(a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only.
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Terms Used In Tennessee Code 35-7-114

  • Adult: means an individual who has attained twenty-one (21) years of age. See Tennessee Code 35-7-102
  • 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
  • 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
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
(b) This section does not relieve a custodian from liability for breach of duties of care under § 35-7-113.
(c) The custodian is authorized to invest some or all of the custodial property in the Internal Revenue Code Section 529 plan, if the custodian determines the investment to be in the best interest of the minor.
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