from its effect upon the dispositions made by the revocable trust.
(3)
If more than one (1) otherwise effective writings exist or a single writing contains properly signed and dated alterations, the provisions of the most recent writing or alteration revoke any inconsistent provisions of all prior writings.
(b)
A trustee is not liable for any distribution of tangible personal property to the apparent beneficiary under the settlor's revocable trust without actual knowledge of the written statement or list, as described in subsection (a), and the trustee has no duty to recover property distributed without knowledge of the written statement or list.
Added by 2019 Tenn. Acts, ch. 197,s 4, eff. 4/25/2019.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 6 - REVOCABLE TRUSTS (§§ 35-15-601 — 35-15-606) › Section 35-15-606 - Settlor's powers - Powers to remove and appoint trustees

(a)
The settlor of a revocable trust may remove a trustee and appoint a successor trustee by giving written notice to the trustee being removed and to the successor trustee being appointed.
(b)
If there are two (2) or more settlors of the same revocable trust, then the removal and appointment of trustees must be made by unanimous decision of all settlors.
Added by 2023 Tenn. Acts, ch. 166, s 14, eff. 4/17/2023.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-701 - Accepting or declining trusteeship

(a)
Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship:
(1)
By substantially complying with a method of acceptance provided in the terms of the trust; or
(2)
If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.
(b)
A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation and the assets comprising the trust is deemed to have rejected the trusteeship.
(c)
A person designated as trustee, without accepting the trusteeship, may:
(1)
Act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; and
(2)
Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
Acts 2004, ch. 537, § 51.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-702 - Trustee's bond

(a)
A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
(b)
The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.
(c)
A state or national bank, savings institution, or trust company authorized to exercise fiduciary powers and regulated by the office of the comptroller of the currency, office of thrift supervision, the department of financial institutions or equivalent state banking supervisors need not give bond, even if required by the terms of the trust.
Acts 2004, ch. 537, § 52.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-703 - Cotrustees

(a)
Cotrustees who are unable to reach a unanimous decision may act by majority decision.
(b)
If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust.
(c)
A cotrustee must participate in the performance of a trustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity or the cotrustee has properly delegated the performance of the function to another trustee.
(d)
If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.
(e)
A trustee may not delegate to a cotrustee the performance of a function the settlor reasonably expected the trustees to perform jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.
(f)
Except as otherwise provided in subsection (g), a trustee who does not join in an action of another trustee is not liable for the action.
(g)
Each trustee shall exercise reasonable care to:
(1)
Prevent a cotrustee from committing a serious breach of trust; and
(2)
Compel a cotrustee to redress a serious breach of trust.
(h)
A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust.
(i)
A trustee shall keep each cotrustee and any other fiduciary reasonably informed about the administration of the trust, to the extent the trustee has knowledge that each such cotrustee or other fiduciary does not have such knowledge of the trustee's actions, or regarding other material information or the availability of such information, related to the administration of the trust that would be reasonably necessary for each such cotrustee or other fiduciary to perform such person's duties as a trustee or other fiduciary of the trust.
Amended by 2013 Tenn. Acts, ch. 390,s 26, eff. 7/1/2013.
Acts 2004, ch. 537, § 53.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-704 - Vacancy in trusteeship - Appointment of successor

(a)
A vacancy in a trusteeship occurs if:
(1)
A person designated as trustee rejects the trusteeship;
(2)
A person designated as trustee cannot be identified or does not exist;
(3)
A trustee resigns;
(4)
A trustee is disqualified or removed;
(5)
A trustee dies; or
(6)
A conservator is appointed for an individual serving as trustee.
(b)
If one (1) or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.
(c)
A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:
(1)
By a person designated in the terms of the trust to act as successor trustee;
(2)
By a person appointed by unanimous agreement of the qualified beneficiaries; or
(3)
By a person appointed by the court.
(d)
A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:
(1)
By a person designated in the terms of the trust to act as successor trustee;
(2)
By a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the attorney general does not affirmatively object within thirty (30) days of receipt of notice of the person selected; or
(3)
By a person appointed by the court.
(e)
Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.
Acts 2004, ch. 537, § 54; 2007, ch. 24, § 26.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-705 - Resignation of trustee

(a)
A trustee may resign:
(1)
Upon at least thirty (30) days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or
(2)
With the approval of the court.
(b)
In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(c)
Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
Acts 2004, ch. 537, § 55.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-706 - Removal of trustee

