Tenn. Code Ann. § 47-18-3005 — TN Code / Title 47 / Chapter 18 / Section 47-18-3005
Violations - Investigative and enforcement authority
Status: in_force

(a) A violation of this part constitutes a violation of the Tennessee Consumer Protection Act of 1977, compiled in part 1 of this chapter. Any violation of this part constitutes an unfair or deceptive act or practice affecting trade or commerce and is subject to the penalties and remedies as provided in the Tennessee Consumer Protection Act of 1977, in addition to the penalties and remedies in this part. (b) The attorney general and reporter has all of the investigative and enforcement authority that the attorney general and reporter has under the Tennessee Consumer Protection Act of 1977 relating to alleged violations of this part. The attorney general and reporter may institute any proceedings involving alleged violations of this part in Davidson County circuit or chancery court or any other venue otherwise permitted by law. (c) Costs of any kind or nature cannot be taxed against the attorney general and reporter or the state in actions commenced under this part. Acts 2019, ch. 119, § 1.
(a) A violation of this part constitutes a violation of the Tennessee Consumer Protection Act of 1977, compiled in part 1 of this chapter. Any violation of this part constitutes an unfair or deceptive act or practice affecting trade or commerce and is subject to the penalties and remedies as provided in the Tennessee Consumer Protection Act of 1977, in addition to the penalties and remedies in this part.
(b) The attorney general and reporter has all of the investigative and enforcement authority that the attorney general and reporter has under the Tennessee Consumer Protection Act of 1977 relating to alleged violations of this part. The attorney general and reporter may institute any proceedings involving alleged violations of this part in Davidson County circuit or chancery court or any other venue otherwise permitted by law.
(c) Costs of any kind or nature cannot be taxed against the attorney general and reporter or the state in actions commenced under this part.
Acts 2019, ch. 119, § 1.
Tenn. Code Ann. § 47-26-1106 — TN Code / Title 47 / Chapter 26 / Section 47-26-1106
Privileges and responsibilities of a registrant
Status: in_force

A bearer of a Certificate of Registration has the authority to remove an official rejection tag or seal placed on a weighing or measuring device by the authority of the commissioner; place in service, until such time as an official examination can be made, a weighing or measuring device that has been officially rejected; place in service, until such time as an official examination can be made, a new or used weighing or measuring device and to provide service work on commercial weighing and measuring devices. The registered serviceperson or service agency is responsible for installing, repairing, and adjusting devices such that the devices are adjusted as closely as practicable to zero error and comply with all applicable sections of Handbook 44. Acts 1997, ch. 311, § 3.
A bearer of a Certificate of Registration has the authority to remove an official rejection tag or seal placed on a weighing or measuring device by the authority of the commissioner; place in service, until such time as an official examination can be made, a weighing or measuring device that has been officially rejected; place in service, until such time as an official examination can be made, a new or used weighing or measuring device and to provide service work on commercial weighing and measuring devices. The registered serviceperson or service agency is responsible for installing, repairing, and adjusting devices such that the devices are adjusted as closely as practicable to zero error and comply with all applicable sections of Handbook 44.
Acts 1997, ch. 311, § 3.
Tenn. Code Ann. § 47-8-301 — TN Code / Title 47 / Chapter 8 / Section 47-8-301
Delivery
Status: in_force

(a) Delivery of a certificated security to a purchaser occurs when: (1) The purchaser acquires possession of the security certificate; (2) Another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser; or (3) A securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and is (i) registered in the name of the purchaser; (ii) payable to the order of the purchaser; or (iii) specially indorsed to the purchaser by an effective endorsement and has not been indorsed to the securities intermediary or in blank. (b) Delivery of an uncertificated security to a purchaser occurs when: (1) The issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or (2) Another person, other than a securities intermediary, either becomes the registered owner of the uncertificated security on behalf of the purchaser or, having previously become the registered owner, acknowledges that it holds for the purchaser. Acts 1997, ch. 79, § 1; 2000, ch. 846, § 19.
(a) Delivery of a certificated security to a purchaser occurs when: (1) The purchaser acquires possession of the security certificate; (2) Another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser; or (3) A securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and is (i) registered in the name of the purchaser; (ii) payable to the order of the purchaser; or (iii) specially indorsed to the purchaser by an effective endorsement and has not been indorsed to the securities intermediary or in blank.
(1) The purchaser acquires possession of the security certificate;
(2) Another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser; or
(3) A securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and is (i) registered in the name of the purchaser; (ii) payable to the order of the purchaser; or (iii) specially indorsed to the purchaser by an effective endorsement and has not been indorsed to the securities intermediary or in blank.
(b) Delivery of an uncertificated security to a purchaser occurs when: (1) The issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or (2) Another person, other than a securities intermediary, either becomes the registered owner of the uncertificated security on behalf of the purchaser or, having previously become the registered owner, acknowledges that it holds for the purchaser.
(1) The issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or
(2) Another person, other than a securities intermediary, either becomes the registered owner of the uncertificated security on behalf of the purchaser or, having previously become the registered owner, acknowledges that it holds for the purchaser.
Acts 1997, ch. 79, § 1; 2000, ch. 846, § 19.
Tenn. Code Ann. § 47-18-1604 — TN Code / Title 47 / Chapter 18 / Section 47-18-1604
[Renumbered]
Status: repealed

Renumbered as 4-49-204 by 2023 Tenn. Acts, ch. 143,s 5, eff. 7/1/2023. Added by 2016 Tenn. Acts, ch. 978, s 1, eff. 7/1/2016.
Renumbered as 4-49-204 by 2023 Tenn. Acts, ch. 143,s 5, eff. 7/1/2023.
Added by 2016 Tenn. Acts, ch. 978, s 1, eff. 7/1/2016.
Tenn. Code Ann. § 47-18-5702 — TN Code / Title 47 / Chapter 18 / Section 47-18-5702
Part definitions
Status: in_force

