(a) The power to appoint a successor trustee under a trust instrument includes the power to appoint multiple successor trustees, trust protectors, and trust advisors. An exercisable power to remove and replace a trustee under a trust instrument includes the power to appoint additional trustees, trust protectors, and trust advisors to serve with an existing trustee. The power to appoint multiple successor trustees and additional trustees, trust protectors, and trust advisors under this subsection (a) includes the power to allocate various powers, including the power to direct or prevent certain actions of the trustees, exclusively to one (1) or more of the trustees, trust protectors, and trust advisors serving from time to time.
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Terms Used In Tennessee Code 35-15-716

  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Person: means an individual. See Tennessee Code 35-15-103
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Tennessee Code 35-15-103
  • Terms of a trust: means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. See Tennessee Code 35-15-103
  • This state: means the state of Tennessee. See Tennessee Code 35-15-103
  • Trust advisor: means any person described in §. See Tennessee Code 35-15-103
  • Trust instrument: means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto. See Tennessee Code 35-15-103
  • Trust protector: means any person described in §. 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
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) All of the provisions of a trust instrument generally applicable to the trustees, including the provisions regarding trustee qualifications, resignation, removal, standard of care, indemnification, compensation, and the scope and nature of the restrictions, limitations, and immunities applicable when exercising powers and authority, apply to trustees, trust protectors, and trust advisors appointed under this section. These include provisions:

(1) Waiving certain duties when exercising certain investment powers apply equally to trustees, trust protectors, and trust advisors appointed under this section;
(2) Permitting the removal and replacement of a trustee subject to various limitations and conditions apply equally to trustees, trust protectors, and trust advisors appointed under this section; and
(3) Proscribing the settler and beneficiaries and persons or entities related or subordinate to the settler and any beneficiary from being eligible to serve as a trustee apply equally to proscribe all of those persons from serving as trustees, trust protectors, and trust advisors appointed under this section.
(c) Notwithstanding subsection (b), if an appointment under this section confers upon a co-trustee, trust protector, or trust advisor to the exclusion of another co-trustee, trust protector, or trust advisor, the power to take certain actions with respect to the trust, including the power to direct or prevent certain actions of a trustee, trust protector, or trust advisor, then the respective duties and liabilities of the. trustee, trust protector, or trust advisor who are excluded fiduciaries as well as of the co-trustee, trust protector, or trust advisor holding the power are as set forth under §§ 35-15-1204 and 35-15-1205.
(d) Any powers granted in subsection (a) to appoint additional trustees, trust protectors, and trust advisors that are exercised in such a manner as to modify the duties of any existing trustee, trust protector, or trust advisor do not become effective until thirty (30) days after the receipt by the existing trustee or trustees, trust protector or trust protectors, and trust advisor or trust advisors of a written notice from the person authorized to appoint additional trustees detailing the changes. The thirty-day notice requirement may be waived by the existing trustee or trustees, trust protector or trust protectors, and trust advisor or trust advisors.
(e) Except as otherwise expressly provided by the terms of a trust instrument, this section is available to any trust that is administered in this state or otherwise governed by the laws of this state.
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