Tennessee § 35-7-107 - Other transfer by fiduciary.

§ 35-7-107. Other transfer by fiduciary.

Subject to subsection (c), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to § 35-7-110, in the absence of a will or under a will or trust that does not contain an authorization to do so. Subject to subsection (c), a guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to § 35-7-110. A transfer under subsection (a) or (b) may be made only if: The personal representative, trustee, or guardian considers the transfer to be in the best interest of the minor; The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and The transfer is authorized by the court if it exceeds twenty-five thousand dollars ($25,000) in value. Acts 1992, ch. 664, § 1; T.C.A. § 35-7-207 . Compiler's Notes. Former part 1, §§ 35-7-101 — 35-7-110 (Acts 1957, ch. 112, §§ 1-10; 1961, ch. 232, § 1; 1963, ch. 65, §§ 1-9; 1968, ch. 600, §§ 1-10; 1972, ch. 612, § 6; 1973, ch. 190, § 1; 1975, ch. 294, § 1; 1976, ch. 393, § 1; 1983, ch. 336, § 1; T.C.A., §§ 35-801 — 35-810), concerning the Uniform Gifts to Minors Act, was repealed by Acts 1992, ch. 664, § 1 effective October 1, 1992. See present § 35-7-125 . For present law see this chapter.