35-16-108 - Qualified trustees and advisors. - Tennessee Statutes

35-16-108. Qualified trustees and advisors.

(a)  For purposes of this chapter, neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in § 35-16-102(12)(A) shall be considered a qualified trustee; however, nothing in this chapter shall preclude a transferor from appointing one (1) or more advisors, including, but not limited to:

     (1)  Advisors who have authority under the terms of the trust instrument to remove and appoint qualified trustees or trust advisors;

     (2)  Advisors who have authority under the terms of the trust instrument to direct, consent to or disapprove distributions from the trust; and

     (3)  Investment advisors, whether or not the advisors would meet the requirements imposed by § 35-16-102(12).

(b)  For purposes of subsection (a), “advisor” includes a trust “protector” or any other person who, in addition to a qualified trustee, holds one (1) or more trust powers.

[Acts 2007, ch. 144, § 8.]