(a) Any trust created for the perpetual care of a private cemetery to be administered by a trust corporation formed under this chapter shall be a charitable trust for the general welfare of the citizens of the state. The board of directors of the trust corporation shall establish guidelines for disbursement that are not inconsistent with this chapter or the trust document under which it operates as trustee for the trust.
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Terms Used In Tennessee Code 46-7-104

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Trustee: A person or institution holding and administering property in trust.
(b) The corpus and income from the investment of the trust for the perpetual care of a private cemetery shall be expended solely for the purpose of providing perpetual care in accordance with this chapter and the respective trust agreement, except that reasonable expenses for administration of the trust may be deducted from the income.
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