Title 35, Fiduciaries And Trust Estates

(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…

This chapter shall be known and may be cited as the “Revised Uniform Fiduciary Access to Digital Assets Act.”

(1) In this chapter:(1) “Account” means an arrangement under a terms-of-service agreement in which a custodian carries, maintains, processes, receives, or stores a digital asset of the user or provides goods or services to the user;(2) “Agent” means an attorney-in-fact granted au…

(a) This chapter applies to:(1) A fiduciary or agent acting under a will or power of attorney executed before, on, or after July 1, 2016;(2) A personal representative acting for a decedent who died before, on, or after July 1, 2016;(3) A conservatorship or guardianship proceeding…

(a) A user may use an online tool to direct the custodian to disclose to a designated recipient or not to disclose some or all of the user's digital assets, including the content of electronic communications. If the online tool allows the user to modify or delete a direction at a…

(a) This chapter does not change or impair a right of a custodian or a user under a terms-of-service agreement to access and use digital assets of the user. (b) This chapter does not give a fiduciary or designated recipient any new or expanded rights other than those held by the …

(a) When disclosing digital assets of a user under this chapter, the custodian may at its sole discretion:(1) Grant a fiduciary or designated recipient full access to the user's account;(2) Grant a fiduciary or designated recipient partial access to the user's account sufficient …

(1) If a deceased user consented or a court directs disclosure of the contents of electronic communications of the user, the custodian shall disclose to the personal representative of the estate of the user the content of an electronic communication sent or received by the user i…

(1) Unless the user prohibited disclosure of digital assets or the court directs otherwise, a custodian shall disclose to the personal representative of the estate of a deceased user a catalogue of electronic communications sent or received by the user and digital assets, other t…

(1) To the extent a power of attorney expressly grants an agent authority over the content of electronic communications sent or received by the principal and unless directed otherwise by the principal or the court, a custodian shall disclose to the agent the content if the agent …

(1) Unless otherwise ordered by the court, directed by the principal, or provided by a power of attorney, a custodian shall disclose to an agent with specific authority over digital assets or general authority to act on behalf of a principal a catalogue of electronic communicatio…

Unless otherwise ordered by the court or provided in a trust, a custodian shall disclose to a trustee that is an original user of an account any digital asset of the account held in trust, including a catalogue of electronic communications of the trustee and the content of electr…

(1) Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose to a trustee that is not an original user of an account the content of an electronic communication sent or received by an original or successor user and carried, ma…

(1) Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose, to a trustee that is not an original user of an account, a catalogue of electronic communications sent or received by an original or successor user and stored, car…

(a) After an opportunity for a hearing under title 34, chapter 1, the court may grant a guardian or conservator access to the digital assets of a minor or person with a disability. (b) Unless otherwise ordered by the court or directed by the user, a custodian shall disclose to a …

(a) The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including:(1) The duty of care;(2) The duty of loyalty; and(3) The duty of confidentiality. (1) The duty of care; (2) The duty of loyalty; and (3) The du…

(a) Not later than sixty (60) days after receipt of the information required under §§ 35-8-107 — 35-8-115, a custodian shall comply with a request under this chapter from a fiduciary or designated recipient to disclose digital assets or terminate an account. If the custodian fail…

In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act (15 U.S.C. §§ 7001 et seq.), but does not modify, limit, or supersede Section 101(c), Electronic Signatures in Global and National Commerce Act (15 U.S.C. § 7001(c)), or aut…

(1) In the administration of any trust that is a “private foundation,” as defined in § 509 of the Internal Revenue Code of 1954 (26 U.S.C. § 509), a “charitable trust,” as defined in § 4947(a)(1) of the Internal Revenue Code of 1954 (26 U.S.C. § 4947(a)(1)), or a “split-interest …

In the administration of any trust that is a private foundation or that is a charitable trust, there shall be distributed, for the purposes specified in the trust instrument, for each taxable year, amounts at least sufficient to avoid liability for the tax imposed by § 4942(a) of…

Sections 35-9-101 and 35-9-102 do not apply to any trust to the extent that a court of competent jurisdiction determines that the application would be contrary to the terms of the instrument governing the trust and that the same may not properly be changed to conform to those sec…

Nothing in this chapter shall impair the rights and powers of the courts or the attorney general and reporter of this state with respect to any trust.

All references to sections of the Internal Revenue Code of 1954 (U.S.C. title 26), include future amendments to those sections and corresponding provisions of future internal revenue laws.

(a) It is the purpose of this section to preserve the intent of testators and grantors of testamentary and inter vivos charitable remainder trusts created prior to and after August 31, 1972, by minimizing the imposition of federal income and excise taxes, imposed upon the assets …

(a) It is the purpose of this section to permit and authorize the reformation of certain inter vivos and testamentary charitable remainder trusts created prior to and after December 10, 1998, to comply with applicable federal tax regulations regarding qualifying payments to nonch…

(a) For the purposes of this section, “private foundation” has the same meaning ascribed to “private foundation” in § 509(a) of the Internal Revenue Code of 1986 (26 U.S.C. § 509(a)), as amended. (b) No private foundation shall be required by a department, agency, board, or other…