Tennessee Code Title 48. Corporations and Associations § 48-101-401

Current as of January 02, 2024 | Updated by Findlaw Staff

As used in this part:

(1) “Beneficiary designation” means the provision in an instrument designating a beneficiary, other than in a will or an instrument creating a trust, and may also mean the instrument itself, including:

(A) An account with a designation for payment on death;

(B) A security registered in beneficiary form;

(D) Any other non-probate transfer at death;

(2) “Charitable organization”:

(A) Means:

(i) A person that is determined by the internal revenue service to be a tax-exempt organization pursuant to section 501(c)(3) of the Internal Revenue Code (26 U.S.C. § 501(c)(3)); or

(ii) A person who is or holds itself out to be:

(a) A benevolent, educational, voluntary health, philanthropic, humane, patriotic, religious, or eleemosynary organization;

(b) For the benefit of law enforcement personnel, firefighters, veterans, or other persons who protect the public safety; or

(c) A person who solicits or obtains contributions solicited from the public for charitable purposes;

(B) Includes a chapter, branch, area, office, or similar affiliate or person soliciting contributions within this state for a charitable organization that has its principal place of business outside this state; and

(C) Does not include an authorized individual who solicits, by authority of the organization, solely on behalf of a registered or exempt organization or on behalf of an organization excluded from the definition of charitable organization; and

(3) “Charitable purpose”:

(A) Means:

(i) A purpose described in section 501(c)(3) of the Internal Revenue Code (26 U.S.C. § 501(c)(3)); or

(ii) A purpose to achieve:

(a) A benevolent, philanthropic, patriotic, educational, humane, scientific, public health, environmental conservation, civic, or other eleemosynary objective; or

(b) An objective that benefits law enforcement personnel, firefighters, veterans, or other persons who protect the public safety; and

(B) Is not limited to only those purposes for which contributions are tax deductible under section 170 of the Internal Revenue Code (26 U.S.C. § 170).

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Cite this article: FindLaw.com - Tennessee Code Title 48. Corporations and Associations § 48-101-401 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-48-corporations-and-associations/tn-code-sect-48-101-401/

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