56-52-109 - Written acknowledgments from donor. - Tennessee Statutes

56-52-109. Written acknowledgments from donor.

(a)  Within a reasonable amount of time after accepting the property transferred in exchange for the annuity agreement, the organization shall obtain a signed statement from a donor acknowledging the following terms of the agreement:

     (1)  The expected value of the property to be transferred;

     (2)  The amount of the annuity to be paid to the donor or other annuitant;

     (3)  The manner in which and the intervals at which payment is to be made;

     (4)  The age of the person or persons during whose life payment is to be made;

     (5)  The reasonable value as of the date of the agreement of the benefits created; and

     (6)  The date the payments are to begin.

(b)  In addition to the disclosure in subsection (a), the charitable organization shall obtain a signed statement from a donor acknowledging that the donor has been informed that payments made under a charitable gift annuity are backed solely by the full faith and credit of the organization, are not insured or guaranteed by an insurance company, are not protected by any insurance guaranty association and are not backed in any way by the state of Tennessee.

(c)  The requirements of subsections (a) and (b) may be satisfied by an acknowledgement that is a part of the annuity agreement that is signed by the donor.

(d)  A donor may revoke any donation under this chapter prior to signing the written acknowledgement required in subsections (a) and (b).

[Acts 2008, ch. 831, § 10.]