Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 02, 2024 | Updated by Findlaw Staff
(a) If a charitable organization is a beneficiary of an interest in property created by beneficiary designation, then the charitable organization may present an affidavit to the holder of the property or to another person with information about the property for the purpose of obtaining the property or information regarding the property. The affidavit must:
(1) State all of the following:
(A) The decedent's name and last known address;
(B) A general description of the property to the extent known;
(C) The charitable organization's name, address, and primary contact information;
(D) The charitable organization is a charitable organization;
(E) A request that the property be paid or transferred to the charitable organization or that information about the property be given to the charitable organization;
(F) An entity or individual other than the charitable organization does not have a right to the interest in the property listed in the affidavit;
(G) The affidavit has been signed by a duly authorized representative of the charitable organization under penalty of perjury before a notary public; and
(H) The information in the affidavit is true and correct; and
(2) Be accompanied by all of the following, unless voluntarily waived by the holder of the property:
(A) A copy of the charitable organization's determination letter from the internal revenue service recognizing its tax-exempt status;
(B) A copy of the charitable organization's certificate of existence issued by the secretary of state as conclusive evidence that the domestic or foreign corporation is in good standing; provided, however, that if the charitable organization is a church or religious organization that is not required under state law to obtain or maintain a certificate of existence, the organization may instead provide a sworn statement attesting to its status as a church or religious organization and its authority to act as beneficiary;
(C) A statement that on information or belief of the affiant, the property owner is deceased, supported by one (1) or more of the following forms of reasonably reliable documentation:
(i) A certified or uncertified copy of the decedent's death certificate;
(ii) Probate notice published by the personal representative of the decedent's estate; or
(iii) Other official or governmental documentation evidencing the decedent's death;
(D) A corporate resolution or similar statement of authority of the affiant to act on behalf of the charitable organization; and
(E) Internal Revenue Service Form W-9 completed by an authorized representative of the charitable organization.
(b) The holder of the property shall not:
(1) Request any additional personal information from an individual employed by, or serving on the board of, the charitable organization, including the individual's:
(A) Social security number;
(B) Driver license number; provided, that if an individual appears in person to deliver or present an affidavit under subsection (a) for the purpose of claiming or receiving property, the holder of the property may request presentation of a valid government-issued photo identification solely to verify the identity of the individual presenting the affidavit and the individual's authority to act on behalf of the charitable organization; identification is not required for claims submitted by mail, electronic transmission, or other non-in-person means;
(C) Date of birth;
(D) Passport;
(E) Home address or phone number;
(F) Annual income, including child support;
(G) Value of personal assets or sources of income;
(H) Marital status;
(I) Number of dependents;
(J) Spouse's maiden name;
(K) Contact information; or
(L) Other personal financial information;
(2) Require an individual employed by or serving on the board of a charitable organization to undergo a credit check or criminal background check;
(3) Require the charitable organization to open an account or otherwise become a customer of a specific financial institution; or
(4) Require co-beneficiaries to submit claims simultaneously or impose coordination deadlines among co-beneficiaries; provided, that this subdivision (b)(4) does not prohibit a holder of property from requiring simultaneous submission or disbursement where the holder's standard account administration practices require full and final distribution for the property at one (1) time in order to close the account or avoid ongoing administrative, regulatory, or financial risk; provided, that the holder of the property has used commercially reasonable efforts to notify each of the charitable beneficiaries that they are an account beneficiary and that the holder of the property has provided to each of the charitable beneficiaries the forms necessary to claim the proceeds. Notwithstanding another law to the contrary, a holder of property may disclose the name of each entity named as a charitable co-beneficiary to the other charitable co-beneficiaries solely for the purpose of this subdivision (b)(4); provided, that an individually named beneficiary's identity must not be disclosed.
(c)(1) Except as provided in subdivision (c)(2), where one (1) or more charitable beneficiaries have submitted a complete affidavit under this section, the holder of property shall distribute the proceeds no later than the following, whichever occurs first:
(A) Ninety (90) days after the receipt of the first complete affidavit; or
(B) Sixty (60) days after receipt of all required affidavits from identifiable beneficiaries.
(2) If there is a good faith dispute or uncertainty regarding who is entitled to receive the decedent's property, then the holder has an additional sixty (60) days to distribute the proceeds if the holder sends notice to all potential beneficiaries within the applicable time period specified in subdivision (c)(1).
(d) If the requirements of this section are satisfied, then all of the following apply:
(1) The decedent's property must be paid, delivered, or transferred to or for the benefit of the charitable organization if the affidavit has requested the transfer of ownership of the property to the charitable organization;
(2) A transfer agent of a security described in the affidavit shall change registered ownership on the books of the corporation from the decedent to or for the benefit of the charitable organization if the affidavit has requested the transfer of ownership of the property to the charitable organization; and
(3) The information requested in the affidavit must be delivered to the organization.
Cite this article: FindLaw.com - Tennessee Code Title 48. Corporations and Associations § 48-101-403 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-48-corporations-and-associations/tn-code-sect-48-101-403/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Make It a Preferred Google Search Source
Add to GoogleGet help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)