Tenn. Code Ann. § 45-2-1001
This is the official text of Tenn. Code Ann. § 45-2-1001, part of Tennessee’s Code Ann — part of the compiled statutory law of Tennessee, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Company authorized to act as fiduciary
Official statutory text
(a) No company shall act as a fiduciary in this state except: (1) A state trust company; (2) A state bank authorized to act as a fiduciary; (3) A savings association or savings bank organized under the laws of this state and authorized to act as a fiduciary; (4) A national bank having its principal office in this state and authorized by the comptroller of the currency to act as a fiduciary pursuant to 12 U.S.C. § 92a ; (5) A federally chartered savings association or savings bank having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary; (6) An out-of-state bank with a branch in this state established or maintained pursuant to this chapter, or a trust office authorized by the commissioner pursuant to this chapter; (7) An out-of-state trust company with a trust office authorized by the commissioner pursuant to this chapter; (8) A foreign bank with a trust office authorized by the commissioner pursuant to this chapter; or (9) A private trust company to the extent authorized by the commissioner pursuant to this chapter. (b) No company shall engage in an unauthorized trust activity. No company shall be deemed to be subject to this chapter and chapter 1 of this title, regulating fiduciary activities to the extent that the company's activities are permitted by existing statutory authority or are customarily performed as a traditional incident to the company's regular business activities. (c) (1) A bank authorized to act as a fiduciary, which includes a trust company for the purposes of this section and §§ 45-2-1002 - 45-2-1006, having and maintaining paid-in capital and surplus of five hundred thousand dollars ($500,000), may be appointed a fiduciary or cofiduciary by any person or any court having jurisdiction and authority to appoint fiduciaries. (2) When appointed as a fiduciary for a minor or other incompetent person, a bank shall have only the custody, control, management and administration of the property or estate of the person. (3) The personal care and custody of any minor or other incompetent person shall be committed and confided to those individuals who would otherwise be entitled by law to the guardianship or care and custody of the person of the minor or incompetent person. Acts 1969, ch. 36, § 1 (3.230); T.C.A., § 45-422; 1999, ch. 112, §§ 7, 9.
(a) No company shall act as a fiduciary in this state except: (1) A state trust company; (2) A state bank authorized to act as a fiduciary; (3) A savings association or savings bank organized under the laws of this state and authorized to act as a fiduciary; (4) A national bank having its principal office in this state and authorized by the comptroller of the currency to act as a fiduciary pursuant to 12 U.S.C. § 92a ; (5) A federally chartered savings association or savings bank having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary; (6) An out-of-state bank with a branch in this state established or maintained pursuant to this chapter, or a trust office authorized by the commissioner pursuant to this chapter; (7) An out-of-state trust company with a trust office authorized by the commissioner pursuant to this chapter; (8) A foreign bank with a trust office authorized by the commissioner pursuant to this chapter; or (9) A private trust company to the extent authorized by the commissioner pursuant to this chapter.
(1) A state trust company;
(2) A state bank authorized to act as a fiduciary;
(3) A savings association or savings bank organized under the laws of this state and authorized to act as a fiduciary;
(4) A national bank having its principal office in this state and authorized by the comptroller of the currency to act as a fiduciary pursuant to 12 U.S.C. § 92a ;
(5) A federally chartered savings association or savings bank having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
e laws of this state and authorized to act as a fiduciary;
(4) A national bank having its principal office in this state and authorized by the comptroller of the currency to act as a fiduciary pursuant to 12 U.S.C. § 92a ;
(5) A federally chartered savings association or savings bank having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
(6) An out-of-state bank with a branch in this state established or maintained pursuant to this chapter, or a trust office authorized by the commissioner pursuant to this chapter;
(7) An out-of-state trust company with a trust office authorized by the commissioner pursuant to this chapter;
(8) A foreign bank with a trust office authorized by the commissioner pursuant to this chapter; or
(9) A private trust company to the extent authorized by the commissioner pursuant to this chapter.
(b) No company shall engage in an unauthorized trust activity. No company shall be deemed to be subject to this chapter and chapter 1 of this title, regulating fiduciary activities to the extent that the company's activities are permitted by existing statutory authority or are customarily performed as a traditional incident to the company's regular business activities.
(c) (1) A bank authorized to act as a fiduciary, which includes a trust company for the purposes of this section and §§ 45-2-1002 - 45-2-1006, having and maintaining paid-in capital and surplus of five hundred thousand dollars ($500,000), may be appointed a fiduciary or cofiduciary by any person or any court having jurisdiction and authority to appoint fiduciaries. (2) When appointed as a fiduciary for a minor or other incompetent person, a bank shall have only the custody, control, management and administration of the property or estate of the person. (3) The personal care and custody of any minor or other incompetent person shall be committed and confided to those individuals who would otherwise be entitled by law to the guardianship or care and custody of the person of the minor or incompetent person.
