reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 11 - FUNDRAISING FOR CATASTROPHIC ILLNESSES (§§ 35-11-101 — 35-11-112) › Section 35-11-101 - Funds placed in trust - Trustee

(a)
All funds raised to meet the medical or related expenses of a named individual suffering from a catastrophic illness shall be placed in trust with a bank or trust company organized and doing business under the laws of any state or territory of the United States, including the District of Columbia, and authorized to do business in this state. The trustee of this trust shall be either an individual, or a bank or trust company. The funds placed with a bank or trust company shall be considered to be held in trust, and the bank or trust company considered a trustee, as those terms are used in this chapter, if the bank or trust company maintains the funds in its name as custodian for the benefit of the injured individual, and limits disbursements to those for which the funds are raised or that are permitted by §§
35-11-103
and
35-11-105
.
(b)
As used in this chapter, "catastrophic illness" includes organ transplants.
Acts 1989, ch. 386, §1; 2007 , ch. 430, § 2.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 11 - FUNDRAISING FOR CATASTROPHIC ILLNESSES (§§ 35-11-101 — 35-11-112) › Section 35-11-102 - Trust relationship prerequisite to accepting contributions - Beneficiaries

(a)
Before accepting any contributions for such fundraising activities, the organizer or promoter shall enter into a trust relationship with a bank or trust company or shall establish a trust in the name of an individual, " ______________ [name of beneficiary] trust, ______________ trustee", or words to the same effect; provided, that if in violation of this chapter contributions are accepted prior to entering into the trust relationship, then those contributions shall be placed in trust immediately upon establishment of the required trust relationship.
(b)
The beneficiary of the trust shall be the named individual for whom the funds are being raised.
(c)
Contingent beneficiaries shall be selected as provided in §
35-11-103
.
(d)
On the establishment of a trust for purposes regulated by this chapter, the trustee shall file written notice of the establishment of the trust on forms prescribed by the secretary of state with the division of charitable solicitation in the office of the secretary of state. No person or entity may solicit funds on behalf of an individual with a catastrophic illness that is subject to this chapter prior to the filing of this notice with the division. For any trust regulated under this chapter on July 1, 2007, the notice shall be filed on or before August 1, 2007.
(e)
A trustee, other than a bank or trust company acting as trustee, shall file an accounting of the trust with the division of charitable solicitations each year on the anniversary of the establishment of the trust.
Acts 1989, ch. 386, §1; 2007 , ch. 430, §§ 3, 6.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 11 - FUNDRAISING FOR CATASTROPHIC ILLNESSES (§§ 35-11-101 — 35-11-112) › Section 35-11-103 - Transfer of remaining funds - Contingent beneficiaries

(a)
If the expenses of the illness of the beneficiary are less than the funds held in trust or the beneficiary dies before the funds held in trust are depleted, any remaining balance shall be transferred to the contingent beneficiary.
(b)
When the trust is established, the named beneficiary shall select the manner in which a contingent beneficiary shall be named. If the named beneficiary is a minor or is incompetent, the parent or guardian shall select the manner in which a contingent beneficiary shall be named. The selection of the contingent beneficiary shall be made as follows:
(1)
An institution involved in research to find a cure for a catastrophic illness shall be named;
(2)
An individual, if known, who suffers from a catastrophic illness and is in need of financial help for valid reimbursable medical expenses, as defined in §
35-11-105
, shall be named; or
(3)
The trustee shall be authorized to select:
(A)
An institution involved in research to find a cure for a catastrophic illness; or
(B)
An individual who suffers from a catastrophic illness whether the name of such individual is known at the death of the named beneficiary or comes to the attention of the trustee within one (1) year after the death of the named beneficiary. The selection of this individual by the trustee is not limited to an individual for whom a trust has been established at the bank or trust company. If an individual beneficiary cannot be named within one (1) year, the option in subdivision (b)(3)(A) shall automatically occur.
(c)
Modification of the selection of the contingent beneficiary may be made before the death of the named beneficiary or before the disbursement of funds to the selected contingent beneficiary.
(d)
The transfer to a contingent beneficiary shall occur as quickly as is reasonably feasible.
Acts 1989, ch. 386, § 2.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 11 - FUNDRAISING FOR CATASTROPHIC ILLNESSES (§§ 35-11-101 — 35-11-112) › Section 35-11-104 - Payment and deposit of contributions

