Tenn. Code Ann. § 45-2-2106
This is the official text of Tenn. Code Ann. § 45-2-2106, 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.
Application for certificate of authority - Effect of failure to timely file or full denial - Effect of approval
Official statutory text
(a) In order to obtain a certificate of authority to begin acting as a fiduciary in this state, the applicant shall file an application for a certificate of authority, containing: (1) Evidence that capital and surplus have been fully paid in; (2) The name and address of each investor, and the number of shares or membership units purchased by each; (3) Evidence that adequate fidelity bond coverage on all active officers and employees satisfactory to the commissioner is in force; (4) Evidence that suitable insurance against burglary, robbery, theft, liability and similar insurable hazards to which the trust company may be exposed has been acquired; (5) Evidence that the bylaws or operating agreement, as applicable, have been adopted; and (6) Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued. (b) The commissioner shall approve or deny an application for a certificate of authority within thirty (30) days after it is filed. If no application for a certificate of authority is filed within six (6) months following approval of an application for charter or any additional period allowed by the commissioner, or if a certificate of authority has been finally denied, the charter or articles of organization shall be forfeited and the company shall be liquidated in accordance with the orders of the commissioner. (c) If the commissioner approves the application for a certificate of authority, the commissioner shall promptly issue a certificate of authority and deliver the same to the applicant. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the applicant stating the reasons for the denial. (d) As of the date indicated on the certificate of authority, the applicant shall be a state trust company and authorized to act as a fiduciary in this state. Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
(a) In order to obtain a certificate of authority to begin acting as a fiduciary in this state, the applicant shall file an application for a certificate of authority, containing: (1) Evidence that capital and surplus have been fully paid in; (2) The name and address of each investor, and the number of shares or membership units purchased by each; (3) Evidence that adequate fidelity bond coverage on all active officers and employees satisfactory to the commissioner is in force; (4) Evidence that suitable insurance against burglary, robbery, theft, liability and similar insurable hazards to which the trust company may be exposed has been acquired; (5) Evidence that the bylaws or operating agreement, as applicable, have been adopted; and (6) Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued.
(1) Evidence that capital and surplus have been fully paid in;
(2) The name and address of each investor, and the number of shares or membership units purchased by each;
(3) Evidence that adequate fidelity bond coverage on all active officers and employees satisfactory to the commissioner is in force;
(4) Evidence that suitable insurance against burglary, robbery, theft, liability and similar insurable hazards to which the trust company may be exposed has been acquired;
(5) Evidence that the bylaws or operating agreement, as applicable, have been adopted; and
(6) Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued.
uitable insurance against burglary, robbery, theft, liability and similar insurable hazards to which the trust company may be exposed has been acquired;
(5) Evidence that the bylaws or operating agreement, as applicable, have been adopted; and
(6) Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued.
(b) The commissioner shall approve or deny an application for a certificate of authority within thirty (30) days after it is filed. If no application for a certificate of authority is filed within six (6) months following approval of an application for charter or any additional period allowed by the commissioner, or if a certificate of authority has been finally denied, the charter or articles of organization shall be forfeited and the company shall be liquidated in accordance with the orders of the commissioner.
(c) If the commissioner approves the application for a certificate of authority, the commissioner shall promptly issue a certificate of authority and deliver the same to the applicant. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the applicant stating the reasons for the denial.
(d) As of the date indicated on the certificate of authority, the applicant shall be a state trust company and authorized to act as a fiduciary in this state.
Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
(a) In order to obtain a certificate of authority to begin acting as a fiduciary in this state, the applicant shall file an application for a certificate of authority, containing: (1) Evidence that capital and surplus have been fully paid in; (2) The name and address of each investor, and the number of shares or membership units purchased by each; (3) Evidence that adequate fidelity bond coverage on all active officers and employees satisfactory to the commissioner is in force; (4) Evidence that suitable insurance against burglary, robbery, theft, liability and similar insurable hazards to which the trust company may be exposed has been acquired; (5) Evidence that the bylaws or operating agreement, as applicable, have been adopted; and (6) Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued.
(1) Evidence that capital and surplus have been fully paid in;
(2) The name and address of each investor, and the number of shares or membership units purchased by each;
(3) Evidence that adequate fidelity bond coverage on all active officers and employees satisfactory to the commissioner is in force;
(4) Evidence that suitable insurance against burglary, robbery, theft, liability and similar insurable hazards to which the trust company may be exposed has been acquired;
(5) Evidence that the bylaws or operating agreement, as applicable, have been adopted; and
(6) Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued.
uitable insurance against burglary, robbery, theft, liability and similar insurable hazards to which the trust company may be exposed has been acquired;
(5) Evidence that the bylaws or operating agreement, as applicable, have been adopted; and
(6) Any other information that the commissioner may require to enable the commissioner to determine whether authority to commence business should be issued.
(b) The commissioner shall approve or deny an application for a certificate of authority within thirty (30) days after it is filed. If no application for a certificate of authority is filed within six (6) months following approval of an application for charter or any additional period allowed by the commissioner, or if a certificate of authority has been finally denied, the charter or articles of organization shall be forfeited and the company shall be liquidated in accordance with the orders of the commissioner.
(c) If the commissioner approves the application for a certificate of authority, the commissioner shall promptly issue a certificate of authority and deliver the same to the applicant. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the applicant stating the reasons for the denial.
(d) As of the date indicated on the certificate of authority, the applicant shall be a state trust company and authorized to act as a fiduciary in this state.
Added by 2014 Tenn. Acts, ch. 642,s 3, eff. 7/1/2014.
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.