(a) The trustees shall adopt, in writing, an investment policy or policies authorizing how assets in the trust may be invested. The trust may invest in any security or investment in which the Tennessee consolidated retirement system is permitted to invest; provided, that investments by the trust must be governed by the investment policies and guidelines adopted by the trustees in accordance with this part. The trustees shall delegate to the state treasurer the responsibility for the investment and reinvestment of trust funds in accordance with the policies and guidelines established by the trustees.
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Terms Used In Tennessee Code 70-1-504

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Wildlife: means wild vertebrates, mollusks, crustaceans, and fish. See Tennessee Code 70-1-101
(b)

(1)

(A) The corpus of the trust shall not be expended for any purpose.
(B) For purposes of this part, the corpus of the trust means:

(i) The proceeds from the sale of lifetime sportsman licenses that occurred prior to April 28, 2023;
(ii) The proceeds from cash donations or donations of property converted or to be converted to cash;
(iii) Such other sources as may be deemed appropriate, including sources that may be specified by law; and
(iv) The initial deposit of assets held in the wildlife management endowment fund previously created in accordance with § 70-1-501 as such section existed prior to April 14, 2022, less income existing at the time of the initial deposit.
(2) The income received and accruing from the investments of the trust must be spent only for the exclusive benefit of lifetime sportsman license holders, as prescribed in the trust instrument, and to pay the reasonable expenses incurred in administering and investing the trust assets. Income from the trust means all earnings from the trust’s investment portfolios from whatever source derived, including, but not limited to, interest, dividends, realized capital gains or losses, and any income previously applied to the corpus of the trust.
(c) Notwithstanding any law to the contrary, all assets, income, and distributions of the trust must be protected against the claims of creditors of the state, plan administrators, and plan participants, and are not subject to execution, attachment, garnishment, the operation of bankruptcy, the insolvency laws or other process whatsoever, and any assignment thereof is not enforceable in any court.
(d) The funds transferred to the trust may be commingled with, co-invested with, and invested or reinvested with other assets transferred to the trust. All or a portion of the trust may be invested, reinvested, and co-invested with other funds, not a part of the trust, held by the state treasurer, including, but not limited to, assets of the Tennessee consolidated retirement system and the state pooled investment fund established pursuant to title 9, chapter 4, part 6. The state treasurer shall account for such trust funds in one (1) or more separate accounts in accordance with this section and other law.
(e) The trust has the powers, privileges, and immunities of a corporation, and all of its business must be transacted, all of its funds invested, and all of its cash and securities and other property held in trust for the purpose for which received.
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