As used in this part, unless the context otherwise requires: (1) "Account holder" means a person who has an account or profile to use a social media company's platform, with such account or profile having been created on or after January 1, 2025; (2) "Content": (A) Means text, image, or video; and (B) Does not include interactive gaming or educational entertainment; (3) "Interactive computer service": (A) Means an information service, as defined in 47 U.S.C. § 153 , information system, or information access software that: (i) Provides or enables access by multiple users to a computer server; and (ii) Provides access to the internet; and (B) Includes an internet service, an internet system, a website, an internet application, and an internet portal; (4) "Minor" means an individual who is: (A) Known or reasonably believed by a social media platform to be under eighteen (18) years of age; (B) Not emancipated; and (C) A resident of this state; (5) "Parent" means the parent, guardian, or person who has custody of, or person who has caregiving authority over, the minor; (6) "Person" means an individual or entity; (7) "Post" means content that an account holder makes available on a social media platform for other account holders and users to consume; (8) "Social media company" means a person that is an interactive computer service and that provides a social media platform; (9) "Social media platform": (A) Means a website or internet application that: (i) Allows a person to create an account; and (ii) Enables an account holder to communicate with other account holders and users through posts; and (B) Does not include: (i) A broadband internet access service, as defined in 47 CFR § 8.1(b) ; (ii) An email service; (iii) An internet service, internet application, or website: (a) That consists primarily of content that is not generated by account holders, but rather is preselected by the service, application, or website provider; and (b) For which interactive functionality is incidental to, directly related to, or dependent upon, the preselected content described in subdivision (9)(B)(iii)(a); (iv) Online shopping, if the interaction with other account holders or users is predominantly limited to the ability to send, receive, request, or settle funds, comment on transactions, display goods for sale, engage as consumers about products and reviews, or post a wish list; (v) An internet service, internet application, or website that primarily provides career development opportunities; (vi) A cloud storage or cloud computing service; (vii) An online service, application, or website in which interaction between users is predominately used for technical support, or limited to reviewing products offered for sale by electronic commerce or commenting on such reviews posted by other users; or (viii) Peer-to-peer payment platforms, if the interaction with other users or account holders is generally limited to the ability to send, receive, or request funds and to like or comment on such transactions, or other functions that are focused on sending, receiving, requesting, or settling payments between users or account holders; and (10) "User" means a person who consumes posts on a social media platform, but is not an account holder. Added by 2024 Tenn. Acts, ch. 899,s 1, eff. 1/1/2025.
As used in this part, unless the context otherwise requires:
(1) "Account holder" means a person who has an account or profile to use a social media company's platform, with such account or profile having been created on or after January 1, 2025;
(2) "Content": (A) Means text, image, or video; and (B) Does not include interactive gaming or educational entertainment;
(A) Means text, image, or video; and
(B) Does not include interactive gaming or educational entertainment;
(3) "Interactive computer service": (A) Means an information service, as defined in 47 U.S.C. § 153 , information system, or information access software that: (i) Provides or enables access by multiple users to a computer server; and (ii) Provides access to the internet; and (B) Includes an internet service, an internet system, a website, an internet application, and an internet portal;
(A) Means an information service, as defined in 47 U.S.C. § 153 , information system, or information access software that: (i) Provides or enables access by multiple users to a computer server; and (ii) Provides access to the internet; and
(i) Provides or enables access by multiple users to a computer server; and
(ii) Provides access to the internet; and
(B) Includes an internet service, an internet system, a website, an internet application, and an internet portal;
(4) "Minor" means an individual who is: (A) Known or reasonably believed by a social media platform to be under eighteen (18) years of age; (B) Not emancipated; and (C) A resident of this state;
(A) Known or reasonably believed by a social media platform to be under eighteen (18) years of age;
(B) Not emancipated; and
(C) A resident of this state;
(5) "Parent" means the parent, guardian, or person who has custody of, or person who has caregiving authority over, the minor;
(6) "Person" means an individual or entity;
(7) "Post" means content that an account holder makes available on a social media platform for other account holders and users to consume;
(8) "Social media company" means a person that is an interactive computer service and that provides a social media platform;
(9) "Social media platform": (A) Means a website or internet application that: (i) Allows a person to create an account; and (ii) Enables an account holder to communicate with other account holders and users through posts; and (B) Does not include: (i) A broadband internet access service, as defined in 47 CFR § 8.1(b) ; (ii) An email service; (iii) An internet service, internet application, or website: (a) That consists primarily of content that is not generated by account holders, but rather is preselected by the service, application, or website provider; and (b) For which interactive functionality is incidental to, directly related to, or dependent upon, the preselected content described in subdivision (9)(B)(iii)(a); (iv) Online shopping, if the interaction with other account holders or users is predominantly limited to the ability to send, receive, request, or settle funds, comment on transactions, display goods for sale, engage as consumers about products and reviews, or post a wish list; (v) An internet service, internet application, or website that primarily provides career development opportunities; (vi) A cloud storage or cloud computing service; (vii) An online service, application, or website in which interaction between users is predominately used for technical support, or limited to reviewing products offered for sale by electronic commerce or commenting on such reviews posted by other users; or (viii) Peer-to-peer payment platforms, if the interaction with other users or account holders is generally limited to the ability to send, receive, or request funds and to like or comment on such transactions, or other functions that are focused on sending, receiving, requesting, or settling payments between users or account holders; and
(A) Means a website or internet application that: (i) Allows a person to create an account; and (ii) Enables an account holder to communicate with other account holders and users through posts; and
(i) Allows a person to create an account; and
(ii) Enables an account holder to communicate with other account holders and users through posts; and
(B) Does not include: (i) A broadband internet access service, as defined in 47 CFR § 8.1(b) ; (ii) An email service; (iii) An internet service, internet application, or website: (a) That consists primarily of content that is not generated by account holders, but rather is preselected by the service, application, or website provider; and (b) For which interactive functionality is incidental to, directly related to, or dependent upon, the preselected content described in subdivision (9)(B)(iii)(a); (iv) Online shopping, if the interaction with other account holders or users is predominantly limited to the ability to send, receive, request, or settle funds, comment on transactions, display goods for sale, engage as consumers about products and reviews, or post a wish list; (v) An internet service, internet application, or website that primarily provides career development opportunities; (vi) A cloud storage or cloud computing service; (vii) An online service, application, or website in which interaction between users is predominately used for technical support, or limited to reviewing products offered for sale by electronic commerce or commenting on such reviews posted by other users; or (viii) Peer-to-peer payment platforms, if the interaction with other users or account holders is generally limited to the ability to send, receive, or request funds and to like or comment on such transactions, or other functions that are focused on sending, receiving, requesting, or settling payments between users or account holders; and
(i) A broadband internet access service, as defined in 47 CFR § 8.1(b) ;
(ii) An email service;
(iii) An internet service, internet application, or website: (a) That consists primarily of content that is not generated by account holders, but rather is preselected by the service, application, or website provider; and (b) For which interactive functionality is incidental to, directly related to, or dependent upon, the preselected content described in subdivision (9)(B)(iii)(a);
(a) That consists primarily of content that is not generated by account holders, but rather is preselected by the service, application, or website provider; and
(b) For which interactive functionality is incidental to, directly related to, or dependent upon, the preselected content described in subdivision (9)(B)(iii)(a);
(iv) Online shopping, if the interaction with other account holders or users is predominantly limited to the ability to send, receive, request, or settle funds, comment on transactions, display goods for sale, engage as consumers about products and reviews, or post a wish list;
(v) An internet service, internet application, or website that primarily provides career development opportunities;
(vi) A cloud storage or cloud computing service;
(vii) An online service, application, or website in which interaction between users is predominately used for technical support, or limited to reviewing products offered for sale by electronic commerce or commenting on such reviews posted by other users; or
(viii) Peer-to-peer payment platforms, if the interaction with other users or account holders is generally limited to the ability to send, receive, or request funds and to like or comment on such transactions, or other functions that are focused on sending, receiving, requesting, or settling payments between users or account holders; and
(10) "User" means a person who consumes posts on a social media platform, but is not an account holder.
Added by 2024 Tenn. Acts, ch. 899,s 1, eff. 1/1/2025.
Tenn. Code Ann. § 47-8-106 — TN Code / Title 47 / Chapter 8 / Section 47-8-106
Control
Status: in_force