(a)
All contributions for funds raised in accordance with this chapter made by check shall be made payable to the bank or trust company or the trust established by this chapter.
(b)
All cash contributions shall be deposited as quickly as is reasonably feasible to the trust.
Acts 1989, ch. 386, §3; 2007 , ch. 430, § 4.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 11 - FUNDRAISING FOR CATASTROPHIC ILLNESSES (§§ 35-11-101 — 35-11-112) › Section 35-11-105 - Disbursement of funds - Valid reimbursable medical expenses

(a)
Funds shall be disbursed by the trustee upon the presentation of a statement for valid reimbursable medical expenses incurred by the named individual for the treatment of the catastrophic illness and for the payment of reasonable solicitation costs and expenses, when appropriate, incurred by the organizer, promoter or solicitor.
(b)
"Valid reimbursable medical expenses" are those deductible medical expenses described in the Internal Revenue Code (U.S.C. title 26).
Acts 1989, ch. 386, §3; 2007 , ch. 430, § 5.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 11 - FUNDRAISING FOR CATASTROPHIC ILLNESSES (§§ 35-11-101 — 35-11-112) › Section 35-11-106 - Powers of institutions apply to trusts

All powers and authority that are conferred on banks and trust companies in the administration and maintenance of trust funds in those institutions shall also apply to trusts created by this chapter.
Acts 1989, ch. 386, § 3.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 11 - FUNDRAISING FOR CATASTROPHIC ILLNESSES (§§ 35-11-101 — 35-11-112) › Section 35-11-107 - Civil penalties - Appeal

In addition to any other penalty or remedy available under law, the secretary of state or the designee of the secretary may assess a civil penalty, pursuant to §
48-101-514
, against any person or entity that violates a provision of this chapter. The person or entity against whom the penalty is assessed shall have appeal rights pursuant to §
48-101-514
.
Acts 2007, ch. 430, § 7.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 11 - FUNDRAISING FOR CATASTROPHIC ILLNESSES (§§ 35-11-101 — 35-11-112) › Section 35-11-108 - Right to inspect records for trusts

The secretary of state or the secretary's designee shall have the right to inspect the records for trusts established under this part, subject to title 45, chapter 10 and the Federal Right to Financial Privacy Act (
12 U.S.C. § 3401
et seq.)
Acts 2007, ch. 430, § 8.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 11 - FUNDRAISING FOR CATASTROPHIC ILLNESSES (§§ 35-11-101 — 35-11-112) › Section 35-11-109 - Subpoena power

The secretary of state or the secretary's designee shall have the right to issue subpoenas to obtain records relevant to a solicitation or a trust established under this part, subject to title 45, chapter 10 and the Federal Right to Financial Privacy Act (
12 U.S.C. § 3401
et seq.)
Acts 2007, ch. 430, § 9.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 11 - FUNDRAISING FOR CATASTROPHIC ILLNESSES (§§ 35-11-101 — 35-11-112) › Section 35-11-110 - Rules and regulations

The secretary of state may adopt rules and regulations to carry out this chapter in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Acts 2007, ch. 430, § 10.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 11 - FUNDRAISING FOR CATASTROPHIC ILLNESSES (§§ 35-11-101 — 35-11-112) › Section 35-11-111 - Unlawful fundraising

(a)
It is an offense for any fundraising to occur for the purposes described in §§
35-11-101
and
35-11-102
in violation of this chapter.
(b)
It is an offense for trust funds raised for the purposes described in §§
35-11-101
and
35-11-102
to be distributed in violation of this chapter.
(c)
A violation of subsection (a) or (b) is a Class B misdemeanor.
Acts 1989, ch. 386, §4; 2007 , ch. 430, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 11 - FUNDRAISING FOR CATASTROPHIC ILLNESSES (§§ 35-11-101 — 35-11-112) › Section 35-11-112 - Exemptions

