Tennessee Code 35-16-107 – Spendthrift provisions
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Terms Used In Tennessee Code 35-16-107
- 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
- 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
A spendthrift provision as described in § 35-16-102(7)(C) shall be deemed to be a restriction on the transfer of the transferor‘s beneficial interest in the trust that is enforceable under applicable nonbankruptcy law within the meaning of § 541(c)(2) of the Bankruptcy Code ( 11 U.S.C. § 541(c)(2) ), or any successor provision.