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2023 Tennessee Code
Title 35 - FIDUCIARIES AND TRUST ESTATES (§§ 35-1-101 — 35-50-125)
Chapter 15 - TENNESSEE UNIFORM TRUST CODE (§§ 35-15-101 — 35-15-1301)
Part 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 35-15-401 — 35-15-417)
Section 35-15-413 - Cy pres
Universal Citation:
TN Code § 35-15-413 (2023)
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- (a) Except as otherwise provided in subsection (b), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, obsolete or ineffective:
- (1) The trust does not fail, in whole or in part;
- (2) The trust property does not revert to the settlor or the settlor's successors in interest; and
- (3) 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.
- (b) 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:
- (1) The trust property is to revert to the settlor and the settlor is still living; or
- (2) Fewer than twenty-one (21) years have elapsed since the date of the trust's creation.
Amended by 2013 Tenn. Acts, ch. 390,s 13, eff. 7/1/2013.
Acts 2004, ch. 537, § 35.
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