(a) For purposes of this chapter, neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in § 35-16-102(12)(A) shall be considered a qualified trustee; however, nothing in this chapter shall preclude a transferor from appointing one (1) or more advisors, including, but not limited to:

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Terms Used In Tennessee Code 35-16-108

  • Person: means an individual. 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
  • 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.
(1) Advisors who have authority under the terms of the trust instrument to remove and appoint qualified trustees or trust advisors;
(2) Advisors who have authority under the terms of the trust instrument to direct, consent to or disapprove distributions from the trust; and
(3) Investment advisors, whether or not the advisors would meet the requirements imposed by § 35-16-102(12).
(b) For purposes of subsection (a), “advisor” includes a trust “protector” or any other person who, in addition to a qualified trustee, holds one (1) or more trust powers.
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