§ 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.
§ 35-15-816. Specific Powers of Trustee
Any references contained in a will or trust incorporating by reference the powers enumerated in § 35-50-110 as they relate to a trustee will incorporate by reference the powers contained in this section. Unless the terms of the instrument expressly provide otherwise and without limiting the authority conferred by § 35-15-815, a trustee may: Collect […]
§ 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.
§ 35-15-806. 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.
§ 35-15-807. Delegation by Trustee
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: Selecting an agent; Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and Periodically reviewing the agent’s […]