(a) Except as provided in subsections (b) and (d), no property of a minor or person with a disability may be sold without prior approval of the court that appointed the fiduciary.

Terms Used In Tennessee Code 34-1-116

  • Court: means any court having jurisdiction to hear matters concerning guardians or conservators. See Tennessee Code 34-1-101
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: means a guardian, coguardian, conservator, co-conservator, or qualified trustee as defined in §. See Tennessee Code 34-1-101
  • Fiduciary: A trustee, executor, or administrator.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Guardian ad litem: means a person meeting the qualifications set forth in §. See Tennessee Code 34-1-101
  • Minor: means any person who has not attained eighteen (18) years of age and who has not otherwise been emancipated. See Tennessee Code 34-1-101
  • Person: means any individual, nonhuman entity or governmental agency. See Tennessee Code 34-1-101
  • Person with a disability: means any person eighteen (18) years of age or older determined by the court to be in need of partial or full supervision, protection, and assistance by reason of mental illness, physical illness or injury, developmental disability, or other mental or physical incapacity. See Tennessee Code 34-1-101
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Property management plan: means the plan submitted by the fiduciary for the investment and management of the property of a minor or person with a disability. See Tennessee Code 34-1-101
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) Unless the fiduciary is holding tangible property for the benefit of a minor or person with a disability pursuant to the terms of a will, trust or other written document, the fiduciary has the authority to sell each item of tangible property with a fair market value of less than one thousand dollars ($1,000) or a motor vehicle without specific court approval.
(c) No fiduciary, relative of a fiduciary, employee of a fiduciary, guardian ad litem or attorney for any party shall be a purchaser of property of the minor or person with a disability without court approval.
(d) This section shall not apply to any fiduciary who is not required to file a property management plan or who has had its investment plans approved as part of its property management plan.
(e) When the fiduciary seeks court approval for the sale of property, a copy of the pleading requesting approval of the sale shall be sent to the minor or person with a disability by certified mail with return receipt requested. Although not required, the court may appoint a guardian ad litem.
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