Fiduciaries Legislation - Tennessee

Companion Bill SB0691. Trusts - Enacts the "Uniform Prudent Management of Institutional Funds Act." - Amends and repeal portions of TCA Title 35. Fiscal Summary for HB1621 / *SB0691Increase State Expenditures - Not Significant Bill Summary for HB1621 / *SB0691 Under present law, the Uniform Management of Institutional Funds Act of 1973 establishes requirements for "institutions" (defined as incorporated or unincorporated organizations organized and operated exclusively for educational, religious, charitable or other eleemosynary purposes, or governmental organizations to the extent that they hold funds exclusively for any of these purposes in regard to such institutions expending and investing funds). This bill repeals the Uniform Management of Institutional Funds Act and replaces it with the provisions of this bill, the Uniform Prudent Managers [...]

show full description

Companion Bill HB1621. Trusts - Enacts the "Uniform Prudent Management of Institutional Funds Act." - Amends and repeal portions of TCA Title 35. Fiscal Summary for *SB0691 / HB1621Increase State Expenditures - Not Significant Bill Summary for *SB0691 / HB1621 Under present law, the Uniform Management of Institutional Funds Act of 1973 establishes requirements for "institutions" (defined as incorporated or unincorporated organizations organized and operated exclusively for educational, religious, charitable or other eleemosynary purposes, or governmental organizations to the extent that they hold funds exclusively for any of these purposes in regard to such institutions expending and investing funds). This bill repeals the Uniform Management of Institutional Funds Act and replaces it with the provisions of this bill, the Uniform Prudent Managers [...]

show full description

Companion Bill HB3438. Fiduciaries - Expands the type of investments a fiduciary is authorized to make. - Amends TCA Title 35 and Title 45. Fiscal Summary for *SB2748 / HB3438 MINIMAL Bill Summary for *SB2748 / HB3438 Under present law, if a fiduciary is directed, required, authorized, or permitted by an instrument creating the fiduciary relationship to invest in United States government obligations, then the fiduciary may make such investments either directly or in the form of interests in an open-end management investment company registered under the federal Investment Company Act, if the portfolio of the company is limited to United States government obligations and repurchase agreements fully collateralized by United States government obligations. This bill extends the types of investments such a fiduciary may [...]

show full description

Companion Bill HB3369. Trusts - Changes certain minimum criteria for bonds issued by governmental entities in which trust funds may be invested. - Amends TCA Title 35. Fiscal Summary for *SB2942 / HB3369Decrease Local Expenditures - Not Significant Bill Summary for *SB2942 / HB3369 Under the present law provisions governing investment of trust funds and municipal bonds, investments may be made in bonds and notes of any county, city, or town in any state or territory of the United States that has a population of not less than 45,000 and has not defaulted within 25 years next preceding the investment, for more than 30 days, in the payment of any part of either principal or interest of any bond, note, or other evidence of indebtedness. This bill changes the applicable population in the above provision from "not less than 45,000" to "not less [...]

show full description

Companion Bill HB3505. Trusts - Authorizes the investment committee of a political subdivision to adopt an investment policy authorizing the investment and management of trust assets in accordance with the investment policy the political subdivision uses to manage pension assets; requires that the pension management fund conform to the Tennessee Uniform Prudent Investor Act in order for this authorization to apply. - Amends TCA Title 8. Fiscal Summary for *SB3054 / HB3505Increase Local Expenditures - Not Significant Bill Summary for *SB3054 / HB3505 Under present law, a political subdivision may, by resolution adopted and approved by its chief governing body, establish an investment trust for the purpose of pre-funding other post-employment benefits accrued by employees of the political subdivision, to be paid as they come due in accordance with [...]

show full description

Companion Bill HB3806. Civil Procedure - Requires that there be published a 30-day notice for a judicial or trust sale, instead of a 20-day notice, and that a study be conducted by the secretary of state regarding placement on its Web site of notices for foreclosure throughout the state. - Amends TCA Title 35, Chapter 5. Fiscal Summary for *SB3550 / HB3806Increase State Expenditures - Not Significant Bill Summary for *SB3550 / HB3806 Present law requires that for any sale of land to foreclose a mortgage or under judicial orders or process, advertisement of the sale must be made at least three different times in some newspaper published in the county where the sale is to be made. The first publication must be at least 20 days before the sale. This bill requires the first publication of notice of a sale of land to foreclose a mortgage or [...]

