Tennessee Code Annotated
Tenn. Code Ann. § 35-16-103 (2024)
Qualified affidavit requirements
✓ Justia copy: laws through about 2024 (2025 and 2026 sessions missing)
A qualified affidavit shall state that:
- (1) The transferor has full right, title, and authority to transfer the assets to the trust;
- (2) The transfer of the assets to the trust will not render the transferor insolvent;
- (3) The transferor does not intend to defraud a creditor by transferring the assets to the trust;
- (4) The transferor does not have any pending or threatened court actions against the transferor, except for those court actions identified by the transferor on an attachment to the affidavit;
- (5) The transferor is not involved in any administrative proceedings, except for those administrative proceedings identified on an attachment to the affidavit;
- (6) The transferor does not contemplate filing for relief under the federal bankruptcy code; and
- (7) The assets being transferred to the trust were not derived from unlawful activities.
Acts 2007, ch. 144, § 3.
Notes of Decisions
Cited in 2
cases, 2016–2016 · leading case: John D. Glass v. Suntrust Bank, 523 S.W.3d 61 (Tenn. Ct. App. 2016).
John D. Glass v. Suntrust Bank, 523 S.W.3d 61 (Tenn. Ct. App. 2016). “” Tenn.Code Ann. § 35-16-103(17). Accordingly, “throughout the Tennessee Uniform Trust Code, whenever one encounters the phrase ‘that a trust and its terms be for the benefit of its beneficiaries’ (or a similar phrase), one should automatically add to such phrase .”
In re Erskine, 550 B.R. 362 (Bankr. W.D. Tenn. 2016). “Tenn. Code Ann. § 35-16-103 . The Debtor admits that a Qualifying Affidavit was not signed prior to the transfer of property to the Trust.”
Tenn. Code Ann. § 35-16-103(17): 1 case
John D. Glass v. Suntrust Bank, 523 S.W.3d 61 (Tenn. Ct. App. 2016). “” Tenn.Code Ann. § 35-16-103(17). Accordingly, “throughout the Tennessee Uniform Trust Code, whenever one encounters the phrase ‘that a trust and its terms be for the benefit of its beneficiaries’ (or a similar phrase), one should automatically add to such phrase .”
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