Tennessee § 35-15-110 - Others treated as qualified beneficiaries.

§ 35-15-110. Others treated as qualified beneficiaries.

A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under this chapter, if the charitable organization, on the date the charitable organization's qualification is being determined, would be a qualified beneficiary under this chapter if such charitable organization were an individual beneficiary. The attorney general and reporter has the rights of a qualified beneficiary with respect to a charitable trust having its principal place of administration in this state if all of the interests in the trust that are for a charitable purpose, in the aggregate, on the date the attorney general and reporter's qualification is being determined, would cause an individual beneficiary to be a qualified beneficiary under this chapter if all of such interests were for the benefit of an individual beneficiary instead of for charitable purposes. Acts 2004, ch. 537, § 11; 2007, ch. 24, § 6; 2019, ch. 340, § 8. Amendments. The 2019 amendment rewrote the section which read: “(a) A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under this chapter, if the charitable organization, on the date the charitable organization's qualification is being determined:“(1) Is a distributee or a permissible distributee of trust income or principal;“(2) Would be a distributee or a permissible distributee of trust income or principal if the interests of other distributees or permissible distributees then receiving or eligible to receive distributions terminated on that date without causing the trust to terminate; or“(3) Would be a distributee or a permissible distributee of trust income or principal if the trust terminated on that date.“(b) The attorney general and reporter of this state has the rights of a qualified beneficiary with respect to a charitable trust having its principal place of administration in this state.” Effective Dates. Acts 2019, ch. 340, § 20. May 10, 2019.