show full description

Companion Bill SB2748. Fiduciaries - Expands the type of investments a fiduciary is authorized to make. - Amends TCA Title 35 and Title 45. Fiscal Summary for HB3438 / *SB2748 MINIMAL Bill Summary for HB3438 / *SB2748 Under present law, if a fiduciary is directed, required, authorized, or permitted by an instrument creating the fiduciary relationship to invest in United States government obligations, then the fiduciary may make such investments either directly or in the form of interests in an open-end management investment company registered under the federal Investment Company Act, if the portfolio of the company is limited to United States government obligations and repurchase agreements fully collateralized by United States government obligations. This bill extends the types of investments such a fiduciary may [...]

show full description

Companion Bill SB2942. Trusts - Changes certain minimum criteria for bonds issued by governmental entities in which trust funds may be invested. - Amends TCA Title 35. Fiscal Summary for HB3369 / *SB2942Decrease Local Expenditures - Not Significant Bill Summary for HB3369 / *SB2942 Under the present law provisions governing investment of trust funds and municipal bonds, investments may be made in bonds and notes of any county, city, or town in any state or territory of the United States that has a population of not less than 45,000 and has not defaulted within 25 years next preceding the investment, for more than 30 days, in the payment of any part of either principal or interest of any bond, note, or other evidence of indebtedness. This bill changes the applicable population in the above provision from "not less than 45,000" to "not less [...]

show full description

Companion Bill SB4168. Limitation of Actions - Specifies, for purposes of provisions governing accrual of a right of action for a person with a disability, that a disability is considered removed with respect to persons of unsound mind by the appointment of a conservator or other fiduciary empowered to bring suit on behalf of the person. - Amends TCA Title 28, Chapter 1, Part 1. Fiscal Summary for *HB4124 / SB4168Decrease State Expenditures - Not Significant Bill Summary for *HB4124 / SB4168 Under the present law provisions governing statutes of limitation, if the person entitled to commence an action is, at the time the cause of action accrued, either under the age of 18 years, or of unsound mind, such person, or such person's representatives and privies, may commence the action, after the removal of such disability, within the time of limitation [...]

show full description

Companion Bill HB4124. Limitation of Actions - Specifies, for purposes of provisions governing accrual of a right of action for a person with a disability, that a disability is considered removed with respect to persons of unsound mind by the appointment of a conservator or other fiduciary empowered to bring suit on behalf of the person. - Amends TCA Title 28, Chapter 1, Part 1. Fiscal Summary for SB4168 / *HB4124Decrease State Expenditures - Not Significant Bill Summary for SB4168 / *HB4124 Under the present law provisions governing statutes of limitation, if the person entitled to commence an action is, at the time the cause of action accrued, either under the age of 18 years, or of unsound mind, such person, or such person's representatives and privies, may commence the action, after the removal of such disability, within the time of limitation [...]

show full description

Companion Bill SB3550. Civil Procedure - Requires that there be published a 30-day notice for a judicial or trust sale, instead of a 20-day notice, and that a study be conducted by the secretary of state regarding placement on its Web site of notices for foreclosure throughout the state. - Amends TCA Title 35, Chapter 5. Fiscal Summary for HB3806 / *SB3550Increase State Expenditures - Not Significant Bill Summary for HB3806 / *SB3550 Present law requires that for any sale of land to foreclose a mortgage or under judicial orders or process, advertisement of the sale must be made at least three different times in some newspaper published in the county where the sale is to be made. The first publication must be at least 20 days before the sale. This bill requires the first publication of notice of a sale of land to foreclose a mortgage or [...]

show full description

Companion Bill SB2748. Fiduciaries - Expands the type of investments a fiduciary is authorized to make. - Amends TCA Title 35 and Title 45. Fiscal Summary for HB3438 / *SB2748 MINIMAL Bill Summary for HB3438 / *SB2748 Under present law, if a fiduciary is directed, required, authorized, or permitted by an instrument creating the fiduciary relationship to invest in United States government obligations, then the fiduciary may make such investments either directly or in the form of interests in an open-end management investment company registered under the federal Investment Company Act, if the portfolio of the company is limited to United States government obligations and repurchase agreements fully collateralized by United States government obligations. This bill extends the types of investments such a fiduciary may [...]

