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Tenn. Code Ann. § 56-52-102

Chapter definitions

Known as the Tennessee Charitable Gift Annuity Act

The act spans §§ 56-52-101 to 56-52-111 (11 sections).

Acts 2008, ch. 831, §§ 1, 3.

(1) 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;

(2) “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;

(3) “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;

(4) “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;

(5) “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

(6) Section 170(c) of the Internal Revenue Code of 1986 (26 U.S.C. § 170(c)); and

(7) “Commissioner” means the commissioner of commerce and insurance.

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.