8-36-120 - Lump sum payments. - Tennessee Statutes

8-36-120. Lump sum payments.

(a)  In cases where a lump sum is payable to an individual's estate under the provisions of chapters 34-37 of this title, payment shall be made to the duly qualified executor or administrator of the estate. When no executor or administrator has qualified and given notice of such qualifications to the retirement division after the expiration of forty-five (45) days from the date of the individual's death, then payment shall be made to the executor named in any will of the individual known to the retirement division. In the absence of knowledge of a purported will naming a surviving executor and if the amount payable does not exceed the amount a bank may pay under § 45-2-708(a), payment may be made to the individual's spouse, if living, or otherwise to the individual's next of kin upon proper documentation as required by the retirement division.

(b)  Upon payment pursuant to the provisions of this section, the retirement division shall be released and discharged from all further liability from any claim which then exists or which thereafter may arise or be made in respect to the payment.

[Acts 1991, ch. 378, § 2; 1996, ch. 616, § 1.]