- A qualified affidavit shall state that:
(1) The transferor has full right, title, and authority to transfer the assets to the trust;
Terms Used In Tennessee Code 35-16-103
- 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.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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
- Creditor: means , with respect to a transferor, a person who has a claim. See Tennessee Code 35-16-102
- 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
(2) The transfer of the assets to the trust will not render the transferor insolvent;
(3) The transferor does not intend to defraud a creditor by transferring the assets to the trust;
(4) The transferor does not have any pending or threatened court actions against the transferor, except for those court actions identified by the transferor on an attachment to the affidavit;
(5) The transferor is not involved in any administrative proceedings, except for those administrative proceedings identified on an attachment to the affidavit;
(6) The transferor does not contemplate filing for relief under the federal bankruptcy code; and
(7) The assets being transferred to the trust were not derived from unlawful activities.