35-15-105 - Default and mandatory rules. - Tennessee Statutes

35-15-105. Default and mandatory rules.

(a)  Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.

(b)  The terms of a trust prevail over any provision of this chapter except:

     (1)  The requirements for creating a trust;

     (2)  The duty of a trustee to act in accordance with the terms and purposes of the trust and the interests of the beneficiaries;

     (3)  The requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;

     (4)  The power to modify or terminate a trust under §§ 35-15-410 35-15-416;

     (5)  The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in part 5 of this chapter;

     (6)  The power of the court under § 35-15-702 to require, dispense with, or modify or terminate a bond;

     (7)  The power of the court under § 35-15-708(b) to adjust a trustee's compensation specified in the terms of the trust which is unreasonably low or high;

     (8)  The effect of an exculpatory term under § 35-15-1008;

     (9)  The rights under §§ 35-15-1010 35-15-1013 of a person other than a trustee or beneficiary;

     (10)  Periods of limitation for commencing a judicial proceeding;

     (11)  The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice; and

     (12)  The subject matter jurisdiction of the court and venue for commencing a proceeding as provided in §§ 35-15-203 and 35-15-204.

[Acts 2004, ch. 537, § 6; 2007, ch. 24, §§ 4, 5.]