35-15-110 - Others treated as qualified beneficiaries. - Tennessee Statutes

35-15-110. Others treated as qualified beneficiaries.

(a)  A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under this chapter, if the charitable organization, on the date the charitable organization's qualification is being determined:

     (1)  Is a distributee or a permissible distributee of trust income or principal;

     (2)  Would be a distributee or a permissible distributee of trust income or principal if the interests of other distributees or permissible distributees then receiving or eligible to receive distributions terminated on that date without causing the trust to terminate; or

     (3)  Would be a distributee or a permissible distributee of trust income or principal if the trust terminated on that date.

(b)  The attorney general of this state has the rights of a qualified beneficiary with respect to a charitable trust having its principal place of administration in this state.

[Acts 2004, ch. 537, § 11; 2007, ch. 24, § 6.]