§ 35-15-817. Distribution Upon Termination — Petition for Accounting
Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within thirty (30) days after the proposal was sent but only if the […]
§ 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.
§ 35-15-1001. Remedies for Breach of Trust
A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. To remedy a breach of trust that has occurred or may occur, the court may: Compel the trustee to perform the trustee’s duties; Enjoin the trustee from committing a breach of trust; Compel the trustee to […]
§ 35-15-1002. Damages for Breach of Trust
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: The amount required to restore the value of the trust property and trust distributions to what they would […]
§ 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.
§ 35-15-1004. Attorney’s Fees and Costs
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. In a nonjudicial proceeding involving the administration of […]
§ 35-15-1005. Limitation of Action for Breach of Trust Against Trustee, Former Trustee, Trust Advisor, or Trust Protector
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: The date the beneficiary, trustee, trust advisor, or trust protector or a representative of the beneficiary, trustee, trust advisor, […]
§ 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.
§ 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.
§ 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.