§ 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.
§ 35-14-111. Delegation of Investment and Management Functions
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: Selecting an agent; Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and Periodically reviewing the […]
§ 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 […]
§ 35-14-113. Application to Existing Trusts
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. This section shall not apply in any situation governed by the Uniform Veterans Guardianship Act, compiled in title 34, chapter 5.
§ 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.
§ 35-15-101. Short Title
This chapter shall be known and may be cited as the “Tennessee Uniform Trust Code.”
§ 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.
§ 35-15-103. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Action” with respect to an act of a trustee, includes a failure to act; “Another state” or “other state” means any state other than this state; “Ascertainable standard” means a standard relating to an individual’s health, education, support or maintenance within the meaning of § […]
§ 35-14-107. Loyalty
A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
§ 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 (26 U.S.C.), and provides the written determination to the trustee, the trustee shall furnish […]