Tennessee Code 35-16-102 – Chapter definitions
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As used in this chapter, unless the context otherwise requires:
Terms Used In Tennessee Code 35-16-102
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- 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
- Claim: means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured. See Tennessee Code 35-16-102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Disposition: means a transfer, conveyance or assignment of property, including a change in the legal ownership of property occurring upon the substitution of one (1) trustee for another or the addition of one (1) or more new trustees. See Tennessee Code 35-16-102
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Investment services trust: means an instrument appointing a qualified trustee or qualified trustees for the property that is the subject of a disposition, which instrument:
(A) Expressly incorporates the law of this state to govern the validity, construction and administration of the trust. See Tennessee Code 35-16-102 - Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual. See Tennessee Code 35-16-102
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
- Property: includes real property, personal property, and interests in real or personal property. See Tennessee Code 35-16-102
- Qualified disposition: means a disposition by or from a transferor with or without consideration, to an investment services trust. See Tennessee Code 35-16-102
- Qualified trustee: means a person who:
(A) In the case of a natural person, is a resident of this state, or, in all other cases, is authorized by the law of this state to act as a trustee and whose activities are subject to supervision by the Tennessee department of financial institutions, the federal deposit insurance corporation, the comptroller of the currency, or the office of thrift supervision or any successor to them. See Tennessee Code 35-16-102 - signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
- Transferor: means a person who, directly or indirectly, makes a disposition or causes a disposition to be made in such person's capacity:
(A) As an owner of property. See Tennessee Code 35-16-102 - Trustee: A person or institution holding and administering property in trust.