(a)
The settlor, a cotrustee, or a qualified beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative.
(b)
The court may remove a trustee if:
(1)
The trustee has committed a serious breach of trust;
(2)
Lack of cooperation among cotrustees substantially impairs the administration of the trust;
(3)
Because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries; or
(4)
There has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available.
(c)
Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under §
35-15-1001(b)
as may be necessary to protect the trust property or the interests of the beneficiaries.
Acts 2004, ch. 537, § 56.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-707 - Delivery of property by former trustee - Petition for approval of accountings and release and discharge from liability

(a)
Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.
(b)
A trustee who has resigned or been removed shall, within a reasonable time, deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to it.
(c)
Prior to delivering the trust property within the trustee's possession to the co-trustee, successor trustee, or other person entitled to it, a trustee who has resigned or been removed shall have the right and authority to petition the court for approval of its accountings and a release and discharge from all liability related to such trust as allowed under §
35-15-205
.
Amended by 2019 Tenn. Acts, ch. 340, s 10, eff. 5/10/2019.
Acts 2004, ch. 537, § 57; 2007 , ch. 24, § 27.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-708 - Compensation of trustees, trust advisors and trust protectors

(a)
If the terms of a trust do not specify a trustee's, trust advisor's or trust protector's compensation, and if the settlor, if living, or otherwise a majority of the qualified beneficiaries as defined in §
35-15-103(24)(A)
, have not otherwise agreed, a trustee, trust advisor or trust protector is entitled to compensation that is reasonable under the circumstances.
(b)
If the terms of a trust specify a trustee's, trust advisor's or trust protector's compensation, the trustee, trust advisor or trust protector is entitled to be compensated as specified in the trust, but the court may allow more or less compensation if:
(1)
The duties of the trustee, trust advisor or trust protector are substantially different from those contemplated when the trust was created; or
(2)
The compensation specified by the terms of the trust would be unreasonably low or high.
(c)
Factors for the court to consider in deciding upon a trustee's, trust advisor's or trust protector's compensation shall include the size of the trust, the nature and number of the assets, the income produced, the time and responsibility required, the expertise required, any management or sale of real property or closely held business interests, any involvement in litigation to protect trust property, and other relevant factors.
(d)
Subject to the court's authority as provided in subsection (b), regardless of its form of entity, the fees set forth in the published fee schedule of a trustee, trust advisor or trust protector that is regulated by the department of financial institutions, the equivalent regulatory agency of another state, the office of the comptroller of the currency or the office of thrift supervision shall be presumed to be reasonable, unless otherwise provided by the terms of the trust.
Amended by 2013 Tenn. Acts, ch. 390,s 27, eff. 7/1/2013.
Acts 2004, ch. 537, § 58.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-709 - Reimbursement of expenses

(a)
A trustee, trust advisor or trust protector is entitled to be reimbursed out of the trust property, with interest as appropriate, for:
(1)
Expenses that were properly incurred in the administration of the trust; and
(2)
To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.
(b)
An advance, either by the trustee, trust advisor or trust protector or by a person named in §
35-15-701(c)(1)
, of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
Amended by 2013 Tenn. Acts, ch. 390,s 28, eff. 7/1/2013.
Acts 2004, ch. 537, § 59.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-710 - Directed trusts

If the terms of the trust, an agreement of the qualified beneficiaries, an exercise of the authority described in §
35-15-716
, or a court order requires a trustee, trust advisor, or trust protector to follow the direction of a trust advisor, trust protector, or trustee, and the trustee, trust advisor, or trust protector acts in accordance with such direction, then the trustee, trust advisor, or trust protector so directed must be treated as an excluded fiduciary.
Amended by 2023 Tenn. Acts, ch. 166, s 6, eff. 4/17/2023.
Added by 2013 Tenn. Acts, ch. 390, s 29, eff. 7/1/2013.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-711 - Directed trusts - Accepting or declining fiduciary appointment

(a)
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee already being provided for in §
35-15-701(a)
, may accept its appointment as such respective fiduciary in a like manner as provided for a trustee under §
35-15-701(a)
.
(b)
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee already being provided for in §
35-15-701(b)
, may reject its appointment as such respective fiduciary in a like manner as provided for a trustee under §
35-15-701(b)
.
(c)
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee already being provided for in §
35-15-701(c)
, may, without accepting its appointment as such respective fiduciary, carry out the appropriate activities relative to such respective fiduciary as are provided for a trustee under §
35-15-701(c)
.
Added by 2013 Tenn. Acts, ch. 390, s 29, eff. 7/1/2013.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-712 - Directed trusts - Fiduciary's bond

