34-1-116 - Sale of property. - Tennessee Statutes

34-1-116. Sale of property.

(a)  Except as provided in subsections (b) and (d), no property of a minor or disabled person may be sold without prior approval of the court that appointed the fiduciary.

(b)  Unless the fiduciary is holding tangible property for the benefit of a minor or disabled person pursuant to the terms of a will, trust or other written document, the fiduciary has the authority to sell each item of tangible property with a fair market value of less than one thousand dollars ($1,000) or a motor vehicle without specific court approval.

(c)  No fiduciary, relative of a fiduciary, employee of a fiduciary, guardian ad litem or attorney for any party shall be a purchaser of property of the minor or disabled person without court approval.

(d)  This section shall not apply to any fiduciary who is not required to file a property management plan or who has had its investment plans approved as part of its property management plan.

(e)  When the fiduciary seeks court approval for the sale of property, a copy of the pleading requesting approval of the sale shall be sent to the minor or disabled person by certified mail with return receipt requested. Although not required, the court may appoint a guardian ad litem.

[Acts 1992, ch. 794, § 17; 1994, ch. 855, § 9; T.C.A. § 34-11-116.]