§ 35-15-302 — Representation by holder of power of appointment - "General power of appointment" defined

(a) (1) To the extent there is no material conflict of interest between the holder of a power of appointment and the persons represented with respect to the particular question or dispute, the holder may represent and bind persons whose interests, as permissible appointees, takers in default, or otherwise, are subject to the power. Notwithstanding this section to the contrary, the holder of any general power of appointment may, regardless of whether there is a material conflict of interest between the holder of such general power of appointment and the persons represented with respect to the particular question or dispute, represent and bind persons whose interests, as permissible appointees, takers in default, or otherwise, are subject to such power. (2) As used in this section, "general power of appointment" means a power, regardless of when exercisable, to appoint in favor of any one (1) or more of the following: such power holder, such power holder's creditors, such power holder's estate, and the creditors of the estate of such power holder. (3) Notwithstanding this section to the contrary, if a disinterested trustee is serving as a trustee of a trust, then the holder of any non-general power of appointment may, regardless of whether there is a material conflict of interest between the holder of the non-general power of appointment and the persons represented with respect to the particular question or dispute, represent and bind persons whose interests, as permissible appointees, takers in default, or otherwise, are subject to such power. (b) Notwithstanding subsection (a) to the contrary, if the holder, under the terms of the governing instrument, may only exercise such general power of appointment with the consent of another person, then the written consent of such other person is required in order for the holder of the general power of appointment to represent and bind persons whose interests, as permissible appointees, takers in default, or otherwise, are subject to the power.

Legislative History

Amended by 2024 Tenn. Acts, ch. 695,s 2, eff. 7/1/2024. Amended by 2019 Tenn. Acts, ch. 340, s 13, eff. 5/10/2019. Acts 2004, ch. 537, § 19; 2010 , ch. 725, § 3; 2012 , ch. 886, § 11.