• As used in this chapter, unless the context otherwise requires:
    • (1) “Claim” means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured;

    • Terms Used In Tennessee Code 35-16-102

      • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
      • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
      • 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
      • Claim: means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured. See Tennessee Code 35-16-102
      • 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.
      • Disposition: means a transfer, conveyance or assignment of property, including a change in the legal ownership of property occurring upon the substitution of one (1) trustee for another or the addition of one (1) or more new trustees. See Tennessee Code 35-16-102
      • 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
      • Fiduciary: A trustee, executor, or administrator.
      • Investment services trust: means an instrument appointing a qualified trustee or qualified trustees for the property that is the subject of a disposition, which instrument:

        • (A) Expressly incorporates the law of this state to govern the validity, construction and administration of the trust. See Tennessee Code 35-16-102

        • Person: has the meaning ascribed to it in §. See Tennessee Code 35-16-102
        • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
        • Property: includes real property, personal property, and interests in real or personal property. See Tennessee Code 35-16-102
        • Qualified affidavit: means a sworn affidavit signed by the transferor before a disposition of assets to an investment services trust that meets the requirements of §. See Tennessee Code 35-16-102
        • Qualified disposition: means a disposition by or from a transferor with or without consideration, to an investment services trust after the transferor executes a qualified affidavit. See Tennessee Code 35-16-102
        • Qualified trustee: means a person who:

          • (A) In the case of a natural person, is a resident of this state, or, in all other cases, is authorized by the law of this state to act as a trustee and whose activities are subject to supervision by the Tennessee department of financial institutions, the federal deposit insurance corporation, the comptroller of the currency, or the office of thrift supervision or any successor to them. See Tennessee Code 35-16-102

          • real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
          • 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: 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
          • Transferor: means a person who, directly or indirectly, makes a disposition or causes a disposition to be made in such person's capacity:

            • (A) As an owner of property. See Tennessee Code 35-16-102

            • Trustee: A person or institution holding and administering property in trust.

      (2) “Creditor” means, with respect to a transferor, a person who has a claim;

    • (3) “Debt” means liability on a claim;

    • (4) “Disposition” means a transfer, conveyance or assignment of property, including a change in the legal ownership of property occurring upon the substitution of one (1) trustee for another or the addition of one (1) or more new trustees. “Disposition” also includes the exercise of a power so as to cause a transfer of property to a trustee or trustees, but shall not include the release or relinquishment of an interest in property that, until the release or relinquishment, was the subject of a qualified disposition;

    • (5) “Investment advisor” means a person given authority by the terms of an investment services trust to direct, consent to or disapprove a transferor’s actual or proposed investment decisions, distribution decisions or other decisions of the transferor;

    • (6) “Investment decision” means the retention, purchase, sale, exchange, tender or other transaction affecting the ownership of or rights in investments;

    • (7) “Investment services trust” means an instrument appointing a qualified trustee or qualified trustees for the property that is the subject of a disposition, which instrument:

      • (A) Expressly incorporates the law of this state to govern the validity, construction and administration of the trust;

      • (B) Is irrevocable; and

      • (C) Provides that the interest of the transferor or other beneficiary in the trust property or the income from the trust property may not be transferred, assigned, pledged or mortgaged, whether voluntarily or involuntarily, before the qualified trustee or qualified trustees actually distribute the property or income from the property to the beneficiary;

    • (8) “Person” has the meaning ascribed to it in § 1-3-105;

    • (9) “Property” includes real property, personal property, and interests in real or personal property;

    • (10) “Qualified affidavit” means a sworn affidavit signed by the transferor before a disposition of assets to an investment services trust that meets the requirements of § 35-16-103. In the event of a disposition by a transferor who is a trustee, the affidavit shall be signed by the transferor who made the original disposition to the trustee, or a predecessor trustee, in a form that meets the requirements of subdivisions (7)(B) and (C) and shall state facts as of the time of the original disposition;

    • (11) “Qualified disposition” means a disposition by or from a transferor with or without consideration, to an investment services trust after the transferor executes a qualified affidavit;

    • (12) “Qualified trustee” means a person who:

      • (A) In the case of a natural person, is a resident of this state, or, in all other cases, is authorized by the law of this state to act as a trustee and whose activities are subject to supervision by the Tennessee department of financial institutions, the federal deposit insurance corporation, the comptroller of the currency, or the office of thrift supervision or any successor to them;

      • (B) Maintains or arranges for custody in this state of some or all of the property that is the subject of the qualified disposition, maintains records for the investment services trust on an exclusive or nonexclusive basis, prepares or arranges for the preparation of required income tax returns for the investment services trust, or otherwise materially participates in the administration of the investment services trust; and

      • (C) Is not the transferor;

    • (13) “Spouse” or “former spouse” means only persons to whom the transferor was legally married at, or before, the time the qualified disposition is made;

    • (14) “Transferor” means a person who, directly or indirectly, makes a disposition or causes a disposition to be made in such person’s capacity:

      • (A) As an owner of property;

      • (B) As a holder of a power of appointment that authorizes the holder to appoint in favor of the holder, the holder’s creditors, the holder’s estate or the creditors of the holder’s estate; or

      • (C) As a trustee; and

    • (15) Unless the context or a provision contained in this chapter provides otherwise, throughout this chapter, any form of the word “trustee,” whether singular or plural means “trustee, cotrustee or any other fiduciary” as fiduciary is defined at § 35-15-103 relative to any power or duty held by such fiduciary that could otherwise be held by a trustee, to the extent that such fiduciary is holding such a power or duty and is not an excluded fiduciary as defined at § 35-15-103 relative to that power or duty.