Tennessee Code 35-6-406 – Obligation to pay money
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 35-6-406
- Amortization: Paying off a loan by regular installments.
- Income: means money or property that a fiduciary receives as current return from a principal asset. See Tennessee Code 35-6-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Tennessee Code 35-6-102
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Tennessee Code 35-6-102
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105