Tennessee § 34-1-116 - Sale of property.

§ 34-1-116. Sale of property.

Except as provided in subsections (b) and (d), no property of a minor or person with a disability may be sold without prior approval of the court that appointed the fiduciary. Unless the fiduciary is holding tangible property for the benefit of a minor or person with a disability pursuant to the terms of a will, trust or other written document, the fiduciary has the authority to sell each item of tangible property with a fair market value of less than one thousand dollars ($1,000) or a motor vehicle without specific court approval. No fiduciary, relative of a fiduciary, employee of a fiduciary, guardian ad litem or attorney for any party shall be a purchaser of property of the minor or person with a disability without court approval. This section shall not apply to any fiduciary who is not required to file a property management plan or who has had its investment plans approved as part of its property management plan. When the fiduciary seeks court approval for the sale of property, a copy of the pleading requesting approval of the sale shall be sent to the minor or person with a disability by certified mail with return receipt requested. Although not required, the court may appoint a guardian ad litem. Acts 1992, ch. 794, § 17; 1994, ch. 855, § 9; T.C.A. § 34-11-116 ; Acts 2013, ch. 435, § 46. Compiler's Notes. Acts 2013, ch. 435, § 48 provided that the act, which amended this section, shall apply to actions commenced on or after July 1, 2013. Cross-References. Fees of clerks of courts administering probate matters, §§ 8-21-401 , 8-21-701 , 8-21-702 . Textbooks. Gibson's Suits in Chancery (7th ed., Inman), § 7. Tennessee Jurisprudence, 10 Tenn. Juris., Equitable Conversion, § 7; 14 Tenn. Juris., Guardian and Ward, §§ 8, 10; 18 Tenn. Juris., Mental Illness, Intellectual Disabilities, and Other Incapacities, § 9; 20 Tenn. Juris., Partition, § 23. Attorney General Opinions. Effect of appointment as conservator upon power of attorney to sell land, OAG 97-156, 1997 Tenn. AG LEXIS 180 (11/14/97). Collateral References. Constitutionality of statute authorizing guardian to sell or lease land of ward. 4 A.L.R. 1552 . Exchange as within power of sale. 63 A.L.R. 1003 . Guardian's position as joint tenant of or successor to property in ward's estate as raising conflict of interest. 69 A.L.R.3d 1198. Power of court to confirm sale of ward's property over objection of guardian. 43 A.L.R.2d 1445. Sale of personal property without order of court. 108 A.L.R. 936 . Sale without order of court. 108 A.L.R. 936 . Subsequent appointment of guardian, as curing invalidity of prior sale of ward's property. 2 A.L.R. 1565 .