(a)
Section
35-15-702
applies to trust advisors, trust protectors or other fiduciaries other than cotrustees, such cotrustees already being provided for in §
35-15-702
.
(b)
When exercising its powers under this section, the court shall consider the powers, duties and liabilities relative to such respective fiduciaries other than a cotrustee and whether any of such respective fiduciaries are excluded fiduciaries.
Added by 2013 Tenn. Acts, ch. 390, s 29, eff. 7/1/2013.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-713 - Vacancy - Directed trusts

(a)
Except as otherwise provided by the terms of the trust upon obtaining knowledge of a vacancy in the office of trust advisor or trust protector, the trustee shall be vested with any fiduciary power or duty that otherwise would be vested in the trustee but that by the terms of the trust was vested in the trust advisor or trust protector, until such time that the vacancy in the office of trust advisor or trust protector, as applicable is filled.
(b)
Such vacancy shall be filled in the same manner as would a vacancy in trusteeship that is required to be filled, either as provided by §
35-15-704(c)
if the trust is a noncharitable trust, or as provided by §
35-15-704(d)
if the trust is a charitable trust. Section
35-15-704(e)
shall also apply relative to trust advisors and trust protectors in the same manner as that subsection does to trustees and vacancies in trusteeship.
(c)
Notwithstanding subsection (a), a trustee shall not be liable for failing to exercise or assume any power or duty held by a trust advisor or trust protector and conferred upon the trustee by subsection (a) for the sixty-day period immediately following the date the trustee obtains knowledge of such vacancy.
Added by 2013 Tenn. Acts, ch. 390, s 29, eff. 7/1/2013.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-714 - Directed trusts - Resignation of fiduciary

(a)
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee's resignation already being provided for in §
35-15-705
, may resign its appointment as such respective fiduciary in a like manner as provided for a trustee under §
35-15-705
.
(b)
When exercising its powers under this section relative to resignation, the court shall consider the powers, duties and liabilities relative to such respective fiduciaries other than a cotrustee and whether any of such respective fiduciaries are excluded fiduciaries.
Added by 2013 Tenn. Acts, ch. 390, s 29, eff. 7/1/2013.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 7 - OFFICE OF TRUSTEE (§§ 35-15-701 — 35-15-716) › Section 35-15-715 - Directed trusts - Removal of fiduciary

(a)
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee's removal already being provided for in §
35-15-706
, may be removed as such respective fiduciary in a like manner as provided for a trustee under §
35-15-706
.
(b)
When exercising its powers under this section relative to removal of such respective fiduciary, the court shall consider the powers, duties and liabilities relative to such respective fiduciaries other than a cotrustee and whether any of such respective fiduciaries are excluded fiduciaries.
Added by 2013 Tenn. Acts, ch. 390, s 29, eff. 7/1/2013.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 8 - DUTIES AND POWERS OF TRUSTEE (§§ 35-15-801 — 35-15-818) › Section 35-15-801 - Duty to administer trust

Upon acceptance of a trusteeship, the trustee shall administer the trust until such time as the trust terminates or a successor trustee is appointed and all assets are delivered in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.
Acts 2004, ch. 537, § 60.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 8 - DUTIES AND POWERS OF TRUSTEE (§§ 35-15-801 — 35-15-818) › Section 35-15-803 - Impartiality

If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests.
Acts 2004, ch. 537, § 62.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 8 - DUTIES AND POWERS OF TRUSTEE (§§ 35-15-801 — 35-15-818) › Section 35-15-804 - Prudent administration

A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution.
Acts 2004, ch. 537, § 60.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 8 - DUTIES AND POWERS OF TRUSTEE (§§ 35-15-801 — 35-15-818) › Section 35-15-805 - Costs of administration

In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.
Acts 2004, ch. 537, § 63.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 8 - DUTIES AND POWERS OF TRUSTEE (§§ 35-15-801 — 35-15-818) › Section 35-15-806 - Trustee's skills

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, shall use those special skills or expertise.
Acts 2004, ch. 537, § 64.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 8 - DUTIES AND POWERS OF TRUSTEE (§§ 35-15-801 — 35-15-818) › Section 35-15-807 - Delegation by trustee

