Public Chapter 64
SENATE BILL NO. 162
Substituted for: House Bill No. 224
AN ACT Toamend Tennessee Code Annotated, Title 35, Chapter 3, relative to fiduciary investments in tuition units under Title 49, Chapter 4, Part 8, the Tennessee Baccalaureate Education System TNST Act.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Title 35, Chapter 3, is amended by adding a new section thereto, as follows:
Section 35-3-124. Notwithstanding any other provision of the law to the contrary, trustees and others acting in a fiduciary capacity, including governmental agencies such as court clerks, may invest funds held in trust for a minor through the purchase of tuition units on behalf of such minor under the provisions of Title 49, Chapter 7, Part 8.
SECTION 2. This act shall take effect upon becoming a law, the public welfare requiring it.