show full description

Companion Bill SB3054. Trusts - Authorizes the investment committee of a political subdivision to adopt an investment policy authorizing the investment and management of trust assets in accordance with the investment policy the political subdivision uses to manage pension assets; requires that the pension management fund conform to the Tennessee Uniform Prudent Investor Act in order for this authorization to apply. - Amends TCA Title 8. Fiscal Summary for HB3505 / *SB3054Increase Local Expenditures - Not Significant Bill Summary for HB3505 / *SB3054 Under present law, a political subdivision may, by resolution adopted and approved by its chief governing body, establish an investment trust for the purpose of pre-funding other post-employment benefits accrued by employees of the political subdivision, to be paid as they come due in accordance with [...]

show full description

Companion Bill SB2942. Trusts - Changes certain minimum criteria for bonds issued by governmental entities in which trust funds may be invested. - Amends TCA Title 35. Fiscal Summary for HB3369 / *SB2942Decrease Local Expenditures - Not Significant Bill Summary for HB3369 / *SB2942 Under the present law provisions governing investment of trust funds and municipal bonds, investments may be made in bonds and notes of any county, city, or town in any state or territory of the United States that has a population of not less than 45,000 and has not defaulted within 25 years next preceding the investment, for more than 30 days, in the payment of any part of either principal or interest of any bond, note, or other evidence of indebtedness. This bill changes the applicable population in the above provision from "not less than 45,000" to "not less [...]

show full description

Companion Bill HB3806. Civil Procedure - Requires that there be published a 30-day notice for a judicial or trust sale, instead of a 20-day notice, and that a study be conducted by the secretary of state regarding placement on its Web site of notices for foreclosure throughout the state. - Amends TCA Title 35, Chapter 5. Fiscal Summary for *SB3550 / HB3806Increase State Expenditures - Not Significant Bill Summary for *SB3550 / HB3806 Present law requires that for any sale of land to foreclose a mortgage or under judicial orders or process, advertisement of the sale must be made at least three different times in some newspaper published in the county where the sale is to be made. The first publication must be at least 20 days before the sale. This bill requires the first publication of notice of a sale of land to foreclose a mortgage or [...]

show full description

Companion Bill HB3369. Trusts - Changes certain minimum criteria for bonds issued by governmental entities in which trust funds may be invested. - Amends TCA Title 35. Fiscal Summary for *SB2942 / HB3369Decrease Local Expenditures - Not Significant Bill Summary for *SB2942 / HB3369 Under the present law provisions governing investment of trust funds and municipal bonds, investments may be made in bonds and notes of any county, city, or town in any state or territory of the United States that has a population of not less than 45,000 and has not defaulted within 25 years next preceding the investment, for more than 30 days, in the payment of any part of either principal or interest of any bond, note, or other evidence of indebtedness. This bill changes the applicable population in the above provision from "not less than 45,000" to "not less [...]

show full description

Companion Bill HB3505. Trusts - Authorizes the investment committee of a political subdivision to adopt an investment policy authorizing the investment and management of trust assets in accordance with the investment policy the political subdivision uses to manage pension assets; requires that the pension management fund conform to the Tennessee Uniform Prudent Investor Act in order for this authorization to apply. - Amends TCA Title 8. Fiscal Summary for *SB3054 / HB3505Increase Local Expenditures - Not Significant Bill Summary for *SB3054 / HB3505 Under present law, a political subdivision may, by resolution adopted and approved by its chief governing body, establish an investment trust for the purpose of pre-funding other post-employment benefits accrued by employees of the political subdivision, to be paid as they come due in accordance with [...]

show full description

Companion Bill HB3438. Fiduciaries - Expands the type of investments a fiduciary is authorized to make. - Amends TCA Title 35 and Title 45. Fiscal Summary for *SB2748 / HB3438 MINIMAL Bill Summary for *SB2748 / HB3438 Under present law, if a fiduciary is directed, required, authorized, or permitted by an instrument creating the fiduciary relationship to invest in United States government obligations, then the fiduciary may make such investments either directly or in the form of interests in an open-end management investment company registered under the federal Investment Company Act, if the portfolio of the company is limited to United States government obligations and repurchase agreements fully collateralized by United States government obligations. This bill extends the types of investments such a fiduciary may [...]

show full description