Tennessee Code 35-16-105 – Powers and rights of transferor
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Terms Used In Tennessee Code 35-16-105
- Creditor: means , with respect to a transferor, a person who has a claim. See Tennessee Code 35-16-102
- 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 - Person: means an individual. See Tennessee Code 35-16-102
- 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
A transferor shall have only the powers and rights conferred by the investment services trust. The powers and rights conferred by the investment services trust upon the transferor are personal powers and rights that may not be exercised by a creditor or any other person, except as expressly permitted by the trust. Except as permitted by §§ 35-16-109 and 35-16-111, the transferor shall have no rights or authority with respect to the corpus of the investment services trust or the income from the trust, and any agreement or understanding purporting to grant or permit the retention of any greater rights or authority shall be void.