35-7-114 - Powers of custodian. - Tennessee Statutes

35-7-114. Powers of custodian.

(a)  A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only.

(b)  This section does not relieve a custodian from liability for breach of duties of care under § 35-7-113.

(c)  The custodian is authorized to invest some or all of the custodial property in the Internal Revenue Code Section 529 plan, if the custodian determines the investment to be in the best interest of the minor.

[Acts 1992, ch. 664, § 1; 2005, ch. 99, § 7; T.C.A. § 35-7-214.]