(a) A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser. (b) A purchaser has "control" of a certificated security in registered form if the certificated security is delivered to the purchaser, and: (1) the certificate is endorsed to the purchaser or in blank by an effective endorsement; or (2) the certificate is registered in the name of the purchaser, upon original issue or registration of transfer by the issuer. (c) A purchaser has "control" of an uncertificated security if: (1) the uncertificated security is delivered to the purchaser; or (2) the issuer has agreed that it will comply with instructions originated by the purchaser without further consent by the registered owner. (d) A purchaser has "control" of a security entitlement if: (1) The purchaser becomes the entitlement holder; (2) The securities intermediary has agreed that it will comply with entitlement orders originated by the purchaser without further consent by the entitlement holder; or (3) Another person has control of the security entitlement on behalf of the purchaser, or having previously acquired control of the security entitlement, acknowledges that it has control on behalf of the purchaser. (e) If an interest in a security entitlement is granted by the entitlement holder to the entitlement holder's own securities intermediary, the securities intermediary has control. (f) A purchaser who has satisfied the requirements of subdivision (c) or (d) has control even if the registered owner in the case of subdivision (c) or the entitlement holder in the case of subdivision (d) retains the right to make substitutions for the uncertificated security or security entitlement, to originate instructions or entitlement orders to the issuer or securities intermediary, or otherwise to deal with the uncertificated security or security entitlement. (g) An issuer or a securities intermediary may not enter into an agreement of the kind described in subdivision (c)(2) or (d)(2) without the consent of the registered owner or entitlement holder, but an issuer or a securities intermediary is not required to enter into such an agreement even though the registered owner or entitlement holder so directs. An issuer or securities intermediary that has entered into such an agreement is not required to confirm the existence of the agreement to another party unless requested to do so by the registered owner or entitlement holder. Acts 1997, ch. 79, § 1; 2000, ch. 846, § 17.
(a) A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser.
(b) A purchaser has "control" of a certificated security in registered form if the certificated security is delivered to the purchaser, and: (1) the certificate is endorsed to the purchaser or in blank by an effective endorsement; or (2) the certificate is registered in the name of the purchaser, upon original issue or registration of transfer by the issuer.
(1) the certificate is endorsed to the purchaser or in blank by an effective endorsement; or
(2) the certificate is registered in the name of the purchaser, upon original issue or registration of transfer by the issuer.
(c) A purchaser has "control" of an uncertificated security if: (1) the uncertificated security is delivered to the purchaser; or (2) the issuer has agreed that it will comply with instructions originated by the purchaser without further consent by the registered owner.
(1) the uncertificated security is delivered to the purchaser; or
(2) the issuer has agreed that it will comply with instructions originated by the purchaser without further consent by the registered owner.
(d) A purchaser has "control" of a security entitlement if: (1) The purchaser becomes the entitlement holder; (2) The securities intermediary has agreed that it will comply with entitlement orders originated by the purchaser without further consent by the entitlement holder; or (3) Another person has control of the security entitlement on behalf of the purchaser, or having previously acquired control of the security entitlement, acknowledges that it has control on behalf of the purchaser.
(1) The purchaser becomes the entitlement holder;
(2) The securities intermediary has agreed that it will comply with entitlement orders originated by the purchaser without further consent by the entitlement holder; or
(3) Another person has control of the security entitlement on behalf of the purchaser, or having previously acquired control of the security entitlement, acknowledges that it has control on behalf of the purchaser.
(e) If an interest in a security entitlement is granted by the entitlement holder to the entitlement holder's own securities intermediary, the securities intermediary has control.
(f) A purchaser who has satisfied the requirements of subdivision (c) or (d) has control even if the registered owner in the case of subdivision (c) or the entitlement holder in the case of subdivision (d) retains the right to make substitutions for the uncertificated security or security entitlement, to originate instructions or entitlement orders to the issuer or securities intermediary, or otherwise to deal with the uncertificated security or security entitlement.
(g) An issuer or a securities intermediary may not enter into an agreement of the kind described in subdivision (c)(2) or (d)(2) without the consent of the registered owner or entitlement holder, but an issuer or a securities intermediary is not required to enter into such an agreement even though the registered owner or entitlement holder so directs. An issuer or securities intermediary that has entered into such an agreement is not required to confirm the existence of the agreement to another party unless requested to do so by the registered owner or entitlement holder.
Acts 1997, ch. 79, § 1; 2000, ch. 846, § 17.
Tenn. Code Ann. § 47-50-107 — TN Code / Title 47 / Chapter 50 / Section 47-50-107
Action on protested bill may be joint or several
Status: in_force

Any person having a right to demand any sum of money due upon a protested bill of exchange may commence and prosecute an action for principal, interest, and charges of protest, against the drawer, endorsers, or other party, jointly, or against either of them separately. Code 1858, § 1962 (deriv. Acts 1741, ch. 16, § 4); Shan., §3511; mod. Code 1932, § 7318; T.C.A. (orig. ed.), §§ 47-806, 47-15-109.
Any person having a right to demand any sum of money due upon a protested bill of exchange may commence and prosecute an action for principal, interest, and charges of protest, against the drawer, endorsers, or other party, jointly, or against either of them separately.
Code 1858, § 1962 (deriv. Acts 1741, ch. 16, § 4); Shan., §3511; mod. Code 1932, § 7318; T.C.A. (orig. ed.), §§ 47-806, 47-15-109.
Tenn. Code Ann. § 47-8-511 — TN Code / Title 47 / Chapter 8 / Section 47-8-511
Priority among security interests and entitlement holders
Status: in_force

(a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor. (b) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset. (c) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders. Acts 1997, ch. 79, § 1.
(a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.
(b) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset.
(c) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders.
Acts 1997, ch. 79, § 1.
Tenn. Code Ann. § 47-26-1002 — TN Code / Title 47 / Chapter 26 / Section 47-26-1002
Part definitions
Status: in_force

