§ 35-14-101 Short title
§ 35-14-102 Chapter definitions
§ 35-14-103 Prudent investor rule
§ 35-14-104 Standard of care – Portfolio strategy – Risk and return objectives
§ 35-14-105 Diversification
§ 35-14-106 Duties at inception of trusteeship
§ 35-14-107 Loyalty
§ 35-14-108 Impartiality
§ 35-14-109 Investment costs
§ 35-14-110 Reviewing compliance
§ 35-14-111 Delegation of investment and management functions
§ 35-14-112 Language invoking standard of act
§ 35-14-113 Application to existing trusts
§ 35-14-114 Court authority

Terms Used In Tennessee Code > Title 35 > Chapter 14 - Uniform Prudent Investor Act

  • Accumulated contributions: means the sum of all the amounts deducted from the compensation of a member, together with any amount transferred to the account of the member established pursuant to chapters 34-37 of this title from the respective account of the member under one (1) or more of the superseded systems, with interest thereon, as provided in §. See Tennessee Code 8-34-101
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Auxiliary intake: means any piping connection or other device whereby water may be secured from a source other than that normally used. See Tennessee Code 68-221-101
  • Average final compensation: means the average annual earnable compensation of a member during the five (5) consecutive years of the member's creditable service affording the highest such average, or during all of the years in the member's creditable service if less than five (5) years. See Tennessee Code 8-34-101
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
  • By-pass: means any system of piping or other arrangement whereby the water may be diverted around any part or portion of a water purification plant. See Tennessee Code 68-221-101
  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • Commissioner: means the commissioner of environment and conservation or the commissioner's authorized agent. See Tennessee Code 68-221-101
  • Commissioner: means any person in office as a member of the public service commission, as prescribed by title 65, chapter 1, prior to June 30, 1996. See Tennessee Code 8-34-101
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Cross connection: means any physical connection whereby a potable water supply system is connected with any other water supply system, whether public or private, either inside or outside of any building or buildings, in such manner that a flow of water into the potable water supply is possible, either through the manipulation of valves or because of ineffective check or back pressure valves. See Tennessee Code 68-221-101
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the department of environment and conservation through its executive officer, the commissioner of environment and conservation, or the commissioner's legally designated representative. See Tennessee Code 68-221-101
  • Department: means the department of environment and conservation. See Tennessee Code 68-215-103
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Earnable compensation: includes , but is not limited to, any bonus or incentive payment. See Tennessee Code 8-34-101
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Forbearance: A means of handling a delinquent loan. A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Governing instrument: means :
    (A) A will, deed, trust instrument or agency agreement. See Tennessee Code 35-14-102
  • Grantor: The person who establishes a trust and places property into it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Holder: includes the initial holder or purchaser (such as a loan originator), any subsequent holder (such as a successor-in-interest or subsequent purchaser of the security interest on the secondary market), any subsequent assignee, transferee or purchaser from a holder, guarantor of an obligation, surety or any other person who holds ownership who acts on behalf of or for the benefit of a holder. See Tennessee Code 68-215-201
  • Indicia of ownership: means evidence of a security interest, evidence of an interest in a security interest, or evidence of an interest in real or personal property securing a loan or other obligations, including any legal or equitable title to real or personal property acquired incident to foreclosure and its equivalents. See Tennessee Code 68-215-201
  • Interconnection: means any system of piping or other arrangement whereby a potable water supply is connected directly with a sewer, drain, conduit or other device which does or may carry sewage or other liquid or waste which would be capable of imparting contamination to the potable water supply. See Tennessee Code 68-221-101
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Member: means any person included in the membership of the retirement system, as provided in chapter 35, part 1 of this title. See Tennessee Code 8-34-101
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • obligor: means a person whose petroleum underground storage tank or UST system is encumbered by a security interest. See Tennessee Code 68-215-201
  • Operation: means the use, storage, filling or dispensing of petroleum contained in a petroleum underground storage tank or a UST system. See Tennessee Code 68-215-201
  • Operator: means any person in control of, or having responsibility for, the daily operation of the petroleum underground storage tank. See Tennessee Code 68-215-103
  • Owner: means :
    (A) For petroleum storage tanks in use or brought into use on or after November 8, 1984, any person who owns a petroleum underground storage tank used for the storage, use, or dispensing of petroleum products. See Tennessee Code 68-215-103
  • Person: means any and all persons, natural or artificial, including any individual, firm or association and any municipal or private corporation organized or existing under the laws of this or any other state or country. See Tennessee Code 68-221-101
