35-15-807 - Delegation by trustee. - Tennessee Statutes

35-15-807. Delegation by trustee.

(a)  A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:

     (1)  Selecting an agent;

     (2)  Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and

     (3)  Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.

(b)  In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.

(c)  A trustee who complies with subsection (a) is not liable to the beneficiaries for any act performed or omitted pursuant to written directions or to the trust for an action of the agent to whom the function was delegated.

(d)  By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.

[Acts 2004, ch. 537, § 65.]