§ 35-15-713. Vacancy; Directed Trusts
Except as otherwise provided by the terms of the trust upon obtaining knowledge of a vacancy in the office of trust advisor or trust protector, the trustee shall be vested with any fiduciary power or duty that otherwise would be vested in the trustee but that by the terms of the trust was vested in […]
§ 35-15-714. Directed Trusts; Resignation of Fiduciary
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee’s resignation already being provided for in § 35-15-705, may resign its appointment as such respective fiduciary in a like manner as provided for a trustee under § 35-15-705. When exercising its powers under this section relative to resignation, the court shall […]
§ 35-15-715. Directed Trusts; Removal of Fiduciary
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee’s removal already being provided for in § 35-15-706, may be removed as such respective fiduciary in a like manner as provided for a trustee under § 35-15-706. When exercising its powers under this section relative to removal of such respective fiduciary, […]
§ 35-15-801. Duty to Administer Trust
Upon acceptance of a trusteeship, the trustee shall administer the trust until such time as the trust terminates or a successor trustee is appointed and all assets are delivered in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.
§ 35-15-802. Duty of Loyalty
A trustee shall administer the trust solely in the interests of the beneficiaries. Subject to the rights of persons dealing with or assisting the trustee as provided in § 35-15-1012 or as may otherwise be allowed under Tennessee law, a sale, encumbrance, or other transaction involving the investment or management of trust property entered into […]
§ 35-15-803. Impartiality
If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries’ respective interests.
§ 35-15-804. Prudent Administration
A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution.
§ 35-15-805. Costs of Administration
In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.
§ 35-15-705. Resignation of Trustee
A trustee may resign: Upon at least thirty (30) days’ notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or With the approval of the court. In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. Any liability of a resigning […]
§ 35-15-706. Removal of Trustee
The settlor, a cotrustee, or a qualified beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. The court may remove a trustee if: The trustee has committed a serious breach of trust; Lack of cooperation among cotrustees substantially impairs the administration of […]