As used in this part, unless the context otherwise requires: (1) "Certificate" means that document or instrument issued by a public weighmaster containing information specified in § 47-26-1012 ; (2) "Commissioner" means the commissioner of agriculture or the commissioner's duly appointed representative; (3) "Department" means the Tennessee department of agriculture; (4) "Handbook 44" means National Institute of Standards and Technology Handbook 44, "Specifications, Tolerances, and Other Technical Requirements for Weighing and Measuring Devices"; (5) "NIST" means the National Institute of Standards and Technology which is an agency of the United States department of commerce; (6) "Public weighing" means the weighing, measuring, or counting, upon request, of vehicles, property, produce, commodities, or articles other than those that the weigher or the weigher's employer, if any, is either buying or selling; (7) "Public weighmaster" means any person who performs public weighing as defined; (8) "State" means the state of Tennessee; (9) "Vehicle" means any device (except railroad freight cars) in, upon, or by which any property, produce, commodity, or article is or may be transported or drawn; and (10) "Weights and measures official" means any department of agriculture employee acting on behalf of the department and/or appointed by the commissioner. Acts 1997, ch. 311, § 2.
As used in this part, unless the context otherwise requires:
(1) "Certificate" means that document or instrument issued by a public weighmaster containing information specified in § 47-26-1012 ;
(2) "Commissioner" means the commissioner of agriculture or the commissioner's duly appointed representative;
(3) "Department" means the Tennessee department of agriculture;
(4) "Handbook 44" means National Institute of Standards and Technology Handbook 44, "Specifications, Tolerances, and Other Technical Requirements for Weighing and Measuring Devices";
(5) "NIST" means the National Institute of Standards and Technology which is an agency of the United States department of commerce;
(6) "Public weighing" means the weighing, measuring, or counting, upon request, of vehicles, property, produce, commodities, or articles other than those that the weigher or the weigher's employer, if any, is either buying or selling;
(7) "Public weighmaster" means any person who performs public weighing as defined;
(8) "State" means the state of Tennessee;
(9) "Vehicle" means any device (except railroad freight cars) in, upon, or by which any property, produce, commodity, or article is or may be transported or drawn; and
(10) "Weights and measures official" means any department of agriculture employee acting on behalf of the department and/or appointed by the commissioner.
Acts 1997, ch. 311, § 2.
Tenn. Code Ann. § 47-13-110 — TN Code / Title 47 / Chapter 13 / Section 47-13-110
Compensation of trustees
Status: in_force

The court having the jurisdiction of the monthly county court, upon application, or the chancery court, if the trust is administered in the chancery court, may allow a trustee or assignee compensation exceeding the compensation of clerks and masters, if the character of the services rendered entitle the trustee or assignee to such compensation in the opinion of such court, but such compensation in no case shall exceed five percent (5%). Acts 1859-1860, ch. 34, § 1; Shan., § 3525; Code 1932, §7782; T.C.A. (orig. ed.), § 47-1510; modified.
The court having the jurisdiction of the monthly county court, upon application, or the chancery court, if the trust is administered in the chancery court, may allow a trustee or assignee compensation exceeding the compensation of clerks and masters, if the character of the services rendered entitle the trustee or assignee to such compensation in the opinion of such court, but such compensation in no case shall exceed five percent (5%).
Acts 1859-1860, ch. 34, § 1; Shan., § 3525; Code 1932, §7782; T.C.A. (orig. ed.), § 47-1510; modified.
Tenn. Code Ann. § 47-18-123 — TN Code / Title 47 / Chapter 18 / Section 47-18-123
Products, services or memberships purchased by negotiation of unsolicited negotiable instruments
Status: in_force

(a) Any person who purchases, subscribes to or receives products, services or membership in any organization by negotiating an unsolicited negotiable instrument shall have thirty (30) days from the date of the first statement or bill for such services, products, membership or subscription to: (1) Cancel the services if services have not been rendered; (2) Return the products if products are unused and in the condition received; (3) Cancel the subscription; or (4) Cancel the membership if services have not been rendered pursuant to such membership. (b) Subsection (a) does not apply to the execution of an unsolicited negotiable instrument that creates a loan or line of credit through a credit or lending institution with which the person has an existing relationship. (c) For purposes of this section, "unsolicited negotiable instrument" means an unconditional order or promise to pay a specific amount of money, signed by the maker or drawer, payable on demand or at a specific time, payable to order or to the bearer which was received by the bearer without prior notice from the maker or drawer. (d) A violation of this section constitutes a violation of this part. For purposes of applying this part to this section, a violation of this section shall be construed to constitute an unfair or deceptive act or practice affecting the conduct of any trade or commerce, subject to the penalties and remedies provided in this part. Acts 1999, ch. 64, § 1.
(a) Any person who purchases, subscribes to or receives products, services or membership in any organization by negotiating an unsolicited negotiable instrument shall have thirty (30) days from the date of the first statement or bill for such services, products, membership or subscription to: (1) Cancel the services if services have not been rendered; (2) Return the products if products are unused and in the condition received; (3) Cancel the subscription; or (4) Cancel the membership if services have not been rendered pursuant to such membership.
(1) Cancel the services if services have not been rendered;
(2) Return the products if products are unused and in the condition received;
(3) Cancel the subscription; or
(4) Cancel the membership if services have not been rendered pursuant to such membership.
(b) Subsection (a) does not apply to the execution of an unsolicited negotiable instrument that creates a loan or line of credit through a credit or lending institution with which the person has an existing relationship.
(c) For purposes of this section, "unsolicited negotiable instrument" means an unconditional order or promise to pay a specific amount of money, signed by the maker or drawer, payable on demand or at a specific time, payable to order or to the bearer which was received by the bearer without prior notice from the maker or drawer.
(d) A violation of this section constitutes a violation of this part. For purposes of applying this part to this section, a violation of this section shall be construed to constitute an unfair or deceptive act or practice affecting the conduct of any trade or commerce, subject to the penalties and remedies provided in this part.
Acts 1999, ch. 64, § 1.
Tenn. Code Ann. § 47-25-611 — TN Code / Title 47 / Chapter 25 / Section 47-25-611
Sales below cost to retailer
Status: in_force

