AN ACT to amend Tennessee Code Annotated, Title 35 and Title 48, relative to charitable organizations.

Description

Fiscal Summary NOT SIGNIFICANT Bill Summary ON MARCH 19, 2026, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 2642, AS AMENDED. AMENDMENT #1 rewrites this bill to establish a process to notify a charitable organization that it has been designated as a beneficiary in an instrument that provides for payment or transfer at death without probate. If the holder of property that has a beneficiary designation has been notified of the death of the owner of the property, then this amendment requires such holder to, within 10 business days, use commercially reasonable efforts to provide to each charitable organization listed under the beneficiary designation notice that the charitable organization may have a right to the property and the holder's contact information. If a charitable organization is a beneficiary of an interest in property created by beneficiary designation, then this amendment authorizes the charitable organization to 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 full text of this amendment specifies the information and supporting documentation that must be included with the affidavit. This amendment generally prohibits the holder of property that is the subject of a beneficiary designation to a charitable organization from requiring a board member or employee of the charitable organization to provide various types of personal identifying information and financial information. Where one or more charitable beneficiaries have submitted a complete affidavit, this amendment requires the holder of property to distribute the proceeds no later than the following, whichever occurs first: (1) Ninety days after the receipt of the first complete affidavit; or

Subjects

Progress

1. IntroducedFeb 2, 2026
2. Sent to committeeFeb 18, 2026