35-50-114 - Powers exercisable by majority Liability. - Tennessee Statutes

35-50-114. Powers exercisable by majority Liability.

(a)  Unless it is otherwise provided by an instrument under which the fiduciaries are acting, or an amendment of the instrument, or by court order, any power vested in three (3) or more fiduciaries, other than the power to remove a fiduciary, may be exercised by a majority of those fiduciaries; but no fiduciary who has not joined in exercising a power shall be liable to the beneficiaries or to others for the consequences of that exercise, nor shall a dissenting fiduciary be liable for the consequences of an act in which that fiduciary joins at the direction of the majority fiduciaries, if the fiduciary expressed the dissent in writing to the cofiduciaries at or before the time of the joinder.

(b)  Nothing in this section excuses a cofiduciary from liability for inactivity in the administration of the estate or trust nor for failure to attempt to prevent a breach of trust.

(c)  As used in this section, “fiduciary” is construed to mean the one (1) or more personal representatives, whether male, female or corporate, of a testamentary estate.

(d)  This section is effective with regard to all estates and trusts under administration on or after April 8, 1985, regardless of the date of the instruments under which administration is being carried out or when administration began.

[Acts 1985, ch. 154, § 1; 2004, ch. 537, § 106.]