(a)
(1)
This chapter shall not apply to any nonprofit corporation that is:
(A)
Incorporated under the laws of Tennessee;
(B)
Exempt from federal income taxation under
26 U.S.C. § 501(c)(3)
; and
(C)
Requested by a patient or a patient's family to raise funds for an organ transplant for a specific individual.
(2)
Any funds remaining in a particular account shall revert to the general fund of the corporation to be used to assist other similarly situated persons.
(b)
(1)
This chapter shall not apply to any nonprofit corporation that:
(A)
Is incorporated under the laws of Tennessee and is exempt from federal income taxation under
26 U.S.C. § 501(c)(3)
; and
(B)
Solicits and accepts contributions of funds for the purpose of providing minors suffering from a catastrophic illness with nonmedical gifts or benefits to fulfill a desire or wish of the minor.
(2)
A portion of such funds may be used to provide appropriate adult supervision if required by the gift.
(3)
Any such funds raised for a particular minor and unexpended shall revert to the general fund of the corporation to be used to provide gifts or benefits for a similar minor.
Acts 1989, ch. 386, §§ 5, 6.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-101 - Short title

This chapter shall be known and may be cited as the "Uniform Transfer on Death Security Registration Act."
Acts 1995, ch. 471, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-102 - Chapter definitions

As used in this chapter, unless the context otherwise requires:
(1)
"Beneficiary form" means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner;
(2)
"Devisee" means any person designated in a will to receive a disposition of real or personal property;
(3)
"Heirs" means those persons, including the surviving spouse, who are entitled under the statutes of intestate succession to the property of a decedent;
(4)
"Person" means an individual, a corporation, an organization, or other legal entity;
(5)
"Personal representative" includes executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status;
(6)
"Property" includes both real and personal property or any interest therein and means anything that may be the subject of ownership;
(7)
"Register," including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities;
(8)
"Registering entity" means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities;
(9)
"Security" means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security, and a security account;
(10)
"Security account" means a:
(A)
Reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings, or dividends earned or declared on a security in an account, a reinvestment account, or a brokerage account, whether or not credited to the account before the owner's death;
(B)
Custody account or an investment management account with a trust company or a trust division of a bank with trust powers, including the securities in the account, a cash balance in the account, cash, cash equivalents, interest, earnings, or dividends earned or declared on a security in the account, whether or not credited to the account before the owner's death; or
(C)
Cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death; and
(11)
"State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.
Acts 1995, ch. 471, §1; 2012 , ch. 562, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-103 - Who may obtain beneficiary form - Owners hold as joint tenants

Only individuals whose registration of a security shows sole ownership by one (1) individual or multiple ownership by two (2) or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants by the entireties, or as owners of community property held in survivorship form, and not as tenants in common.
Acts 1995, ch. 471, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-104 - Authorization

A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent or its office making the registration, or by this or a similar statute of the law of the state listed as the owner's address at the time of registration. A registration governed by the law of a jurisdiction in which this or similar legislation is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.
Acts 1995, ch. 471, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-105 - Designation

A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.
Acts 1995, ch. 471, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-106 - Evidence of beneficiary form

Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD," or by the words "pay on death" or the abbreviation "POD," after the name of the registered owner and before the name of a beneficiary.
Acts 1995, ch. 471, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-107 - No effect until death

The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner's death. A registration of a security in beneficiary form may be cancelled or changed at any time by the sole owner or all then surviving owners without the consent of the beneficiary.
Acts 1995, ch. 471, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-108 - Effect upon death

On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners, compliance with any applicable requirements of the registering entity, and procurement of any inheritance tax waiver as required by §
67-8-417
, a security registered in beneficiary form may be reregistered in the name of the beneficiary or beneficiaries who survived the death of all owners. Until division of the security after the death of all owners, multiple beneficiaries surviving the death of all owners hold their interests as tenants in common. If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of all multiple owners.
Acts 1995, ch. 471, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-109 - Registration

(a)
A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given to the registering entity by this chapter.
(b)
By accepting a request for registration of a security in beneficiary form, the registering entity agrees that the registration will be implemented on death of the deceased owner as provided in this chapter.
(c)
A registering entity is discharged from all claims to a security by the estate, creditors, heirs, or devisees of a deceased owner if it registers a transfer of the security in accordance with §
35-12-108
and does so in good faith reliance on the registration, on this chapter, and on information provided to it by affidavit of the personal representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary's representatives, or other information available to the registering entity. The protections of this chapter do not extend to a reregistration or payment made after a registering entity has received written notice from any claimant to any interest in the security objecting to implementation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under this chapter.
(d)
The protection provided by this chapter to the registering entity of a security does not affect the rights of beneficiaries in disputes between themselves and other claimants to ownership of the security transferred or its value or proceeds.
Acts 1995, ch. 471, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-110 - Transfer

