§ 35-15-508 — Removal or replacement power over trustee or other fiduciary not reachable by holder's creditors - Interests of beneficiary who is also a trustee or other fiduciary not reachable

(a) No creditor or assignee of a beneficiary shall have the power to reach an interest of a beneficiary or any other person who holds an unconditional or conditional removal or replacement power over a trustee or other fiduciary. Such power over a trustee or other fiduciary is personal to the holder and shall not be exercised by the holder's creditors. No court shall direct a holder to exercise the power. (b) Subject to § 35-15-504(b)(3) : (1) No creditor or assignee of a beneficiary may reach an interest of a beneficiary who is also a trustee, cotrustee or other fiduciary, or otherwise compel a distribution because the beneficiary is then serving as a trustee, cotrustee or other fiduciary; and (2) No court may foreclose against a beneficiary's interest described in subdivision (b)(1).

Legislative History

Added by 2013 Tenn. Acts, ch. 390,s 23, eff. 7/1/2013.