Terms Used In Tennessee Code > Title 45 > Chapter 2 > Part 20 - Private Trust Companies

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Collateral kinship: means a relationship that is not lineal, but stems from a common ancestor. See Tennessee Code 45-2-2001
• 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
• Contract: A legal written agreement that becomes binding when signed.
• Department: means the department of financial institutions. See Tennessee Code 45-1-103
• Designated ancestor: means one (1) or more ancestors of the family designated as such in the application submitted under this part. See Tennessee Code 45-2-2001
• Donor: The person who makes a gift.
• Family affiliate: means a company or other entity in which one (1) or more family members, directly or indirectly, through ownership of voting securities or equity, by contract, through power of direction, through beneficial or other ownership in one (1) or more other entities, or otherwise:
  (i) Owns a majority interest. See Tennessee Code 45-2-2001
• Family client: means :
  (i) A family member. See Tennessee Code 45-2-2001
• Family member: means a designated ancestor and:
  (i) An individual within the twelfth degree of lineal kinship of a designated ancestor. See Tennessee Code 45-2-2001
• Family services provider: means :
  (i) A full-time employee of the private trust company. See Tennessee Code 45-2-2001
• Fiduciary: A trustee, executor, or administrator.
• Foster child: means an individual raised or being raised by someone who is not the individual's natural or adoptive parent. See Tennessee Code 45-2-2001
• 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.
• Immediate family: means an individual's spouse or former spouse, any descendant of that individual, and any relative living in the same residence as that individual. See Tennessee Code 45-2-2001
• Inter vivos: Transfer of property from one living person to another living person.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lineal kinship: means the direct ancestors and descendants of an individual. See Tennessee Code 45-2-2001
• Minor: means any person who has not attained eighteen (18) years of age. See Tennessee Code 1-3-105
• Month: means a calendar month. See Tennessee Code 1-3-105
• Oath: includes affirmation. See Tennessee Code 1-3-105
• Oath: A promise to tell the truth.
• Person: means an individual, corporation, firm, trust, estate, partnership, joint venture, or association. See Tennessee Code 45-1-103
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• 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
• Transact a trust business with the general public: means any sale, solicitation, arrangement, agreement, or transaction to provide fiduciary services as described in §. See Tennessee Code 45-2-2001
• 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
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• 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