(a)
A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and this chapter and is not testamentary.
(b)
This chapter does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this state.
Acts 1995, ch. 471, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-111 - Establishment of terms and conditions

(a)
A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests for registrations in beneficiary form, and for implementation of registrations in beneficiary form, including requests for cancellation of previously registered TOD beneficiary designations and requests for reregistration to effect a change of beneficiary. The terms and conditions so established may provide for proving death, avoiding or resolving any problems concerning fractional shares, designating primary and contingent beneficiaries, and substituting a named beneficiary's descendants to take in the place of the named beneficiary in the event of the beneficiary's death. Substitution may be indicated by appending to the name of the primary beneficiary the letters LDPS, standing for "lineal descendants per stirpes." This designation substitutes a deceased beneficiary's descendants who survive the owner for a beneficiary who fails to so survive, the descendants to be identified and to share in accordance with the law of the beneficiary's domicile at the owner's death governing inheritance by descendants of an intestate. Other forms of identifying beneficiaries who are to take on one (1) or more contingencies, and rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities regarding conditions and identities relevant to accurate implementation of registrations in beneficiary form, may be contained in a registering entity's terms and conditions.
(b)
The following are illustrations of registrations in beneficiary form which a registering entity may authorize:
(1)
Sole owner-sole beneficiary: John S. Brown TOD (or POD) John S. Brown Jr.
(2)
Multiple owners-sole beneficiary: John S. Brown, Mary B. Brown JT TEN TOD John S. Brown Jr.
(3)
Multiple owners-primary and secondary (substituted) beneficiaries: John S. Brown, Mary B. Brown JT TEN TOD, John S. Brown Jr. SUB BENE, Peter Q. Brown or John S. Brown, Mary B. Brown JT TEN TOD, John S. Brown Jr. LDPS.
Acts 1995, ch. 471, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-112 - Construction

(a)
This chapter shall be liberally construed and applied to promote its underlying purposes and policy and to make uniform the laws with respect to the subject of this chapter among states enacting it.
(b)
Unless displaced by the particular provisions of this chapter, the principles of law and equity supplement its provisions.
Acts 1995, ch. 471, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 12 - UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION (§§ 35-12-101 — 35-12-113) › Section 35-12-113 - Application

This chapter applies to registrations of securities in beneficiary form made before or after July 1, 1995, by decedents dying on or after July 1, 1995.
Acts 1995, ch. 471, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 13 - CHARITABLE BENEFICIARIES (§§ 35-13-101 — 35-13-114) › Section 35-13-101 - Short title

This chapter shall be known and may be cited as the "Tennessee Charitable Beneficiaries Act of 1997."
Acts 1997, ch. 300, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 13 - CHARITABLE BENEFICIARIES (§§ 35-13-101 — 35-13-114) › Section 35-13-102 - Purpose - Chapter definitions

(a)
This chapter declares that the public policy of this state, as declared in its cases and statutes, favors gifts to charity that improve the general welfare through acts of philanthropy.
(b)
As used in this chapter, unless the context otherwise requires:
(1)
"Attorney general and reporter" means the attorney general and reporter of Tennessee or the attorney general and reporter's designee;
(2)
"Charitable beneficiary" means the United States, any state that is part of the United States, or any political subdivision of a state, the District of Columbia, any corporation, trust, fraternal society or other organization described in §§ 170(b)(1)(A), 170(c), 2055(a) and 2522(a) of the Internal Revenue Code (
26 U.S.C. §§ 170(b)(1)(A)
,
170(c)
,
2055(a)
and
2522(a)
), that is exempt from taxation under § 501(c)(3) of the Internal Revenue Code (
26 U.S.C. §§ 170(b)(1)(A)
,
170(c)
,
2055(a)
and
2522(a)
), or any church, synagogue, other religious organization, or any other organization, entity or association to which a gift would be deductible under §§ 170(b)(1)(A), 170(c), 2055(a) and 2522(a) of the Internal Revenue Code;
(3)
"Charitable gift" means any gift clearly intended for charitable purposes;
(4)
"Charitable purpose" means any purpose generally considered charitable at common law, or for any charitable purpose under any section of Tennessee Code Annotated, or for any purpose described in §§ 170(b)(1)(A), 170(c), 2055(a) and 2522(a) of the Internal Revenue Code. A reference to the applicable section or sections of Tennessee Code Annotated or the Internal Revenue Code sufficiently describes the charitable purposes of the gift;
(5)
"Court" means the chancery court or other court exercising equity jurisdiction or a probate court of record;
(6)
"Discretionary charitable gift" means a charitable gift that has indefinite beneficiaries, objects, purposes or subjects;
(7)
"Donor" means the person making the lifetime or testamentary charitable gift;
(8)
"Gift instrument" means a will, deed, grant, conveyance, trust agreement, memorandum, writing or other governing document that creates the charitable gift;
(9)
"Internal Revenue Code" means the Internal Revenue Code of 1986 (U.S.C. title 26); and
(10)
"Tax-exempt" means that the organization, trust or beneficiary referred to is one that is described in § 501(c)(3) of the Internal Revenue Code.
(c)
The words "humane," "beneficial," "beneficent," "worthy," "philanthropic," "humanitarian" or their derivatives or similar language in the gift instrument shall be presumed to be synonyms for "charitable" as used in this chapter, unless expressly indicated not to be charitable by the context in which they are used.
Acts 1997, ch. 300, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 13 - CHARITABLE BENEFICIARIES (§§ 35-13-101 — 35-13-114) › Section 35-13-103 - Gift instrument to control disposition of gift

