Any trustee or assignee to whom property has been conveyed in trust for the benefit of creditors, under the provisions of this chapter, shall be required to make settlement with the person performing the duties of the county clerk of the county in which the deed of trust or assignment was made, as soon after qualification as the nature of the deed or assignment will admit, showing what funds the trustee or assignee has received, how the trustee or assignee has disposed of the trust property, what expenses the trustee or assignee has paid out, and what amount of the funds remain in the trustee’s or assignee’s hands for payment to beneficiaries under the deed or assignment.

Terms Used In Tennessee Code 47-13-103

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • 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
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trustee: A person or institution holding and administering property in trust.