Title 35, Fiduciaries And Trust Estates

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.

(a) A personal representative or trustee may make an irrevocable transfer pursuant to § 35-7-110, to a custodian for the benefit of a minor as authorized in the governing will or trust or by a judicial order. (b) If the testator or settlor has nominated a custodian under § 35-7-1…

(a) Subject to subsection (c), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to § 35-7-110, in the absence of a will or under a will or trust that does not contain an author…

(a) Subject to subsections (b) and (c), a person not subject to § 35-7-106 or § 35-7-107, who holds property of, or owes a liquidated debt or judgment to, a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to § 35-7…

A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter.

(a) Custodial property is created and a transfer is made whenever:(1) An uncertificated security or a certificated security in registered form is either:(A) Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by …

A transfer may be made only for one (1) minor, and up to two (2) persons may be the custodians. All custodial property held under this chapter by the same custodian or custodians for the benefit of the same minor constitutes a single custodianship. If more than one (1) person is …

(a) The validity of a transfer made in a manner prescribed in this chapter is not affected by:(1) Failure of the transferor to comply with sections hereof concerning possession and control;(2) Designation of an ineligible custodian, except designation of the transferor in the cas…

(a) A custodian shall:(1) Take control of custodial property;(2) Register or record title to custodial property, except tangible personal property of a type for which registration or recording of title is not required under Tennessee law; and(3) Collect, hold, manage, invest, and…

(a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. (b) This section do…

(a) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to:(1) The duty or ability of the custodian person…

(a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. (b) Except for one who is a transferor under § 35-7-105, a custodian has a noncumulative election during each calendar year to charg…

(1) A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:(1) The…

(a) A claim based on:(1) A contract entered into by a custodian acting in a custodial capacity;(2) An obligation arising from the ownership or control of custodial property; or(3) A tort committed during the custodianship;may be asserted against the custodial property by proceedi…

(a) A person nominated under § 35-7-104, or designated under § 35-7-110, as custodian may decline to serve by delivering a written disclaimer to the person who made the nomination or to the transferor or the transferor's legal representative. If the event giving rise to a transfe…

(a) A minor who has attained fourteen (14) years of age, the minor's guardian or conservator of the person or legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court:(1) For an accounting by the cust…

(a) The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:(1) The minor's attainment of twenty-one (21) years of age; provided, that this transfer can be withheld until the minor's attainment of up t…

(1) This chapter also applies to a transfer made on or after October 1, 1992, if:(1) The transfer purports to have been made under the Tennessee Uniform Gifts to Minors Act; or(2) The instrument by which the transfer purports to have been made uses in substance the designation “a…

(a) Any transfer of custodial property as now defined in this chapter, including transfers of real property, made before October 1, 1992, is validated, notwithstanding that there was no specific authority in the Tennessee Uniform Gifts to Minors Act for the coverage of custodial …

This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.

The Tennessee Uniform Gifts to Minors Act, formerly compiled in this chapter, is repealed. To the extent that this chapter, by virtue of § 35-7-123, does not apply to transfers made in a manner prescribed in the Tennessee Uniform Gifts to Minors Act or to the powers, duties and i…

If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the provisions…