(a) (1) No dealer shall make, or offer or advertise to make, sales at retail at below cost to the retailer, where the effect is to injure or destroy competition or substantially lessen competition, unless such sales at retail are exempt under § 47-25-204 . (2) No dealer shall limit, restrict, condition, or refuse to make sales at retail of petroleum distillates stored at the retail outlet in one hundred (100) gallon or larger containers to another dealer or a distributor at the same or lower price as offered or advertised to the public if such petroleum distillates are offered, advertised, or sold to the public at below cost to the retailer. (3) The burden of proving an exemption from this subsection (a) shall be upon the dealer claiming its sales are exempt. (b) No vertically integrated producer may sell or transfer a petroleum distillate to its own retail outlet at a price which is less than the price at which that petroleum distillate is offered for sale by the vertically integrated producer to a dealer operating in the same class of trade and within the same competitive area as the retail outlet of the vertically integrated producer. Such sales at retail under this subsection (b) by a vertically integrated producer shall be made in accordance with all other provisions of this section. (c) Any dealer who violates this section shall be subject to a civil penalty not to exceed one thousand dollars ($1,000) per day for each day during which the act or omission continues or occurs. (d) (1) Any person having an interest which is or may be adversely affected by a violation or threatened violation of subsection (a) may commence a civil action on such person's own behalf against any dealer who is alleged to be in violation of this section, to recover actual and special damages, for payment of civil penalties, and to enjoin the dealer who has violated, is violating or who is otherwise likely to violate this section. No person whose sales were exempt or who acted in good faith believing such sales were exempt shall be denied injunctive relief, if appropriate. (2) No action may be commenced under subdivision (d)(1) prior to ten (10) days after the plaintiff has given notice by certified mail of the alleged violation to any alleged violator and to the attorney general and reporter. (3) The action may be brought in a court of competent jurisdiction in the county where the alleged or threatened violation of this section took place, is taking place, or is about to take place, or in the county in which such dealer resides, has a principal place of business, or can be found. (4) If the court finds that the violations of subsection (a) were willful or knowing violations, the court may award three (3) times the actual damage sustained and may provide such other relief as it considers necessary and proper. It shall be presumed that retail sales below cost to the retailer by a dealer after the dealer has received the notice required in subdivision (d)(2) are willful and knowing. (5) Upon a finding by the court that this section has been violated, the court may award to the person bringing such action reasonable attorney's fees and costs. (e) The attorney general and reporter may bring an action in the name of the state in a court as described in subsection (d), for appropriate relief, including civil penalties, temporary restraining order, temporary injunction, or permanent injunction, against any dealer who has violated, is violating, or who is otherwise likely to violate this section. (f) Any court of competent jurisdiction shall have power to restrain violations of this section, to award appropriate damages, and to apply any appropriate civil penalties under subsection (c). (g) This section is remedial legislation and shall be liberally construed to promote its purposes. The powers and remedies in this section shall be cumulative and supplementary to all other powers and remedies otherwise provided by law. (h) Nothing in this section shall prohibit a dealer from making, or offering or advertising to make, sales at retail which are made in good faith to compete with the equally low or lower retail price of a competitor. Such sales at retail under this subsection (h) by a vertically integrated producer shall be made in accordance with subsection (b). (i) Nothing contained within this section shall be construed to regulate the price of petroleum distillates purchased from a producer or a distributor: (1) By a person solely for use in agricultural production activities on the farm of such person; (2) By an employer for the business use of employees; (3) By any common carrier regulated by the Tennessee public utility commission, the department of safety and/or the department of transportation; (4) By a person for industrial and commercial purposes which do not include the sale of petroleum distillates to the public; or (5) For any other commercial transactions. Amended by 2017 Tenn. Acts, ch. 94,s 41, eff. 4/4/2017. Acts 1988, ch. 1033, §§ 4, 6, 8; 1995, ch. 305, § 105.
(a) (1) No dealer shall make, or offer or advertise to make, sales at retail at below cost to the retailer, where the effect is to injure or destroy competition or substantially lessen competition, unless such sales at retail are exempt under § 47-25-204 . (2) No dealer shall limit, restrict, condition, or refuse to make sales at retail of petroleum distillates stored at the retail outlet in one hundred (100) gallon or larger containers to another dealer or a distributor at the same or lower price as offered or advertised to the public if such petroleum distillates are offered, advertised, or sold to the public at below cost to the retailer. (3) The burden of proving an exemption from this subsection (a) shall be upon the dealer claiming its sales are exempt.
(1) No dealer shall make, or offer or advertise to make, sales at retail at below cost to the retailer, where the effect is to injure or destroy competition or substantially lessen competition, unless such sales at retail are exempt under § 47-25-204 .
(2) No dealer shall limit, restrict, condition, or refuse to make sales at retail of petroleum distillates stored at the retail outlet in one hundred (100) gallon or larger containers to another dealer or a distributor at the same or lower price as offered or advertised to the public if such petroleum distillates are offered, advertised, or sold to the public at below cost to the retailer.
(3) The burden of proving an exemption from this subsection (a) shall be upon the dealer claiming its sales are exempt.
(b) No vertically integrated producer may sell or transfer a petroleum distillate to its own retail outlet at a price which is less than the price at which that petroleum distillate is offered for sale by the vertically integrated producer to a dealer operating in the same class of trade and within the same competitive area as the retail outlet of the vertically integrated producer. Such sales at retail under this subsection (b) by a vertically integrated producer shall be made in accordance with all other provisions of this section.
(c) Any dealer who violates this section shall be subject to a civil penalty not to exceed one thousand dollars ($1,000) per day for each day during which the act or omission continues or occurs.
(d) (1) Any person having an interest which is or may be adversely affected by a violation or threatened violation of subsection (a) may commence a civil action on such person's own behalf against any dealer who is alleged to be in violation of this section, to recover actual and special damages, for payment of civil penalties, and to enjoin the dealer who has violated, is violating or who is otherwise likely to violate this section. No person whose sales were exempt or who acted in good faith believing such sales were exempt shall be denied injunctive relief, if appropriate. (2) No action may be commenced under subdivision (d)(1) prior to ten (10) days after the plaintiff has given notice by certified mail of the alleged violation to any alleged violator and to the attorney general and reporter. (3) The action may be brought in a court of competent jurisdiction in the county where the alleged or threatened violation of this section took place, is taking place, or is about to take place, or in the county in which such dealer resides, has a principal place of business, or can be found. (4) If the court finds that the violations of subsection (a) were willful or knowing violations, the court may award three (3) times the actual damage sustained and may provide such other relief as it considers necessary and proper. It shall be presumed that retail sales below cost to the retailer by a dealer after the dealer has received the notice required in subdivision (d)(2) are willful and knowing. (5) Upon a finding by the court that this section has been violated, the court may award to the person bringing such action reasonable attorney's fees and costs.
(1) Any person having an interest which is or may be adversely affected by a violation or threatened violation of subsection (a) may commence a civil action on such person's own behalf against any dealer who is alleged to be in violation of this section, to recover actual and special damages, for payment of civil penalties, and to enjoin the dealer who has violated, is violating or who is otherwise likely to violate this section. No person whose sales were exempt or who acted in good faith believing such sales were exempt shall be denied injunctive relief, if appropriate.
(2) No action may be commenced under subdivision (d)(1) prior to ten (10) days after the plaintiff has given notice by certified mail of the alleged violation to any alleged violator and to the attorney general and reporter.
(3) The action may be brought in a court of competent jurisdiction in the county where the alleged or threatened violation of this section took place, is taking place, or is about to take place, or in the county in which such dealer resides, has a principal place of business, or can be found.
(4) If the court finds that the violations of subsection (a) were willful or knowing violations, the court may award three (3) times the actual damage sustained and may provide such other relief as it considers necessary and proper. It shall be presumed that retail sales below cost to the retailer by a dealer after the dealer has received the notice required in subdivision (d)(2) are willful and knowing.
(5) Upon a finding by the court that this section has been violated, the court may award to the person bringing such action reasonable attorney's fees and costs.
(e) The attorney general and reporter may bring an action in the name of the state in a court as described in subsection (d), for appropriate relief, including civil penalties, temporary restraining order, temporary injunction, or permanent injunction, against any dealer who has violated, is violating, or who is otherwise likely to violate this section.
(f) Any court of competent jurisdiction shall have power to restrain violations of this section, to award appropriate damages, and to apply any appropriate civil penalties under subsection (c).
(g) This section is remedial legislation and shall be liberally construed to promote its purposes. The powers and remedies in this section shall be cumulative and supplementary to all other powers and remedies otherwise provided by law.
(h) Nothing in this section shall prohibit a dealer from making, or offering or advertising to make, sales at retail which are made in good faith to compete with the equally low or lower retail price of a competitor. Such sales at retail under this subsection (h) by a vertically integrated producer shall be made in accordance with subsection (b).
(i) Nothing contained within this section shall be construed to regulate the price of petroleum distillates purchased from a producer or a distributor: (1) By a person solely for use in agricultural production activities on the farm of such person; (2) By an employer for the business use of employees; (3) By any common carrier regulated by the Tennessee public utility commission, the department of safety and/or the department of transportation; (4) By a person for industrial and commercial purposes which do not include the sale of petroleum distillates to the public; or (5) For any other commercial transactions.
(1) By a person solely for use in agricultural production activities on the farm of such person;
(2) By an employer for the business use of employees;
(3) By any common carrier regulated by the Tennessee public utility commission, the department of safety and/or the department of transportation;
(4) By a person for industrial and commercial purposes which do not include the sale of petroleum distillates to the public; or
(5) For any other commercial transactions.
Amended by 2017 Tenn. Acts, ch. 94,s 41, eff. 4/4/2017.
Acts 1988, ch. 1033, §§ 4, 6, 8; 1995, ch. 305, § 105.
Tenn. Code Ann. § 47-33-102 — TN Code / Title 47 / Chapter 33 / Section 47-33-102
Chapter definitions
Status: in_force

