Hard to propagate and fairly slow growing, tree paeony are expensive to buy, so you're in luck here.
I've had this for a few years and it always seemed healthy and vigorous, but it didn't flower for me. Did I put it in too much shade? Did I plant it too deeply? Who knows, but it's time is up for me (though I broke off a small young part which I'm keeping to plant elsewhere). You can see in the photos it has lots of fat red buds, so it's very much alive. The fleshy roots are white, juicy and healthy looking.
Dug up today, ideally you will plant it in the next few days and it won't know anything happened.
If you have a better spot for it than me it should produce yellow flowers in spring/early summer.
Hardy deciduous (supposedly) shade-tolerant woody shrub.
https://www.rhs.org.uk/plants/peony/tree
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