§ 35-15-413 — Cy pres

Tennessee § 35-15-413

• Jurisdiction: Tennessee
• Title: 35

Text

(a) Except as otherwise provided in subsection (b), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, obsolete or ineffective: (1) The trust does not fail, in whole or in part; (2) The trust property does not revert to the settlor or the settlor's successors in interest; and (3) The court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner that fulfills as nearly as possible the settlor's charitable intent and purposes. (b) A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection (a) to apply cy pres to modify or terminate the trust only if, when the provision takes effect: (1) The trust property is to revert to the settlor and the settlor is still living; or (2) Fewer than twenty-one (21) years have elapsed since the date of the trust's creation.

Legislative History

Amended by 2013 Tenn. Acts, ch. 390,s 13, eff. 7/1/2013. Acts 2004, ch. 537, § 35.