§ 35-7-107 — Other transfer by fiduciary

(a) Subject to subsection (c), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to § 35-7-110 , in the absence of a will or under a will or trust that does not contain an authorization to do so. (b) Subject to subsection (c), a guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to § 35-7-110 . (c) A transfer under subsection (a) or (b) may be made only if: (1) The personal representative, trustee, or guardian considers the transfer to be in the best interest of the minor; (2) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and (3) The transfer is authorized by the court if it exceeds twenty-five thousand dollars ($25,000) in value.

Legislative History

Acts 1992, ch. 664, § 1; T.C.A. § 35-7-207.