Tennessee Code 35-7-111 – Transfers – Single and joint custodians
Terms Used In Tennessee Code 35-7-111
- Custodial property: means :
(A) Any interest in property transferred to a custodian under this chapter. See Tennessee Code 35-7-102 - Custodian: means a person so designated, including a person designated as a joint custodian pursuant to §. See Tennessee Code 35-7-102
- Minor: means an individual who has not attained twenty-one (21) years of age, although the minor may already be of legal age. See Tennessee Code 35-7-102
- Person: means an individual, corporation, organization, or other legal entity. See Tennessee Code 35-7-102
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Transfer: means a transaction that creates custodial property under this chapter. See Tennessee Code 35-7-102
A transfer may be made only for one (1) minor, and up to two (2) persons may be the custodians. All custodial property held under this chapter by the same custodian or custodians for the benefit of the same minor constitutes a single custodianship. If more than one (1) person is appointed a custodian, such persons shall act as joint custodians under this chapter and, unless specified in any document creating the custodial property, each joint custodian shall have full power and authority to act alone with respect to the custodial property. If either joint custodian resigns, dies, becomes incapacitated or is removed, then the remaining one (1) of them may serve as sole custodian without the necessity of appointing a successor joint custodian.