Tennessee Code 30-2-504 – Waste or misappropriation of assets by personal representative – Statute of limitation applicable
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Terms Used In Tennessee Code 30-2-504
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Personal representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Statute: A law passed by a legislature.
Nothing in part 3 of this chapter or § 30-2-501 shall be so construed as to exempt a personal representative from suit by either a creditor or a beneficiary for waste or misappropriation of the assets of the estate or other wrongful act in connection therewith, or to affect any existing statute of limitation applicable to such a suit, or to preclude the enforcement against the property affected by it of any subsisting lien that shall endure beyond the time fixed herein for filing claims.