As used in this chapter: (1) "Benchmark" means an index of interest rates or dividend rates that is used, in whole or in part, as the basis of, or as a reference for, calculating or determining a valuation, payment, or other measurement under or in respect of a contract, security, or instrument; (2) "Benchmark replacement" means a benchmark, or an interest rate or dividend rate, that may be based in whole or in part on a prior setting of LIBOR, to replace LIBOR or an interest rate or dividend rate based on LIBOR, whether on a temporary, permanent, or indefinite basis, under or in respect of a contract, security, or instrument; (3) "Benchmark replacement conforming changes": (A) Means technical, administrative, or operational changes, alterations, or modifications that are associated with and reasonably necessary to the use, adoption, calculation, or implementation of a recommended benchmark replacement and that have been selected or recommended by a relevant recommending body; and (B) Includes, if, in the reasonable judgment of the calculating person, the benchmark replacement conforming changes selected or recommended pursuant to subdivision (3)(A) do not apply to the contract, security, or instrument or are insufficient to permit administration and calculation of the recommended benchmark replacement, other changes, alterations, or modifications that: (i) In the reasonable judgment of the calculating person, are necessary to permit administration and calculation of the recommended benchmark replacement under or in respect of the contract, security, or instrument in a manner consistent with market practice for substantially similar contracts, securities, or instruments and, to the extent practicable, the manner in which the contract, security, or instrument was administered immediately prior to the LIBOR replacement date; and (ii) Would not result in a disposition of the contract, security, or instrument for United States federal income tax purposes; (4) "Calculating person" means, with respect to a contract, security, or instrument, a person responsible for calculating or determining a valuation, payment, or other measurement based on a benchmark, and may be the determining person; (5) "Contract, security, or instrument" means a contract, agreement, mortgage, deed of trust, lease, instrument, other obligation, or security, whether representing debt or equity, and including an interest in a corporation, a partnership, or a limited liability company; (6) "Determining person" means, with respect to a contract, security, or instrument, in the following order of priority: (A) A person so specified; or (B) A person with the authority, right, or obligation to do the following: (i) Determine the benchmark replacement that will take effect on the LIBOR replacement date; (ii) Calculate or determine a valuation, payment, or other measurement based on a benchmark; or (iii) Notify other persons of a LIBOR replacement date or a benchmark replacement; (7) "Fallback provisions" means terms in a contract, security, or instrument that set forth a methodology or procedure for determining a benchmark replacement, including terms relating to the date on which the benchmark replacement becomes effective, without regard to whether a benchmark replacement can be determined in accordance with the methodology or procedure; (8) "LIBOR" means, for purposes of the application of this chapter to a particular contract, security, or instrument, United States dollar LIBOR, formerly known as the London Interbank Offered Rate, as administered by ICE Benchmark Administration Limited, or a predecessor or successor thereof, and a tenor thereof, as applicable, that is used in making a calculation or determination thereunder; (9) "LIBOR replacement date": (A) Means: (i) In the case of one-week and two-month tenors of LIBOR, the effective date of this act; and (ii) In the case of all other tenors of LIBOR, the first London banking day after June 30, 2023, unless the relevant recommending body determines that the other LIBOR tenors will cease to be published or cease to be representative on a different date; and (B) Does not mean a date that affects one (1) or more tenors of LIBOR with respect to a contract, security, or instrument that: (i) Provides for only one (1) tenor of LIBOR, if the contract, security, or instrument requires interpolation and the affected tenor can be interpolated from LIBOR tenors that are not so affected; or (ii) Permits a party to choose from more than one (1) tenor of LIBOR and any of the tenors is not so affected or, if the contract, security, or instrument requires interpolation, the affected tenor can be interpolated from LIBOR tenors that are not so affected; (10) "Recommended benchmark replacement" means a benchmark replacement based on SOFR, including a recommended spread adjustment and benchmark replacement conforming changes, that has been selected or recommended by a relevant recommending body with respect to the type of contract, security, or instrument; (11) "Recommended spread adjustment" means a spread adjustment, or method for calculating or determining the spread adjustment, that: (A) Has been selected or recommended by a relevant recommending body for a recommended benchmark replacement for a particular type of contract, security, or instrument and for a particular term to account for the effects of the transition or change from LIBOR to a recommended benchmark replacement; and (B) May be a positive or negative value or zero (0); (12) "Relevant recommending body" means the federal reserve board, the federal reserve bank of New York, or the Alternative Reference Rates Committee, or a successor to those entities; and (13) "SOFR" means with respect to a day, the secured overnight financing rate published for that day by the federal reserve bank of New York, as the administrator of the benchmark, or a successor administrator, on the federal reserve bank of New York's website. Added by 2022 Tenn. Acts, ch. 651, s 1, eff. 3/15/2022.
As used in this chapter:
(1) "Benchmark" means an index of interest rates or dividend rates that is used, in whole or in part, as the basis of, or as a reference for, calculating or determining a valuation, payment, or other measurement under or in respect of a contract, security, or instrument;
(2) "Benchmark replacement" means a benchmark, or an interest rate or dividend rate, that may be based in whole or in part on a prior setting of LIBOR, to replace LIBOR or an interest rate or dividend rate based on LIBOR, whether on a temporary, permanent, or indefinite basis, under or in respect of a contract, security, or instrument;
(3) "Benchmark replacement conforming changes": (A) Means technical, administrative, or operational changes, alterations, or modifications that are associated with and reasonably necessary to the use, adoption, calculation, or implementation of a recommended benchmark replacement and that have been selected or recommended by a relevant recommending body; and (B) Includes, if, in the reasonable judgment of the calculating person, the benchmark replacement conforming changes selected or recommended pursuant to subdivision (3)(A) do not apply to the contract, security, or instrument or are insufficient to permit administration and calculation of the recommended benchmark replacement, other changes, alterations, or modifications that: (i) In the reasonable judgment of the calculating person, are necessary to permit administration and calculation of the recommended benchmark replacement under or in respect of the contract, security, or instrument in a manner consistent with market practice for substantially similar contracts, securities, or instruments and, to the extent practicable, the manner in which the contract, security, or instrument was administered immediately prior to the LIBOR replacement date; and (ii) Would not result in a disposition of the contract, security, or instrument for United States federal income tax purposes;
(A) Means technical, administrative, or operational changes, alterations, or modifications that are associated with and reasonably necessary to the use, adoption, calculation, or implementation of a recommended benchmark replacement and that have been selected or recommended by a relevant recommending body; and
(B) Includes, if, in the reasonable judgment of the calculating person, the benchmark replacement conforming changes selected or recommended pursuant to subdivision (3)(A) do not apply to the contract, security, or instrument or are insufficient to permit administration and calculation of the recommended benchmark replacement, other changes, alterations, or modifications that: (i) In the reasonable judgment of the calculating person, are necessary to permit administration and calculation of the recommended benchmark replacement under or in respect of the contract, security, or instrument in a manner consistent with market practice for substantially similar contracts, securities, or instruments and, to the extent practicable, the manner in which the contract, security, or instrument was administered immediately prior to the LIBOR replacement date; and (ii) Would not result in a disposition of the contract, security, or instrument for United States federal income tax purposes;
(i) In the reasonable judgment of the calculating person, are necessary to permit administration and calculation of the recommended benchmark replacement under or in respect of the contract, security, or instrument in a manner consistent with market practice for substantially similar contracts, securities, or instruments and, to the extent practicable, the manner in which the contract, security, or instrument was administered immediately prior to the LIBOR replacement date; and
(ii) Would not result in a disposition of the contract, security, or instrument for United States federal income tax purposes;
(4) "Calculating person" means, with respect to a contract, security, or instrument, a person responsible for calculating or determining a valuation, payment, or other measurement based on a benchmark, and may be the determining person;
(5) "Contract, security, or instrument" means a contract, agreement, mortgage, deed of trust, lease, instrument, other obligation, or security, whether representing debt or equity, and including an interest in a corporation, a partnership, or a limited liability company;
(6) "Determining person" means, with respect to a contract, security, or instrument, in the following order of priority: (A) A person so specified; or (B) A person with the authority, right, or obligation to do the following: (i) Determine the benchmark replacement that will take effect on the LIBOR replacement date; (ii) Calculate or determine a valuation, payment, or other measurement based on a benchmark; or (iii) Notify other persons of a LIBOR replacement date or a benchmark replacement;
(A) A person so specified; or
(B) A person with the authority, right, or obligation to do the following: (i) Determine the benchmark replacement that will take effect on the LIBOR replacement date; (ii) Calculate or determine a valuation, payment, or other measurement based on a benchmark; or (iii) Notify other persons of a LIBOR replacement date or a benchmark replacement;
(i) Determine the benchmark replacement that will take effect on the LIBOR replacement date;
(ii) Calculate or determine a valuation, payment, or other measurement based on a benchmark; or
(iii) Notify other persons of a LIBOR replacement date or a benchmark replacement;
(7) "Fallback provisions" means terms in a contract, security, or instrument that set forth a methodology or procedure for determining a benchmark replacement, including terms relating to the date on which the benchmark replacement becomes effective, without regard to whether a benchmark replacement can be determined in accordance with the methodology or procedure;
(8) "LIBOR" means, for purposes of the application of this chapter to a particular contract, security, or instrument, United States dollar LIBOR, formerly known as the London Interbank Offered Rate, as administered by ICE Benchmark Administration Limited, or a predecessor or successor thereof, and a tenor thereof, as applicable, that is used in making a calculation or determination thereunder;
(9) "LIBOR replacement date": (A) Means: (i) In the case of one-week and two-month tenors of LIBOR, the effective date of this act; and (ii) In the case of all other tenors of LIBOR, the first London banking day after June 30, 2023, unless the relevant recommending body determines that the other LIBOR tenors will cease to be published or cease to be representative on a different date; and (B) Does not mean a date that affects one (1) or more tenors of LIBOR with respect to a contract, security, or instrument that: (i) Provides for only one (1) tenor of LIBOR, if the contract, security, or instrument requires interpolation and the affected tenor can be interpolated from LIBOR tenors that are not so affected; or (ii) Permits a party to choose from more than one (1) tenor of LIBOR and any of the tenors is not so affected or, if the contract, security, or instrument requires interpolation, the affected tenor can be interpolated from LIBOR tenors that are not so affected;
(A) Means: (i) In the case of one-week and two-month tenors of LIBOR, the effective date of this act; and (ii) In the case of all other tenors of LIBOR, the first London banking day after June 30, 2023, unless the relevant recommending body determines that the other LIBOR tenors will cease to be published or cease to be representative on a different date; and
(i) In the case of one-week and two-month tenors of LIBOR, the effective date of this act; and
(ii) In the case of all other tenors of LIBOR, the first London banking day after June 30, 2023, unless the relevant recommending body determines that the other LIBOR tenors will cease to be published or cease to be representative on a different date; and
(B) Does not mean a date that affects one (1) or more tenors of LIBOR with respect to a contract, security, or instrument that: (i) Provides for only one (1) tenor of LIBOR, if the contract, security, or instrument requires interpolation and the affected tenor can be interpolated from LIBOR tenors that are not so affected; or (ii) Permits a party to choose from more than one (1) tenor of LIBOR and any of the tenors is not so affected or, if the contract, security, or instrument requires interpolation, the affected tenor can be interpolated from LIBOR tenors that are not so affected;
(i) Provides for only one (1) tenor of LIBOR, if the contract, security, or instrument requires interpolation and the affected tenor can be interpolated from LIBOR tenors that are not so affected; or
(ii) Permits a party to choose from more than one (1) tenor of LIBOR and any of the tenors is not so affected or, if the contract, security, or instrument requires interpolation, the affected tenor can be interpolated from LIBOR tenors that are not so affected;
(10) "Recommended benchmark replacement" means a benchmark replacement based on SOFR, including a recommended spread adjustment and benchmark replacement conforming changes, that has been selected or recommended by a relevant recommending body with respect to the type of contract, security, or instrument;
(11) "Recommended spread adjustment" means a spread adjustment, or method for calculating or determining the spread adjustment, that: (A) Has been selected or recommended by a relevant recommending body for a recommended benchmark replacement for a particular type of contract, security, or instrument and for a particular term to account for the effects of the transition or change from LIBOR to a recommended benchmark replacement; and (B) May be a positive or negative value or zero (0);
(A) Has been selected or recommended by a relevant recommending body for a recommended benchmark replacement for a particular type of contract, security, or instrument and for a particular term to account for the effects of the transition or change from LIBOR to a recommended benchmark replacement; and
(B) May be a positive or negative value or zero (0);
(12) "Relevant recommending body" means the federal reserve board, the federal reserve bank of New York, or the Alternative Reference Rates Committee, or a successor to those entities; and
(13) "SOFR" means with respect to a day, the secured overnight financing rate published for that day by the federal reserve bank of New York, as the administrator of the benchmark, or a successor administrator, on the federal reserve bank of New York's website.
Added by 2022 Tenn. Acts, ch. 651, s 1, eff. 3/15/2022.
Tenn. Code Ann. § 47-9-613 — TN Code / Title 47 / Chapter 9 / Section 47-9-613
Contents and form of notification before disposition of collateral - General
Status: in_force

Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (A) describes the debtor and the secured party; (B) describes the collateral that is the subject of the intended disposition; (C) states the method of intended disposition; (D) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and (E) states the time and place of a public disposition or the time after which any other disposition is to be made. (2) Whether the contents of a notification that lacks any of the information specified in paragraph (1) are nevertheless sufficient is a question of fact. (3) The contents of a notification providing substantially the information specified in paragraph (1) are sufficient, even if the notification includes: (A) information not specified by that paragraph; or (B) minor errors that are not seriously misleading. (4) A particular phrasing of the notification is not required. (5) The following form of notification and the form appearing in § 47-9-614(3) , when completed, each provides sufficient information: ______________ NOTIFICATION OF DISPOSITION OF COLLATERAL To: [Name of debtor, obligor, or other person to which the notification is sent] From: [Name, address, and telephone number of secured party] Name of Debtor(s): [Include only if debtor(s) are not an addressee] [For a public disposition:] We will sell [or lease or license, as applicable] the [describe collateral] [to the highest qualified bidder] in public as follows: Day and Date: Time: Place: [For a private disposition:] We will sell [or lease or license, as applicable] the [describe collateral] privately sometime after [day and date]. You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $ ] . You may request an accounting by calling us at [telephone number] ______________ [End of Form] Acts 2000, ch. 846, § 1.
Except in a consumer-goods transaction, the following rules apply:
(1) The contents of a notification of disposition are sufficient if the notification: (A) describes the debtor and the secured party; (B) describes the collateral that is the subject of the intended disposition; (C) states the method of intended disposition; (D) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and (E) states the time and place of a public disposition or the time after which any other disposition is to be made.
(A) describes the debtor and the secured party;
(B) describes the collateral that is the subject of the intended disposition;
(C) states the method of intended disposition;
(D) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
(E) states the time and place of a public disposition or the time after which any other disposition is to be made.
(2) Whether the contents of a notification that lacks any of the information specified in paragraph (1) are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in paragraph (1) are sufficient, even if the notification includes: (A) information not specified by that paragraph; or (B) minor errors that are not seriously misleading.
(A) information not specified by that paragraph; or
(B) minor errors that are not seriously misleading.
(4) A particular phrasing of the notification is not required.
(5) The following form of notification and the form appearing in § 47-9-614(3) , when completed, each provides sufficient information: ______________ NOTIFICATION OF DISPOSITION OF COLLATERAL To: [Name of debtor, obligor, or other person to which the notification is sent] From: [Name, address, and telephone number of secured party] Name of Debtor(s): [Include only if debtor(s) are not an addressee] [For a public disposition:] We will sell [or lease or license, as applicable] the [describe collateral] [to the highest qualified bidder] in public as follows: Day and Date: Time: Place: [For a private disposition:] We will sell [or lease or license, as applicable] the [describe collateral] privately sometime after [day and date]. You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $ ] . You may request an accounting by calling us at [telephone number] ______________ [End of Form]
______________
NOTIFICATION OF DISPOSITION OF COLLATERAL
To: [Name of debtor, obligor, or other person to which the notification is sent]
From: [Name, address, and telephone number of secured party]
Name of Debtor(s): [Include only if debtor(s) are not an addressee]
[For a public disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] [to the highest qualified bidder] in public as follows:
Day and Date:
Time:
Place:
[For a private disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] privately sometime after [day and date].
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $ ] . You may request an accounting by calling us at [telephone number]
______________
[End of Form]
Acts 2000, ch. 846, § 1.
Tenn. Code Ann. § 47-2a-211 — TN Code / Title 47 / Chapter 2a / Section 47-2a-211
2024 Tennessee Code Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) Chapter 2A - LEASES (§§ 47-2A-101 — 47-2A-532) Part 2 - FORMATION AND CONSTRUCTION OF LEASE CONTRACT (§§ 47-2A-201 — 47-2A-221) Section 47-2A-211 - Warranties against interference and against infringement - Lessee's obligation against infringement
Status: in_force

