Tennessee Code 35-15-1015 – Limitation on personal liability of beneficiaries
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Terms Used In Tennessee Code 35-15-1015
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Tennessee Code 35-15-103
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Tennessee Code 35-15-103
A beneficiary of a trust is not personally liable for the liabilities of third persons incurred in or arising from the administration of the trust or which are otherwise imposed upon the holder of the title to the property, including liabilities arising from contracts made by the trustee or torts committed by the trustee in the course of the administration of the trust.