Every trustee or assignee to whom property exceeding the value of five hundred dollars ($500) is conveyed in trust for the benefit of creditors, sureties, or other persons, unless by them released, in writing, from the obligations hereinafter prescribed, before entering upon the discharge of such trustee’s or assignee’s duty, shall give bond, with two (2) or more good and sufficient sureties, or one (1) corporate surety, in an amount equal to the value of the property mentioned in the deed or assignment, payable to the state of Tennessee, conditioned for the faithful performance of all the duties imposed upon the trustee or assignee by law and by the terms of the deed or assignment, and shall take and subscribe, before the person performing the duties of the county clerk of the county in which the trustee or assignee resides, an oath to the effect that the trustee or assignee will:

(1) Honestly and faithfully execute and perform all the duties imposed upon such trustee or assignee by law and by the deed or assignment;

Terms Used In Tennessee Code 47-13-101

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • 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
  • Trustee: A person or institution holding and administering property in trust.
(2) Cause to be made a full, true, and perfect inventory of the goods, chattels, lands, or other assets, all and singular, contained in the trust deed or assignment which have or may come into the trustee’s or assignee’s hands or into the hands of any other person for such trustee or assignee; and
(3) Return, or cause to be filed in the office of the person performing the duties of the county clerk, a full and true account of all the sales of the effects, and of all moneys received or securities taken.
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