There is a newer version
of
this Section
2020 Tennessee Code
Title 35 - Fiduciaries and Trust Estates
Chapter 16 - Tennessee Investment Services Act of 2007
§ 35-16-108. Qualified Trustees and Advisors
Universal Citation: TN Code § 35-16-108 (2020)
- For purposes of this chapter, neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in § 35-16-102(12)(A) shall be considered a qualified trustee; however, nothing in this chapter shall preclude a transferor from appointing one (1) or more advisors, including, but not limited to:
- Advisors who have authority under the terms of the trust instrument to remove and appoint qualified trustees or trust advisors;
- Advisors who have authority under the terms of the trust instrument to direct, consent to or disapprove distributions from the trust; and
- Investment advisors, whether or not the advisors would meet the requirements imposed by § 35-16-102(12).
- For purposes of subsection (a), “advisor” includes a trust “protector” or any other person who, in addition to a qualified trustee, holds one (1) or more trust powers.
Disclaimer: These codes may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
