Tennessee Code 35-2-103 – Application of payments made to fiduciaries – Validity of right or title acquired
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 35-2-103
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, personal representative, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust or estate. See Tennessee Code 35-2-102
- Person: includes a corporation, partnership, or other association, or two (2) or more persons having a joint or common interest. See Tennessee Code 35-2-102
- Property: includes both personal and real property. See Tennessee Code 1-3-105
A person who in good faith pays or transfers to a fiduciary any money or other property, which the fiduciary as such is authorized to receive, is not responsible for the proper application thereof by the fiduciary, and any right or title acquired from the fiduciary in consideration of such payment or transfer is not invalid in consequence of a misapplication by the fiduciary.