(a) A person other than a beneficiary who in 'good faith', as defined in § 47-1-201, assists a trustee, or who in 'good faith' and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power.(b) A person other than a beneficiary who in 'good faith' deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.(c) A person who in 'good faith' delivers assets to a trustee need not ensure their proper application.(d) A person other than a beneficiary who in 'good faith' assists a former trustee, or who in 'good faith' and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.(e) Comparable protective provisions of other laws, see §§ 47-8-101 - 47-8-407, relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.Acts 2004, ch. 537, § 88.
Tennessee Legal Code