35-16-103 - Qualified affidavit requirements. - Tennessee Statutes

35-16-103. Qualified affidavit requirements.

A qualified affidavit shall state that:

     (1)  The transferor has full right, title, and authority to transfer the assets to the trust;

     (2)  The transfer of the assets to the trust will not render the transferor insolvent;

     (3)  The transferor does not intend to defraud a creditor by transferring the assets to the trust;

     (4)  The transferor does not have any pending or threatened court actions against the transferor, except for those court actions identified by the transferor on an attachment to the affidavit;

     (5)  The transferor is not involved in any administrative proceedings, except for those administrative proceedings identified on an attachment to the affidavit;

     (6)  The transferor does not contemplate filing for relief under the provisions of the federal bankruptcy code; and

     (7)  The assets being transferred to the trust were not derived from unlawful activities.

[Acts 2007, ch. 144, § 3.]