Tennessee § 45-3-524 Payment and negotiation of check when no estate has been opened or the estate has been closed

Tennessee Statutes

§ 45-3-524 — Payment and negotiation of check when no estate has been opened or the estate has been closed

(a)(1) Notwithstanding § 30-2-317 , where no executor or administrator of a decedent has qualified and given notice of the person's qualifications to the savings institution, or where the qualified executor or administrator of a decedent has been discharged and a check or checks made payable to the decedent or the decedent's estate is presented to the savings institution for payment or collection, the savings institution may, in its discretion, and at any time after ninety (90) days from the death of the deceased, negotiate or send for collection and pay out the proceeds of one or more checks made payable to the decedent or the decedent's estate, whether written or electronic, all sums that do not exceed ten thousand dollars ($10,000) in the aggregate:

(A)To the executor named in any wil

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(a) (1) Notwithstanding § 30-2-317 , where no executor or administrator of a decedent has qualified and given notice of the person's qualifications to the savings institution, or where the qualified executor or administrator of a decedent has been discharged and a check or checks made payable to the decedent or the decedent's estate is presented to the savings institution for payment or collection, the savings institution may, in its discretion, and at any time after ninety (90) days from the death of the deceased, negotiate or send for collection and pay out the proceeds of one or more checks made payable to the decedent or the decedent's estate, whether written or electronic, all sums that do not exceed ten thousand dollars ($10,000) in the aggregate: (A) To the executor named in any will known to the savings institution whether probated or not; (B) To any personal representative appointed by a court whether active or discharged; or (C) In the absence of knowledge of a purported will naming a surviving executor or an administrator to the: (i) Surviving spouse; or (ii) Next of kin. (2) In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(1). (b) The receipt of any guardian, administrator or executor, duly appointed or qualified by the courts of this state, or any other state, or of any spouse or next of kin acknowledging the negotiation, payment or transfer of funds of a check, standing in the name of the person whose estate the fiduciary represents, shall be a good and sufficient acquittance for payment or transfer and shall constitute a valid defense in favor of the savings institution against the demands or claims of all parties. (c) The negotiation or payment of a check under this section without an endorsement of the payee or with the endorsement of a person authorized by this section to negotiate the check shall not be a violation of or give rise to any claim under title 47, chapter 3 or 4. (d) No savings institution shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section.

Tennessee § 45-3-524 (Payment and negotiation of check when no estate has been opened or the estate has been closed) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.