§ 35-16-101 Short title
§ 35-16-102 Chapter definitions
§ 35-16-103 Qualified affidavit requirements
§ 35-16-104 Restrictions on actions, remedies and claims
§ 35-16-105 Powers and rights of transferor
§ 35-16-106 Avoidance of qualified dispositions
§ 35-16-107 Spendthrift provisions
§ 35-16-108 Qualified trustees and advisors
§ 35-16-109 Transferor as investment advisor
§ 35-16-110 Successor trustees
§ 35-16-111 Revocability of trusts
§ 35-16-112 Applicability

Terms Used In Tennessee Code > Title 35 > Chapter 16 - Tennessee Investment Services Act of 2007

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • 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.
  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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
  • Claim: means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured. See Tennessee Code 35-16-102
  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • County mayor: means and includes "county executive" unless the context clearly indicates otherwise. See Tennessee Code 1-3-105
  • Creditor: means , with respect to a transferor, a person who has a claim. See Tennessee Code 35-16-102
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Debt: means liability on a claim. See Tennessee Code 35-16-102
  • Department: means the department of environment and conservation. See Tennessee Code 68-212-401
  • Disposal: means the discharge, deposit, injection, dumping, spilling, leaking, or placing of any hazardous waste into or on any land, water or air so that such hazardous waste or any constituent thereof may enter the environment or be emitted into the air or discharged into any waters, including ground waters. See Tennessee Code 68-212-104
  • Disposition: means a transfer, conveyance or assignment of property, including a change in the legal ownership of property occurring upon the substitution of one (1) trustee for another or the addition of one (1) or more new trustees. See Tennessee Code 35-16-102
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executive session: A portion of the Senate's daily session in which it considers executive business.
  • Facility: means :

    • (A) Any building, structure, installation, equipment, pipe or pipeline (including any pipe into a sewer or publicly owned treatment works), well, pit, pond, lagoon, impoundment, ditch, landfill, storage container, motor vehicle, rolling stock, or aircraft. See Tennessee Code 68-212-401

    • Fiduciary: A trustee, executor, or administrator.
    • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
    • former spouse: means only persons to whom the transferor was legally married at, or before, the time the qualified disposition is made. See Tennessee Code 35-16-102
    • Hazardous substance: is a s defined in § 101 of Public Law 96-510, codified in 42 U. See Tennessee Code 68-212-202
    • Hazardous substance site: means any site or area where hazardous substance disposal has occurred. See Tennessee Code 68-212-202
    • Hazardous waste: means waste, or combination of wastes, which because of its quantity, concentration, or physical, chemical, or infectious characteristics may:

      • (A) Cause, or significantly contribute to an increase in mortality or an increase in serious irreversible illness or incapacitating reversible illness. See Tennessee Code 68-212-104

      • Highway: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
      • Indicia of ownership: means evidence of a security interest, evidence of an interest in a security interest, or evidence of an interest in real or personal property securing a loan or other obligation, including any legal or equitable title to real or personal property acquired incident to foreclosure and its equivalents. See Tennessee Code 68-212-401
      • Investment advisor: means a person given authority by the terms of an investment services trust to direct, consent to or disapprove a transferor's actual or proposed investment decisions, distribution decisions or other decisions of the transferor. See Tennessee Code 35-16-102
      • Investment services trust: means an instrument appointing a qualified trustee or qualified trustees for the property that is the subject of a disposition, which instrument:

        • (A) Expressly incorporates the law of this state to govern the validity, construction and administration of the trust. See Tennessee Code 35-16-102

        • 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.
        • 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
        • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
        • Liable party: means :

          • (A) The owner or operator of an inactive hazardous substance site. See Tennessee Code 68-212-202

          • Lien: A claim against real or personal property in satisfaction of a debt.
          • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
          • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
          • Municipality: means any county, incorporated city or town, school district, utility district, improvement district, taxing district, housing authority, industrial development board, health and educational facilities board, or other district, authority, commission, board, public body or political subdivision in this state. See Tennessee Code 9-3-102
          • 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.
          • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
          • Pension plan: means the defined benefit pension plan established and maintained by a political subdivision for its employees, excluding a political subdivision's participation in the Tennessee consolidated retirement system pursuant to title 8, chapters 34-37. See Tennessee Code 9-3-503
          • Permit: means the whole or part of any written authorization of the commissioner pursuant to regulations to own or operate a facility for the treatment, storage, or disposal of or transportation of hazardous waste. See Tennessee Code 68-212-104
          • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
          • Person: means an individual, trust, firm, joint stock company, corporation (including a government corporation), partnership, association, state, municipality, commission, political subdivision of a state, any interstate body, and governmental agency of this state and any department, agency, or instrumentality of the executive, legislative and judicial branches of the federal government. See Tennessee Code 68-212-104
          • Person: has the meaning ascribed to it in §. See Tennessee Code 35-16-102
          • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
          • Political subdivision: means any local governmental entity, including, but not limited to any municipality, metropolitan government, county, utility district, school district, public building authority, housing authority, emergency communications district, and development district created and existing pursuant to the laws of this state, or any instrumentality of government created by any one (1) or more of the named local governmental entities. See Tennessee Code 9-3-503
          • Political subdivision employee: means any person in the employ of a political subdivision who participates in the political subdivision's pension plan. See Tennessee Code 9-3-503
          • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
          • Primarily to protect a security interest: means that the holder's indicia of ownership are held primarily for the purpose of securing payment or performance of an obligation, but does not include indicia of ownership held primarily for investment purposes, nor ownership indicia held primarily for purposes other than as a protection of a security interest. See Tennessee Code 68-212-401
          • Property: includes both personal and real property. See Tennessee Code 1-3-105
          • Property: includes real property, personal property, and interests in real or personal property. See Tennessee Code 35-16-102
          • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
          • Qualified affidavit: means a sworn affidavit signed by the transferor before a disposition of assets to an investment services trust that meets the requirements of §. See Tennessee Code 35-16-102
          • Qualified disposition: means a disposition by or from a transferor with or without consideration, to an investment services trust after the transferor executes a qualified affidavit. See Tennessee Code 35-16-102
          • Qualified trustee: means a person who:

            • (A) In the case of a natural person, is a resident of this state, or, in all other cases, is authorized by the law of this state to act as a trustee and whose activities are subject to supervision by the Tennessee department of financial institutions, the federal deposit insurance corporation, the comptroller of the currency, or the office of thrift supervision or any successor to them. See Tennessee Code 35-16-102

            • real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
            • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
            • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
            • Road: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
            • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. 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
            • State: means the state of Tennessee. See Tennessee Code 68-212-104
            • Transferor: means a person who, directly or indirectly, makes a disposition or causes a disposition to be made in such person's capacity:

              • (A) As an owner of property. See Tennessee Code 35-16-102

              • Trustee: A person or institution holding and administering property in trust.
              • Unfunded accrued liability: means the actuarially determined accrued liabilities of the pension plan that are greater than the actuarially determined value of the pension plan assets. See Tennessee Code 9-3-503
              • Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
              • Waste: means any garbage, refuse, sludge from a waste treatment plant, water supply treatment plant, or air pollution control facility and other discarded material, including solid, liquid, semisolid, or contained gaseous material resulting from industrial, commercial, mining and agricultural operations, and from community activities, but does not include solid or dissolved material in domestic sewage, or solid or dissolved materials in irrigation return flows or industrial discharges which are point sources subject to permits under § 402 of the Federal Water Pollution Control Act, codified in 33 U. See Tennessee Code 68-212-104
              • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
              • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105