(a) No company shall act as a fiduciary in this state except:

Terms Used In Tennessee Code 45-2-1001

  • Bank: means any person, as hereinafter defined, doing a banking business subject to the laws of this or any other jurisdiction and, for the purposes of supervision, examination and liquidation, includes industrial investment companies and industrial banks authorized by chapter 5 of this title. See Tennessee Code 45-1-103
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-1-103
  • Company: includes a bank, trust company, corporation, partnership, association, business or other trust, or similar business entity. See Tennessee Code 45-1-103
  • Fiduciary: A trustee, executor, or administrator.
  • Foreign bank: means a foreign bank, as defined in the International Banking Act of 1978 §. See Tennessee Code 45-1-103
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Minor: means any person who has not attained eighteen (18) years of age. See Tennessee Code 1-3-105
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Person: means an individual, corporation, firm, trust, estate, partnership, joint venture, or association. See Tennessee Code 45-1-103
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Savings association: means an association as defined and operating under chapter 3 of this title or under the laws of the United States. See Tennessee Code 45-1-103
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • State trust company: means a corporation or limited liability company organized or reorganized under the Tennessee Banking Act, compiled in this chapter and chapter 2 of this title, whose purposes and powers are limited to fiduciary purposes and power, including a trust company previously organized under the laws of this state. See Tennessee Code 45-1-103
  • Trust company: means a state trust company or any other company chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Tennessee Code 45-1-103
  • Trust office: means an office, other than the principal office, at which a trust institution is authorized by the commissioner to act as a fiduciary. See Tennessee Code 45-1-103
  • Unauthorized trust activity: means :
    (A) A company, other than one identified in chapter 2, part 10 of this title, acting as a fiduciary within this state. See Tennessee Code 45-1-103
(1) A state trust company;
(2) A state bank authorized to act as a fiduciary;
(3) A savings association or savings bank organized under the laws of this state and authorized to act as a fiduciary;
(4) A national bank having its principal office in this state and authorized by the comptroller of the currency to act as a fiduciary pursuant to 12 U.S.C. § 92a;
(5) A federally chartered savings association or savings bank having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
(6) An out-of-state bank with a branch in this state established or maintained pursuant to this chapter, or a trust office authorized by the commissioner pursuant to this chapter;
(7) An out-of-state trust company with a trust office authorized by the commissioner pursuant to this chapter;
(8) A foreign bank with a trust office authorized by the commissioner pursuant to this chapter; or
(9) A private trust company to the extent authorized by the commissioner pursuant to this chapter.
(b) No company shall engage in an unauthorized trust activity. No company shall be deemed to be subject to this chapter and chapter 1 of this title, regulating fiduciary activities to the extent that the company’s activities are permitted by existing statutory authority or are customarily performed as a traditional incident to the company’s regular business activities.
(c)

(1) A bank authorized to act as a fiduciary, which includes a trust company for the purposes of this section and §§ 45-2-1002 – 45-2-1006, having and maintaining paid-in capital and surplus of five hundred thousand dollars ($500,000), may be appointed a fiduciary or cofiduciary by any person or any court having jurisdiction and authority to appoint fiduciaries.
(2) When appointed as a fiduciary for a minor or other incompetent person, a bank shall have only the custody, control, management and administration of the property or estate of the person.
(3) The personal care and custody of any minor or other incompetent person shall be committed and confided to those individuals who would otherwise be entitled by law to the guardianship or care and custody of the person of the minor or incompetent person.
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