  • Person: means any and all persons, including individuals, firms, partnerships, associations, public or private institutions, state and federal agencies, municipalities or political subdivisions, or officers thereof, departments, agencies or instrumentalities, or public or private corporations or officers thereof, organized or existing under the laws of this or any other state or country. See Tennessee Code 68-215-103
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
  • Petroleum: means crude oil or any fraction of crude oil which is a liquid at standard temperature and pressure (sixty degrees Fahrenheit (60°. See Tennessee Code 68-215-103
  • Petroleum site: means any site or area where a petroleum underground storage tank is located. See Tennessee Code 68-215-103
  • Petroleum underground storage tank: means any one (1) or combination of tanks (including the underground lines connected thereto) which are used or have been used to contain an accumulation of petroleum substances, and the volume of which (including the volume of the underground pipes connected thereto) is ten percent (10%) or more beneath the surface of the ground. See Tennessee Code 68-215-103
  • Petroleum underground storage tank fund: means the fund established by this chapter to provide for the cleanup of releases from petroleum underground storage tanks and assist with the financial responsibilities of owners/operators of petroleum underground storage tanks. See Tennessee Code 68-215-103
  • Potable water supply: means any public or other water supply, the quality of which is approved by the department for human consumption. See Tennessee Code 68-221-101
  • Primarily to protect a security interest: means that the holder's indicia of ownership are held primarily for the purpose of securing payment or performance of an obligation, but does not include indicia of ownership held primarily for investment purposes, nor ownership indicia held primarily for purposes other than as a protection of a security interest. See Tennessee Code 68-215-201
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public sewerage system: means the conduits, sewers, and all devices and appurtenances by means of which sewage is collected, pumped, treated or disposed of finally. See Tennessee Code 68-221-101
  • Public water supply: means any waterworks system as defined in subdivision (12), whether privately or publicly owned, where water is furnished to any community, collection or number of individuals for a fee or charge or any other waterworks system which, on account of the people who are or may be affected by the quality of the water, is classified as a public water supply by the department. See Tennessee Code 68-221-101
  • Regular interest: means interest at such rate or rates compounded annually as may be set from time to time by the board of trustees in accordance with §. See Tennessee Code 8-34-101
  • Release: means any spilling, overfilling, leaking, emitting, discharging, escaping, leaching or disposing of a petroleum substance from a petroleum underground storage tank or its associated piping into groundwater, surface water, or subsurface soils. See Tennessee Code 68-215-103
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
  • Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
  • Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. See Tennessee Code 8-34-101
  • Retirement system: means the Tennessee consolidated retirement system as defined in §. See Tennessee Code 8-34-101
  • Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the federal savings and loan insurance corporation (FSLIC) or any successor of such corporation. See Tennessee Code 1-3-105
  • Security interest: includes , but is not limited to, mortgages, deeds of trust, liens and title pursuant to lease financing transaction. See Tennessee Code 68-215-201
  • Service: means service as a general employee, a teacher, a state police officer, a wildlife officer, a firefighter, a police officer, a state judge, a county judge, an attorney general, a commissioner or a county official which is paid for by an employer, and also includes service for which a former member of the general assembly is entitled to under former §. See Tennessee Code 8-34-101
  • Sewage: means all water-carried human and household wastes from residences, buildings, institutions or industrial establishments, together with such ground, surface, or storm water as may be present. See Tennessee Code 68-221-101
  • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
  • State: means the state of Tennessee. See Tennessee Code 68-215-103
  • State: means the state of Tennessee. See Tennessee Code 8-34-101
  • 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
  • Statute: A law passed by a legislature.
  • Tank: means a stationary device, designed to contain an accumulation of petroleum substances which is constructed primarily of non-earthen materials (e. See Tennessee Code 68-215-103
  • Trust: means any fiduciary relationship created by a governing instrument. See Tennessee Code 35-14-102
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: means any fiduciary as defined in §. See Tennessee Code 35-14-102
  • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • UST system: means an underground storage tank, connected underground piping, underground ancillary equipment and containment system, if any. See Tennessee Code 68-215-201
  • Waterworks system: means the source of supply and all structures and appurtenances used for the collection, treatment, storage and distribution of water delivered to the consumers. See Tennessee Code 68-221-101
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105