Chapter3. TRUSTS.  


Article 1. General Provisions.
§ 19-3-1. Express trust for support, maintenance and education of relative; qualified trust under Internal Revenue Code; definitions.
§ 19-3-2. Extinguishment of trust.
§ 19-3-3. Estate of trustee; termination of trust estate.
§ 19-3-4. Indemnification of trustee.
§ 19-3-5. Notice of settlement.
§ 19-3-6. Allowance of fees.
§ 19-3-7. Registration of securities held by corporate fiduciary in name of nominee of such fiduciary.
§ 19-3-8. Execution of proxies by fiduciary holding corporate stocks.
§ 19-3-9. Satisfaction of pecuniary gifts by distribution of property in kind.
§ 19-3-10. Conversion or exchange, etc., of securities upon merger, consolidation, etc.
§ 19-3-11. Powers of fiduciaries regarding environmental laws affecting property held by fiduciary.
Article 2. Express Trusts for Payment or Security of Debts.
§ 19-3-20. Right of creditors to apply for order requiring trustee to give bond.
§ 19-3-21. Contents of application; notice of hearing.
§ 19-3-22. Hearing; order.
§ 19-3-23. Failure of trustee to give bond; appointment of successor.
§ 19-3-24. Duty of trustee to make inventory; filing of copies; supplemental inventories.
§ 19-3-25. Appointment and duties of appraisers.
§ 19-3-26. When petition for administration may be filed; contents of petition.
§ 19-3-27. Submission of petition to circuit judge; order designating time for presenting claims.
§ 19-3-28. Notice to creditors.
§ 19-3-29. Presentation of claims; verification; receipt.
§ 19-3-30. Claims docket.
§ 19-3-31. Claims presented and not objected to stand allowed.
§ 19-3-32. Objections to claims - Filing of objections.
§ 19-3-33. Objections to claims - Time for hearing; notice.
§ 19-3-34. Objections to claims - Conduct of hearing; order allowing or disallowing claim.
§ 19-3-35. Duty of trustee to render account.
§ 19-3-36. Time for settlement; notice to creditors.
§ 19-3-37. Examination and auditing of account; judgment.
§ 19-3-38. Admissibility of evidence at hearings; exceptions; appeals.
§ 19-3-39. Compromise or sale of bad debts.
§ 19-3-40. Sale of real estate; notice to creditors.
§ 19-3-41. When settlements compelled; removal of trustee and appointment of successor.
Article 3. Business Trusts.
§ 19-3-60. Definition of "business trust."
§ 19-3-61. Establishment; lawful purposes.
§ 19-3-62. Powers and liabilities of trustees; liability of trust for acts of trustees.
§ 19-3-63. Certificates of ownership; liability of beneficial owners.
§ 19-3-64. Contents and recordation of declaration of trust.
§ 19-3-65. Duration of business trust; rules against perpetuities and restraint of alienation not violated.
§ 19-3-66. Suits against trust; property subject to attachment and execution.
§ 19-3-67. Taxation.
Article 4. Fiduciary Funds in Hands of Officials.
§ 19-3-80. "Fiduciary funds" defined.
§ 19-3-81. Fiduciary funds in hands of register, probate judge, sheriff, and clerk to be reported.
§ 19-3-82. Filing of reports of clerk and register.
§ 19-3-83. Filing of sheriff's report.
§ 19-3-84. Reports to be open to public.
§ 19-3-85. Filing and recordation of probate judge's report.
§ 19-3-86. Enforcement.
§ 19-3-87. Unclaimed funds.
Article 5. Liability of Trust Estate and Remedy for Enforcing. Repealed.
§ 19-3-100. When trust estate may become liable.
§ 19-3-101. Petition to enforce liability - Filing; substitution of parties.
§ 19-3-102. Petition to enforce liability - Judgment charging estate.
§ 19-3-103. Petition to enforce liability - Pending action for administration.
§ 19-3-104. Petition to enforce liability - Charging real property.
§ 19-3-105. Misapplication of assets.
§ 19-3-106. Tracing misapplied assets.
§ 19-3-107. Framing relief so as to render trust effectual.
Article 6. Investment of Trust Estate.
§ 19-3-120. Classes of authorized investments; repeal of conflicting statutes.
§ 19-3-120.1. Investments in common trusts, collective investment funds, and interests of investment companies and trusts.
