Tennessee Code 29-27-302 – Part definitions
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As used in this part:
Terms Used In Tennessee Code 29-27-302
- Ascendant: means an individual who precedes another individual in lineage, in the direct line of ascent from the other individual. See Tennessee Code 29-27-302
- Collateral: means an individual who is related to another individual under the law of intestate succession of this state but who is not the other individual's ascendant or descendant. See Tennessee Code 29-27-302
- Descendant: means an individual who follows another individual in lineage, in the direct line of descent from the other individual. See Tennessee Code 29-27-302
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Heirs property: means real property held in tenancy in common that satisfies all of the following requirements as of the filing of a partition action:
(A) There is no agreement in a record binding all the cotenants that governs the partition of the property. See Tennessee Code 29-27-302 - Intestate: Dying without leaving a will.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Tennessee Code 29-27-302
- Relative: means an ascendant, descendant, or collateral or an individual otherwise related to another individual by blood, marriage, adoption, or law of this state other than this part. See Tennessee Code 29-27-302
- 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
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent