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2020 Tennessee Code
Title 35 - Fiduciaries and Trust Estates
Chapter 15 - Tennessee Uniform Trust Code
Part 4 - Creation, Validity, Modification, and Termination of Trust
§ 35-15-413. Cy Pres
Universal Citation:
TN Code § 35-15-413 (2020)
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- Except as otherwise provided in subsection (b), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, obsolete or ineffective:
- The trust does not fail, in whole or in part;
- The trust property does not revert to the settlor or the settlor’s successors in interest; and
- The court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner that fulfills as nearly as possible the settlor’s charitable intent and purposes.
- A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection (a) to apply cy pres to modify or terminate the trust only if, when the provision takes effect:
- The trust property is to revert to the settlor and the settlor is still living; or
- Fewer than twenty-one (21) years have elapsed since the date of the trust’s creation.
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