2017 Tennessee Code
Title 35 - Fiduciaries and Trust Estates
Chapter 16 - Tennessee Investment Services Act of 2007
§ 35-16-103. Qualified affidavit requirements.

Universal Citation: TN Code § 35-16-103 (2017)
  • A qualified affidavit shall state that:
    • (1) The transferor has full right, title, and authority to transfer the assets to the trust;
    • (2) The transfer of the assets to the trust will not render the transferor insolvent;
    • (3) The transferor does not intend to defraud a creditor by transferring the assets to the trust;
    • (4) The transferor does not have any pending or threatened court actions against the transferor, except for those court actions identified by the transferor on an attachment to the affidavit;
    • (5) The transferor is not involved in any administrative proceedings, except for those administrative proceedings identified on an attachment to the affidavit;
    • (6) The transferor does not contemplate filing for relief under the federal bankruptcy code; and
    • (7) The assets being transferred to the trust were not derived from unlawful activities.
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