Tennessee Code 35-15-801 – Duty to administer trust
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 35-15-801
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. 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
Upon acceptance of a trusteeship, the trustee shall administer the trust until such time as the trust terminates or a successor trustee is appointed and all assets are delivered in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.