Terms Used In Tennessee Code > Title 35 > Chapter 15 > Part 13 - Special Purpose Entity

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Beneficiary: means a person that has a present or future beneficial interest in a trust, vested or contingent. See Tennessee Code 35-15-103
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Corporate trustee: means a Tennessee trust company, a Tennessee bank with trust powers, or a national bank with trust powers and with a physical presence in Tennessee. See Tennessee Code 35-15-1301
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Department: means the department of financial institutions. See Tennessee Code 35-15-1301
• Designated ancestor: means one (1) or more ancestors of the family designated as such in the entity's governing documents. See Tennessee Code 35-15-1301
• Entity: means a corporation or a limited liability company organized in this state. See Tennessee Code 35-15-1301
• Family member: means a designated ancestor and:
  (i) An individual within the twelfth degree of lineal kinship of a designated ancestor. See Tennessee Code 35-15-1301
• Fiduciary: means :
  (A) A trustee, conservator, guardian, agent under any agency agreement or other instrument, an executor, personal representative or administrator of a decedent's estate, or any other party, including a trust advisor or a trust protector, who is acting in a fiduciary capacity for any person, trust, or estate. See Tennessee Code 35-15-103
• Fiduciary: A trustee, executor, or administrator.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Grantor: The person who establishes a trust and places property into it.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• 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}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means an individual. See Tennessee Code 35-15-103
• Special purpose entity: means an entity that meets the requirements provided under subsection (b). See Tennessee Code 35-15-1301
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Tennessee Code 35-15-103
• This state: means the state of Tennessee. See Tennessee Code 35-15-103
• Trust advisor: means any person described in §. See Tennessee Code 35-15-103
• Trust protector: means any person described in §. See Tennessee Code 35-15-103
• Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Tennessee Code 35-15-103
• Trustee: A person or institution holding and administering property in trust.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105