§ 19-3-120.2. Standards for fiduciary investment and management.
§ 19-3-121. Interest-bearing warrants.
§ 19-3-122. Securities issued or insured by secretary of housing and urban development.
§ 19-3-123. Mortgages insured by secretary of housing and urban development - Investment.
§ 19-3-124. Mortgages insured by secretary of housing and urban development - Sale, etc.
§ 19-3-125. Life, endowment, or annuity contracts.
§ 19-3-126. Tax anticipation bonds, etc., of certain counties.
§ 19-3-127. Bonds of Tennessee Valley Authority.
§ 19-3-128. Debts incurred under National Housing Act and under acts of congress relating to veterans' benefits.
§ 19-3-129. General rules of law govern trustee's liability.
§ 19-3-130. Investment outside state.
§ 19-3-131. Petition to obtain authority; notice.
§ 19-3-132. Judgment on hearing.
Article 7. Participation in Partnerships.
§ 19-3-150. "Fiduciary" defined.
§ 19-3-151. Right of fiduciary to participate in partnership; liability of fiduciary, estate and beneficial owners.
§ 19-3-152. Power of fiduciary to limit liability of estate or himself.
Article 8. Partition or Sale of Real or Personal Property.
§ 19-3-170. Partition of freehold devised with contingent interest.
§ 19-3-171. Sale of land held under trust deed.
§ 19-3-172. Sale of land devised and held in trust.
§ 19-3-173. Investment of proceeds of sale.
Article 9. Removal of Trust Estate to Another State.
§ 19-3-190. Power of circuit court to authorize removal of trust estate.
§ 19-3-191. Petition to obtain removal; notice.
§ 19-3-192. Judgment on hearing.
Article 10. Appointment, Resignation and Removal of Trustees.
Division 1. General Provisions.
§ 19-3-210. Resignation.
§ 19-3-211. Removal - Grounds.
§ 19-3-212. Removal - Appointment of successor.
Division 2. Removal of Trust Estate From Another State.
§ 19-3-230. Application to appoint trustee.
§ 19-3-231. Notice of hearing.
§ 19-3-232. Appointment of trustee.
§ 19-3-233. Bond.
§ 19-3-234. Fees of register or clerk.
Article 11. Succession or Appointment of New Trustees.
§ 19-3-250. Power of circuit court to fill vacancy.
§ 19-3-251. When circuit court must appoint new trustee; number of new trustees.
§ 19-3-252. Survivorship between cotrustees.
§ 19-3-253. Representative of deceased sole trustee to settle with succeeding trustee.
Article 12. Principal and Income. Repealed.
§ 19-3-270. Definitions.
§ 19-3-271. Applicability of article; powers of settlor.
§ 19-3-272. Income and principal; disposition.
§ 19-3-273. Apportionment of income.
§ 19-3-274. Corporate dividends and share rights.
§ 19-3-275. Premium and discount obligations.
§ 19-3-276. Principal used in business.
§ 19-3-277. Principal comprising animals.
§ 19-3-278. Disposition of natural resources.
§ 19-3-279. Principal subject to depletion.
§ 19-3-280. Unproductive estate.
§ 19-3-281. Expenses — Trust estates.
§ 19-3-282. Expenses — Nontrust estates.
Article 13. Private Foundations, Charitable Trusts, and Split-interest Trusts.
§ 19-3-300. Trustee not to engage in certain acts subjecting trust to federal taxation.
§ 19-3-301. Power to amend trust instrument.
§ 19-3-302. Rights and powers of courts and Attorney General not impaired.
§ 19-3-303. Future provisions of federal internal revenue laws included.
Article 14. Actions of Trustees of Express Trusts. Repealed.
§ 19-3-320. Definitions.
§ 19-3-321. Trustee allowed to perform prudent person actions without prior court authorization.
§ 19-3-322. Powers of trustee.
§ 19-3-323. Termination of small trusts where continued administration too costly; actions by trustee to carry out trust purpose.
§ 19-3-324. Actions trustee who is also beneficiary may not perform; powers of person who has right to remove trustee; parties in interest.
§ 19-3-325. Concurrence of all co-trustees required.
§ 19-3-326. Payment out of trust estate of expenses of trustee in defending or prosecuting proceedings in good faith.
§ 19-3-327. Applicability of article.
§ 19-3-328. Construction of article.