Tennessee § 56-52-102 - Chapter definitions.

§ 56-52-102. Chapter definitions.

As used in this chapter, unless the context otherwise requires: “Annuity” means a contract or agreement, both with and without a life or mortality element, to make periodic payments, whether in fixed or variable dollar amounts, or both, at specified intervals; “Charitable gift annuity” means a transfer of cash, securities, annuities or other property by a donor to a charitable organization in return for an annuity issued by a charitable organization; “Charitable gift annuity” does not include a charitable remainder trust or a charitable lead trust or other similar arrangement where the charitable organization does not issue an annuity and incur a financial obligation to guarantee annuity payments. “Charitable gift annuity” also does not mean any transfer of cash, securities, annuities or other property by a donor to a charitable organization in return for an annuity where a commission is paid to any person as a result of the transfer; “Charitable gift annuity separate account” means any segregated account established by a charitable organization to which the organization allocates cash, securities, annuities or other property transferred by a donor to the organization that are to be applied to the terms of a charitable gift annuity issued in connection with the transfer to fund benefits under the charitable gift annuity; “Charitable organization” means an entity described by: Section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. § 501(c)(3)); or Section 170(c) of the Internal Revenue Code of 1986 (26 U.S.C. § 170(c)); and “Commissioner” means the commissioner of commerce and insurance. Acts 2008, ch. 831, §§ 1, 3. Compiler's Notes. Former chapter 52, §§ 56-52-101 — 56-52-108 (Acts 2001, ch. 380, § 1; 2007, ch. 280, §§ 1, 2), concerning charitable gift annuities, was repealed effective January 1, 2009, by Acts 2008, ch. 831, § 1, which also enacted a new title 56, ch. 52 effective January 1, 2009. Acts 2008, ch. 831, § 15 provided that the act shall apply to charitable gift annuities entered into on or after January 1, 2009.