Tennessee Certificate of Trust by Corporation
Tennessee Code
TITLE 35 FIDUCIARIES AND TRUST ESTATES
CHAPTER 50 MISCELLANEOUS PROVISIONS
Certification of trust.
(a) The trustee may present a certification of trust to
any person to evidence the existence and validity of the trust in the manner
set forth in this section.
(b) The certification of trust shall be in the form of a sworn declaration,
signed by the trustee or trustees having signatory authority as identified
in subdivision (5) and shall contain the following:
(1) An affirmation of the current existence of the trust
and the date on which the trust came into existence;
(2) The identity of the trustor or trustors, the currently acting
trustee or trustees, and the named successor trustee or trustees of the
trust or a statement that no successor is named;
(4) The revocability or irrevocability of the trust and the identity
of any person holding any power to revoke the trust;
(5) When there are multiple trustees or multiple successor trustees,
the signature authority of the trustees or successor trustees indicating
whether all or less than all of the currently acting trustees are required
to sign in order to exercise various powers of the trustee;
(6) Where there are successor trustees designated, a statement detailing
the conditions for their succession or a statement that a third party may
rely on the authority of one (1) or more successors without proof of their
succession;
(7) The trust identification number, whether a social security number
or an employer identification number;
(9) A statement that to the best of the trustee's knowledge, the
trust has not been revoked, modified, or amended in any manner which would
cause the representations contained in the certification of trust to be
incorrect.
(c) The certification of trust shall not be required to contain the
dispositive provisions of the trust which set forth the distribution of
the trust estate.
(d) The trustee offering the certification of trust may provide
copies of all or any part of the trust document and amendments, if any.
Nothing in this section is intended to require or imply an obligation to
provide the dispositive provisions of the trust or a copy of the entire
trust document and amendments.
(e) A person who acts in reliance on a certification of trust without
actual knowledge that the representations contained therein are incorrect
is not liable to any person for so acting. A person who does not
have actual knowledge that the facts contained in the certification of
trust are incorrect may assume without inquiry the existence of the facts
contained in the certification of trust. Actual knowledge shall
not be inferred solely from the fact that a copy of all or part of the
trust instrument is held by the person relying on the trust certification.
Nothing contained herein shall limit the rights of the beneficiaries of
the trust against the trustee. Any person relying on the certification
of trust shall be indemnified from the assets of the trust to the extent
of the share of the trust attributable to the beneficiary or beneficiaries
bringing any action against the person for any costs, damage, attorney
fees or other expenses incurred in defending any action against the person
arising from the transaction to which a certification of trust related.
(f) A person's failure to request a certification of trust does
not affect the protections provided that person by this section. No inference
that the person has not acted in good faith or that the person was
negligent may be drawn from the failure of that person to request
a certification of trust. Nothing in this section is intended to create
an implication that a person is liable for acting in reliance on a
certification of trust under circumstances where the requirements
of this section are not satisfied.
(g) Nothing in this section shall be construed to require a third
party, when presented with a trust certificate, to enter into a contract
with a trustee relating to trust assets or obligations, or to preclude
a third party from demanding as a pre-condition to any contract that the
trustee provide additional information in order to clarify any ambiguities
or inconsistencies in the trust certificate. Title 35, Chap. 50, §35-50-126.