A gift instrument that specifies the charitable beneficiaries, objects, purposes or subjects of the charitable gift controls the disposition or administration of the charitable gift, except as provided in §§
35-13-114
and
35-13-107
.
Acts 1997 , ch. 300, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 13 - CHARITABLE BENEFICIARIES (§§ 35-13-101 — 35-13-114) › Section 35-13-105 - Discretionary charitable gifts

When the donor makes a discretionary charitable gift the following provisions apply:
(1)
The person to whom discretion is given shall choose the charitable beneficiaries and charitable purposes within a reasonable time after having accepted the duty to select the beneficiaries or purposes of the discretionary charitable gift;
(2)
If a donor makes a testamentary discretionary charitable gift not in trust and does not expressly designate the person to select the charitable beneficiaries or the charitable purposes, the personal representative of the donor's estate shall select the beneficiaries or the charitable purposes, or both, of the gift;
(3)
If a donor makes a testamentary discretionary charitable gift in trust and does not expressly designate the person to select the charitable beneficiaries or the charitable purposes, the trustee shall select the charitable beneficiaries or the charitable purposes, or both, of the gift and, if appropriate, shall establish a trust or charitable corporation or other legal entity to implement the discretionary charitable gift;
(4)
If the court receives notice that the person having the discretion is not ready, willing or able to perform the selection duties within a reasonable time or to establish the trust or other organization, the court shall select the person to exercise the discretion. If the discretionary gift is in trust, the court may exercise the power granted under the Uniform Trust Code, compiled in chapter 15 of this title.
Acts 1997 , ch. 300, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 13 - CHARITABLE BENEFICIARIES (§§ 35-13-101 — 35-13-114) › Section 35-13-107 - Change in tax-exempt status of beneficiary

IF:
(1)
a gift made to a trust is to take effect at a date later than the date of the gift instrument; and
(2)
when the gift instrument is executed, the gift to the trust would qualify for a charitable deduction under the Internal Revenue Code (26 U.S.C.), if the gift were then effective; and
(3)
the trust, or beneficiary of the trust, loses its tax-exempt status before the gift takes effect; THEN
the donor shall be presumed to have intended that the trust should be tax-exempt when the gift was to take effect, unless the donor clearly indicated in the gift instrument that the designated beneficiary should receive the gift even if the gift is not eligible for the charitable deduction. The court has jurisdiction to reform the trust by selecting another tax-exempt beneficiary, or to select another tax-exempt trust, and to select one (1) or more charitable purposes of the gift.
Acts 1997 , ch. 300, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 13 - CHARITABLE BENEFICIARIES (§§ 35-13-101 — 35-13-114) › Section 35-13-108 - Validity under rules of remoteness or rule against perpetuities

No charitable gift shall fail for remoteness of vesting or for any violation of the rule against perpetuities.
Acts 1997, ch. 300, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 13 - CHARITABLE BENEFICIARIES (§§ 35-13-101 — 35-13-114) › Section 35-13-109 - Validity where no trustee

