Tennessee Code 35-16-110 – Successor trustees
Current as of: 2023 | Check for updates
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Terms Used In Tennessee Code 35-16-110
- 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 - 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 - Trustee: A person or institution holding and administering property in trust.
In the event that a qualified trustee of an investment services trust ceases to meet the requirements of § 35-16-102(12)(A), and there remains no trustee that meets the requirements, the qualified trustee shall be deemed to have resigned as of the time of that cessation, and thereupon the successor qualified trustee provided for in the investment services trust shall become a qualified trustee of the investment services trust, or in the absence of any successor qualified trustee provided for in the investment services trust, then a court of this state shall, upon application of any interested party, appoint a successor qualified trustee.