(a)
A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:
(1)
Selecting an agent;
(2)
Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and
(3)
Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.
(b)
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.
(c)
A trustee who complies with subsection (a) is not liable to the beneficiaries for any act performed or omitted pursuant to written directions or to the trust for an action of the agent to whom the function was delegated.
(d)
By accepting a delegation of powers or duties 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.
Acts 2004, ch. 537, § 65.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 8 - DUTIES AND POWERS OF TRUSTEE (§§ 35-15-801 — 35-15-818) › Section 35-15-809 - Control and protection of trust property

A trustee shall take reasonable steps to take control of and protect the trust property.
Acts 2004, ch. 537, § 67.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 8 - DUTIES AND POWERS OF TRUSTEE (§§ 35-15-801 — 35-15-818) › Section 35-15-810 - Recordkeeping and identification of trust property

(a)
A trustee shall keep adequate records of the administration of the trust.
(b)
A trustee shall keep trust property separate from the trustee's own property.
(c)
Except as otherwise provided in subsection (d), a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.
(d)
If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two (2) or more separate trusts.
(e)
For all purposes under the Tennessee Uniform Trust Code, when a trust is apportioned into separate shares for a single beneficiary or related beneficiary group, the apportioned separate share of the trust shall be treated as separate trusts even though such share may be commingled with other separate shares for investment and tax reporting purposes as provided in this section.
(f)
For all purposes under this chapter, if a trust is apportioned into separate shares for one (1) or more beneficiaries, then the apportioned separate shares must be treated as separate trusts even though the share may be commingled with other separate shares of the trust for investment and tax reporting purposes as provided in this section.
Amended by 2021 Tenn. Acts, ch. 420, s 16, eff. 7/1/2021.
Amended by 2019 Tenn. Acts, ch. 197, s 5, eff. 4/25/2019.
Acts 2004, ch. 537, § 68.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 8 - DUTIES AND POWERS OF TRUSTEE (§§ 35-15-801 — 35-15-818) › Section 35-15-811 - Enforcement and defense of claims

(a)
A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.
(b)
A trustee may abandon or assign any claim that it believes is unreasonable to enforce to one or more of the beneficiaries of the trust holding the claim.
Acts 2004, ch. 537, § 69.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 8 - DUTIES AND POWERS OF TRUSTEE (§§ 35-15-801 — 35-15-818) › Section 35-15-812 - Collecting trust property

A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee, and to redress a breach of trust known to the trustee to have been committed by a former trustee. No successor trustee appointed after the examination of the accounts of a trustee or the waiver of the examination by the beneficiaries shall be responsible for the acts and omissions of the prior trustee.
Acts 2004, ch. 537, § 70.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 8 - DUTIES AND POWERS OF TRUSTEE (§§ 35-15-801 — 35-15-818) › Section 35-15-815 - General powers of trustee

(a)
A trustee, without authorization by the court, may exercise:
(1)
Powers conferred by the terms of the trust; and
(2)
Except as limited by the terms of the trust:
(A)
All powers over the trust property which an unmarried competent owner has over individually owned property;
(B)
Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and
(C)
Any other powers conferred by this chapter.
(b)
The exercise of a power is subject to the fiduciary duties prescribed by this part.
Acts 2004, ch. 537, § 73.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 9 - "UNIFORM PRINCIPAL AND INCOME ACT" AND "TENNESSEE UNIFORM PRUDENT INVESTOR ACT OF 2002" INCORPORATED (§ 35-15-901) › Section 35-15-901 - Uniform Principal and Income Act and Tennessee Uniform Prudent Investor Act of 2002 incorporated by reference

Title 35, chapter 6 and chapter 14 are incorporated in this chapter by reference.
Amended by 2013 Tenn. Acts, ch. 390,s 39, eff. 7/1/2013.
Acts 2004, ch. 537, § 76.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 10 - LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE (§§ 35-15-1001 — 35-15-1015) › Section 35-15-1001 - Remedies for breach of trust

(a)
A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.
(b)
To remedy a breach of trust that has occurred or may occur, the court may:
(1)
Compel the trustee to perform the trustee's duties;
(2)
Enjoin the trustee from committing a breach of trust;
(3)
Compel the trustee to redress a breach of trust by paying money, restoring property, or other means;
(4)
Order a trustee to account;
(5)
Appoint a special fiduciary to take possession of the trust property and administer the trust;
(6)
Suspend the trustee;
(7)
Remove the trustee as provided in §
35-15-706
;
(8)
Reduce or deny compensation to the trustee;
(9)
Subject to §
35-15-1012
, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; or
(10)
Order any other appropriate relief whether provided elsewhere in this chapter, available at common law or under equity principles.
Acts 2004, ch. 537, § 77.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 10 - LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE (§§ 35-15-1001 — 35-15-1015) › Section 35-15-1002 - Damages for breach of trust