No trust to which a charitable gift or a discretionary charitable gift is or has been made shall fail for lack of a trustee. If there is no trustee, the title to any trust property intended for a charitable purpose shall vest in the clerk of the court that has jurisdiction and venue of the trust as determined under §
35-13-110
until the court either appoints a trustee or orders distribution of the gift.
Acts 1997, ch. 300, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 13 - CHARITABLE BENEFICIARIES (§§ 35-13-101 — 35-13-114) › Section 35-13-110 - Attorney general and reporter to be party to court actions affecting gifts - Court approval of disposition

(a)
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.
(b)
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.
Acts 1997, ch. 300, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 13 - CHARITABLE BENEFICIARIES (§§ 35-13-101 — 35-13-114) › Section 35-13-111 - Venue of court action

(a)
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.
(b)
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.
(c)
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.
(d)
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).
Acts 1997, ch. 300, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 13 - CHARITABLE BENEFICIARIES (§§ 35-13-101 — 35-13-114) › Section 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 (U.S.C. title 26), 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.
Acts 1997 , ch. 300, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 13 - CHARITABLE BENEFICIARIES (§§ 35-13-101 — 35-13-114) › Section 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.
Acts 1997, ch. 300, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 13 - CHARITABLE BENEFICIARIES (§§ 35-13-101 — 35-13-114) › Section 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.
Acts 2007, ch. 24, § 34.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 35-14-101 - Short title

This chapter shall be known and may be cited as the "Tennessee Uniform Prudent Investor Act of 2002."
Acts 2002, ch. 696, § 1.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 35-14-102 - Chapter definitions

As used in this chapter, unless the context otherwise requires:
(1)
"Governing instrument" means:
(A)
A will, deed, trust instrument or agency agreement;
(B)
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 of this title;
(2)
"Trust" means any fiduciary relationship created by a governing instrument; and
(3)
"Trustee" means any fiduciary as defined in §
35-15-103
.
Amended by 2013 Tenn. Acts, ch. 390, s 2, eff. 7/1/2013.
Acts 2002, ch. 696, § 2.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 35-14-103 - Prudent investor rule

(a)
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.
(b)
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.
Acts 2002, ch. 696, § 3.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 35-14-104 - Standard of care - Portfolio strategy - Risk and return objectives

(a)
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.
(b)
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.
(c)
Among circumstances that a trustee may consider in investing and managing trust assets the following are relevant to the trust or its beneficiaries:
(1)
General economic conditions;
(2)
The possible effect of inflation or deflation;
(3)
The expected tax consequences of investment decisions or strategies;
(4)
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;
(5)
The expected total return from income and the appreciation of capital;
(6)
Other resources of the beneficiaries;
(7)
Needs for liquidity, regularity of income, and preservation or appreciation of capital; and
(8)
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.
(d)
A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.
(e)
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.
(f)
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.
(g)
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.
Acts 2002, ch. 696, § 4.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 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.
Acts 2002, ch. 696, § 6.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 35-14-107 - Loyalty

A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
Acts 2002, ch. 696, § 7.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 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.
Acts 2002, ch. 696, § 8.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 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.
Acts 2002, ch. 696, § 9.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 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.
Acts 2002, ch. 696, § 10.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 35-14-111 - Delegation of investment and management functions

(a)
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:
(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 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.
(d)
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.
Acts 2002, ch. 696, § 11.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 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."
Acts 2002, ch. 696, § 12.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 35-14-113 - Application to existing trusts

(a)
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.
(b)
This section shall not apply in any situation governed by the Uniform Veterans Guardianship Act, compiled in title 34, chapter 5.
Acts 2002, ch. 696, § 13.
2023 Tennessee Code › Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125) › Chapter 14 - UNIFORM PRUDENT INVESTOR ACT (§§ 35-14-101 — 35-14-114) › Section 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.
Acts 2002, ch. 696, § 14.
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 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 35-15-101 — 35-15-114) › Section 35-15-101 - Short title

This chapter shall be known and may be cited as the "Tennessee Uniform Trust Code."
Acts 2004, ch. 537, § 2.
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 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 35-15-101 — 35-15-114) › Section 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.
Acts 2004, ch. 537, § 3.
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 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 35-15-101 — 35-15-114) › Section 35-15-104 - Knowledge

(a)
Subject to subsection (b), a person has knowledge of a fact if the person:
(1)
Has actual knowledge of it;
(2)
Has received a notice or notification of it; or
(3)
From all the facts and circumstances known to the person at the time in question, has reason to know it.
(b)
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.
Acts 2004, ch. 537, § 5.