An excluded fiduciary is not liable, either individually or as a fiduciary, for:

(1) Any loss resulting from compliance with a direction of a trustee, trust advisor or trust protector, including but not limited to, any loss from the trustee, trust advisor or trust protector breaching fiduciary responsibilities or acting beyond the trustee’s, trust advisor’s or trust protector’s scope of authority;
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Terms Used In Tennessee Code 35-15-1205

  • Excluded fiduciary: means any trustee, trust advisor, or trust protector to the extent that, under the terms of a trust, an agreement of the qualified beneficiaries, an exercise of the authority described in §. See Tennessee Code 35-15-103
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary: means :
    (A) A trustee, conservator, guardian, agent under any agency agreement or other instrument, an executor, personal representative or administrator of a decedent's estate, or any other party, including a trust advisor or a trust protector, who is acting in a fiduciary capacity for any person, trust, or estate. See Tennessee Code 35-15-103
  • Trust advisor: means any person described in §. See Tennessee Code 35-15-103
  • Trust protector: means any person described in §. See Tennessee Code 35-15-103
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Tennessee Code 35-15-103
(2) Any loss resulting from any action or inaction of a trustee, trust advisor, or trust protector; or
(3) Any loss that results from the failure of a trustee, trust advisor, or trust protector to take any action proposed by the excluded fiduciary where such action requires the authorization of the trustee, trust advisor, or trust protector; provided, that an excluded fiduciary who had a duty to propose such action timely sought but failed to obtain the authorization.
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