Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others as cofiduciaries, or to another bank or trust company which may, as such fiduciary or cofiduciary, invest funds that it lawfully holds for investment in interests in the common trust funds, if this investment is not prohibited by the instrument, judgment, decree or order creating the fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciaries to the investment.
Tenn. Code Ann. § 35-4-102
Bank or trust company establishing common trust funds — Investing in trust funds
Known as the Uniform Common Trust Fund Act
The act spans §§ 35–35 (5 sections).
Acts 1953, ch. 148, § 1 (Williams, § 9596.32); 1973, ch. 378, § 1; T.C.A
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.