Tennessee Code 35-7-105 – Transfer by gift or exercise of power of appointment
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 35-7-105
- Custodian: means a person so designated, including a person designated as a joint custodian pursuant to §. See Tennessee Code 35-7-102
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Minor: means an individual who has not attained twenty-one (21) years of age, although the minor may already be of legal age. See Tennessee Code 35-7-102
- Person: means an individual, corporation, organization, or other legal entity. See Tennessee Code 35-7-102
- Transfer: means a transaction that creates custodial property under this chapter. See Tennessee Code 35-7-102
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to § 35-7-110.