(a)
Except as otherwise provided in §
35-3-117(a)-(d)
with regard to investment of trust funds or elsewhere in this chapter, a trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of:
(1)
The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or
(2)
The profit the trustee made by reason of the breach.
(b)
Except as otherwise provided in this subsection (b), if more than one (1) trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received.
Acts 2004, ch. 537, § 78.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 10 - LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE (§§ 35-15-1001 — 35-15-1015) › Section 35-15-1003 - Damages in absence of breach

Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.
Acts 2004, ch. 537, § 79.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 10 - LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE (§§ 35-15-1001 — 35-15-1015) › Section 35-15-1004 - Attorney's fees and costs

(a)
In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney's fees, to any party, to be paid by another party or from the trust that is the subject of the controversy.
(b)
In a nonjudicial proceeding involving the administration of a trust, the trustee may pay fees, other reasonable costs and expenses from the trust assets where all of the parties to the proceeding agree in writing.
(c)
In a mediation or arbitration proceeding involving the administration of a trust, the mediator or arbitrator may award fees, other reasonable costs and expenses against the assets of the trust.
Acts 2004, ch. 537, § 80.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 10 - LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE (§§ 35-15-1001 — 35-15-1015) › Section 35-15-1005 - Limitation of action for breach of trust against trustee, former trustee, trust advisor, or trust protector

(a)
A beneficiary, trustee, trust advisor, or trust protector shall not commence a proceeding against a trustee, former trustee, trust advisor, or trust protector for breach of trust more than one (1) year after the earlier of:
(1)
The date the beneficiary, trustee, trust advisor, or trust protector or a representative of the beneficiary, trustee, trust advisor, or trust protector was sent information that adequately disclosed facts indicating the existence of a potential claim for breach of trust; or
(2)
The date the beneficiary, trustee, trust advisor, or trust protector or a representative of the beneficiary, trustee, trust advisor, or trust protector possessed actual knowledge of facts indicating the existence of a potential claim for breach of trust.
(b)
For purposes of this section, facts indicate the existence of a potential claim for breach of trust if the facts provide sufficient information to enable the beneficiary; trustee; trust advisor; trust protector; or the representative of the beneficiary, trustee, trust advisor, or trust protector to have actual knowledge of the potential claim, or have sufficient information to be presumed to know of the potential claim or to know that an additional inquiry is necessary to determine whether there is a potential claim.
(c)
If subsection (a) does not apply, a judicial proceeding against a trustee, former trustee, trust advisor, or trust protector for breach of trust must be commenced within three (3) years after the first to occur of:
(1)
The removal, resignation, or death of the trustee, former trustee, trust advisor, or trust protector;
(2)
The termination of the beneficiary's interest in the trust; or
(3)
The termination of the trust.
(d)
Notwithstanding subsections (a)-(c), no trustee, trust advisor, or trust protector may commence a proceeding against a trustee or a former trustee if, under subsection (a), (b), or (c), none of the beneficiaries would be entitled to commence a proceeding against a trustee or a former trustee for a breach of trust.
(e)
Notwithstanding subsections (a)-(c), no beneficiary, trustee, trust advisor, or trust protector may commence a proceeding against a trustee or former trustee for any matter covered by a final accounting approved by the court under §
35-15-205
, or for any matter covered by a notice under §
35-15-817
if the provisions of §
35-15-817
were complied with and no objections were made within the time period prescribed in §
35-15-817
.
Amended by 2022 Tenn. Acts, ch. 877, s 9, eff. 4/14/2022.
Amended by 2019 Tenn. Acts, ch. 340, s 12, eff. 5/10/2019.
Amended by 2017 Tenn. Acts, ch. 290, s 14, eff. 7/1/2017.
Amended by 2013 Tenn. Acts, ch. 390, s 40, eff. 7/1/2013.
Acts 2004, ch. 537, § 81.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 10 - LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE (§§ 35-15-1001 — 35-15-1015) › Section 35-15-1006 - Reliance on trust instrustment

A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.
Acts 2004, ch. 537, § 82.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301) › Part 10 - LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE (§§ 35-15-1001 — 35-15-1015) › Section 35-15-1007 - Event affecting administration or distribution

If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee's lack of knowledge.
Acts 2004, ch. 537, § 83.