Tennessee § 35-15-205 Petition for final accounting upon resignation or removal of trustee or termination of trust

Tennessee Statutes

§ 35-15-205 — Petition for final accounting upon resignation or removal of trustee or termination of trust

(a)If the trustee resigns, is removed, or upon the full or partial termination of the trust, a qualified beneficiary or successor trustee may petition the court to require the trustee transferring or distributing the trust to appear before the court for a final accounting. However, a successor trustee shall not have any obligation to petition the court to require the final accounting. The trustee transferring or distributing the trust may also petition the court to approve a final accounting relieving the trustee from liability for the period of its administration. The final accounting period shall begin from the latest of:

(1)The date of acceptance of the trusteeship by the trustee; or (2) The end of the period since an accounting was last approved by the court.

(b)The petition shall s

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(a) If the trustee resigns, is removed, or upon the full or partial termination of the trust, a qualified beneficiary or successor trustee may petition the court to require the trustee transferring or distributing the trust to appear before the court for a final accounting. However, a successor trustee shall not have any obligation to petition the court to require the final accounting. The trustee transferring or distributing the trust may also petition the court to approve a final accounting relieving the trustee from liability for the period of its administration. The final accounting period shall begin from the latest of: (1) The date of acceptance of the trusteeship by the trustee; or (2) The end of the period since an accounting was last approved by the court. (b) The petition shall set forth: (1) The name and address of the then-serving trustee, trust advisor, and trust protector, to the extent known by the petitioner; (2) The qualified beneficiaries of the trust; and (3) The period that the accounting covers. (c) The petition must be served on each trustee, trust protector, trust advisor, and qualified beneficiary or their representative under part 3 of this chapter to the extent there is no material conflict of interest. (d) Upon review of the trustee's final accounting and after considering any objections thereto and any evidence presented, the court may approve the final accounting or enter judgment granting appropriate relief. If no objection to the petition is filed within the time allowed by law after service, or if the parties consent, the petition may be approved without notice, hearing, or further proceedings. The final judgment of the court shall be binding on all parties. (e) Upon approval of the final accounting, the trustee shall be relieved from liability for the period covered by the final accounting. (f) In accordance with § 35-15-1004 , costs and expenses, including reasonable attorney's fees of the petitioner, must be taxed against the trust, unless otherwise directed by the court.

Tennessee § 35-15-205 (Petition for final accounting upon resignation or removal of trustee or termination of trust) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.