§ 35-15-1104. Alter Ego
Absent clear and convincing evidence, no settlor of an irrevocable trust may be deemed to be the alter ego of a trustee of such trust. None of the following factors, by themselves or in combination, may be considered sufficient evidence for a court to conclude that the settlor controls a trustee, or is the alter […]
§ 35-15-1105. Dominion and Control Over a Trust
In the event a person challenges a settlor’s or a beneficiary’s influence over a trust, none of the following factors, alone or in combination, shall enter into a determination that dominion and control over a trust exists: The settlor or a beneficiary is serving as a trustee, a trust advisor, a trust protector or other […]
§ 35-15-1201. Powers of Trust Advisors and Trust Protectors
A trust protector or trust advisor is any person, and may be a committee of more than one person, other than a trustee, who under the terms of the trust, an agreement of the qualified beneficiaries, or a court order has a power or duty with respect to a trust, including but not limited to, […]
§ 35-15-1202. Trust Advisors and Trust Protectors as Fiduciaries
A trust advisor or trust protector, other than a beneficiary, is a fiduciary with respect to each power granted to such trust advisor or trust protector. In exercising any power or refraining from exercising any power, a trust advisor or trust protector shall act in good faith and in accordance with the terms and purposes […]
§ 35-15-1203. Trust Advisor and Trust Protector Subject to Court Jurisdiction
By accepting appointment to serve as a trust advisor or trust protector, the trust advisor or the trust protector submits personally to the jurisdiction of the courts of this state even if investment advisory agreements or other related agreements provide otherwise, and the trust advisor or trust protector may be made a party to any […]
§ 35-15-1204. No Duty to Review Actions of Trustee, Trust Advisor, or Trust Protector
Whenever, pursuant to the terms of a trust, an agreement of the qualified beneficiaries, or a court order, an excluded fiduciary is to follow the direction of a trustee, trust advisor, or trust protector with respect to investment decisions, distribution decisions, or other decisions of the non-excluded fiduciary, then, except to the extent that the […]
§ 35-15-1205. Fiduciary’s Liability for Action or Inaction of Trustee, Trust Advisor, and Trust Protector
An excluded fiduciary is not liable, either individually or as a fiduciary, for: Any loss resulting from compliance with a direction of a trustee, trust advisor or trust protector, including but not limited to, any loss from the trustee, trust advisor or trust protector breaching fiduciary responsibilities or acting beyond the trustee’s, trust advisor’s or […]
§ 35-15-1206. Limitation of Action Against a Trust Advisor or Trust Protector
A beneficiary may not commence a proceeding against a trust advisor or trust protector for breach of trust more than one (1) year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed facts indicating the existence of a potential claim for breach of trust. A report […]
§ 35-15-1301. Special Purpose Entity
As used in this part: “Corporate trustee” means a Tennessee trust company, a Tennessee bank with trust powers, or a national bank with trust powers and with a physical presence in Tennessee; “Department” means the department of financial institutions; “Designated ancestor” means one (1) or more ancestors of the family designated as such in the […]
§ 35-15-1008. Exculpation of Trustee
A provision of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it: Relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or Was inserted as the […]