(1) A bank authorized to act as a fiduciary, which includes a trust company for the purposes of this section and §§ 45-2-1002 - 45-2-1006, having and maintaining paid-in capital and surplus of five hundred thousand dollars ($500,000), may be appointed a fiduciary or cofiduciary by any person or any court having jurisdiction and authority to appoint fiduciaries.
(2) When appointed as a fiduciary for a minor or other incompetent person, a bank shall have only the custody, control, management and administration of the property or estate of the person.
(3) The personal care and custody of any minor or other incompetent person shall be committed and confided to those individuals who would otherwise be entitled by law to the guardianship or care and custody of the person of the minor or incompetent person.
Acts 1969, ch. 36, § 1 (3.230); T.C.A., § 45-422; 1999, ch. 112, §§ 7, 9.
(a) No company shall act as a fiduciary in this state except: (1) A state trust company; (2) A state bank authorized to act as a fiduciary; (3) A savings association or savings bank organized under the laws of this state and authorized to act as a fiduciary; (4) A national bank having its principal office in this state and authorized by the comptroller of the currency to act as a fiduciary pursuant to 12 U.S.C. § 92a ; (5) A federally chartered savings association or savings bank having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary; (6) An out-of-state bank with a branch in this state established or maintained pursuant to this chapter, or a trust office authorized by the commissioner pursuant to this chapter; (7) An out-of-state trust company with a trust office authorized by the commissioner pursuant to this chapter; (8) A foreign bank with a trust office authorized by the commissioner pursuant to this chapter; or (9) A private trust company to the extent authorized by the commissioner pursuant to this chapter.
(1) A state trust company;
(2) A state bank authorized to act as a fiduciary;
(3) A savings association or savings bank organized under the laws of this state and authorized to act as a fiduciary;
(4) A national bank having its principal office in this state and authorized by the comptroller of the currency to act as a fiduciary pursuant to 12 U.S.C. § 92a ;
(5) A federally chartered savings association or savings bank having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
e laws of this state and authorized to act as a fiduciary;
(4) A national bank having its principal office in this state and authorized by the comptroller of the currency to act as a fiduciary pursuant to 12 U.S.C. § 92a ;
(5) A federally chartered savings association or savings bank having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
(6) An out-of-state bank with a branch in this state established or maintained pursuant to this chapter, or a trust office authorized by the commissioner pursuant to this chapter;
(7) An out-of-state trust company with a trust office authorized by the commissioner pursuant to this chapter;
(8) A foreign bank with a trust office authorized by the commissioner pursuant to this chapter; or
(9) A private trust company to the extent authorized by the commissioner pursuant to this chapter.
(b) No company shall engage in an unauthorized trust activity. No company shall be deemed to be subject to this chapter and chapter 1 of this title, regulating fiduciary activities to the extent that the company's activities are permitted by existing statutory authority or are customarily performed as a traditional incident to the company's regular business activities.
(c) (1) A bank authorized to act as a fiduciary, which includes a trust company for the purposes of this section and §§ 45-2-1002 - 45-2-1006, having and maintaining paid-in capital and surplus of five hundred thousand dollars ($500,000), may be appointed a fiduciary or cofiduciary by any person or any court having jurisdiction and authority to appoint fiduciaries. (2) When appointed as a fiduciary for a minor or other incompetent person, a bank shall have only the custody, control, management and administration of the property or estate of the person. (3) The personal care and custody of any minor or other incompetent person shall be committed and confided to those individuals who would otherwise be entitled by law to the guardianship or care and custody of the person of the minor or incompetent person.
(1) A bank authorized to act as a fiduciary, which includes a trust company for the purposes of this section and §§ 45-2-1002 - 45-2-1006, having and maintaining paid-in capital and surplus of five hundred thousand dollars ($500,000), may be appointed a fiduciary or cofiduciary by any person or any court having jurisdiction and authority to appoint fiduciaries.
(2) When appointed as a fiduciary for a minor or other incompetent person, a bank shall have only the custody, control, management and administration of the property or estate of the person.
(3) The personal care and custody of any minor or other incompetent person shall be committed and confided to those individuals who would otherwise be entitled by law to the guardianship or care and custody of the person of the minor or incompetent person.
Acts 1969, ch. 36, § 1 (3.230); T.C.A., § 45-422; 1999, ch. 112, §§ 7, 9.
Status: in_force
Need a lawyer in Tennessee?
Find a Tennessee lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.