(1) There is in a lease contract a warranty that for the lease term no person holds a claim to or interest in the goods that arose from an act or omission of the lessor, other than a claim by way of infringement or the like, which will interfere with the lessee's enjoyment of its leasehold interest. (2) Except in a finance lease there is in a lease contract by a lessor who is a merchant regularly dealing in goods of the kind a warranty that the goods are delivered free of the rightful claim of any person by way of infringement or the like. (3) A lessee who furnishes specifications to a lessor or a supplier shall hold the lessor and the supplier harmless against any claim by way of infringement or the like that arises out of compliance with the specifications. Acts 1993, ch. 398, § 1.
(1) There is in a lease contract a warranty that for the lease term no person holds a claim to or interest in the goods that arose from an act or omission of the lessor, other than a claim by way of infringement or the like, which will interfere with the lessee's enjoyment of its leasehold interest.
(2) Except in a finance lease there is in a lease contract by a lessor who is a merchant regularly dealing in goods of the kind a warranty that the goods are delivered free of the rightful claim of any person by way of infringement or the like.
(3) A lessee who furnishes specifications to a lessor or a supplier shall hold the lessor and the supplier harmless against any claim by way of infringement or the like that arises out of compliance with the specifications.
Acts 1993, ch. 398, § 1.
Tenn. Code Ann. § 47-18-1602 — TN Code / Title 47 / Chapter 18 / Section 47-18-1602
[Renumbered]
Status: repealed

Renumbered as 4-49-202 by 2023 Tenn. Acts, ch. 143,s 5, eff. 7/1/2023. Amended by 2019 Tenn. Acts, ch. 173, s 1, eff. 4/23/2019. Added by 2016 Tenn. Acts, ch. 978, s 1, eff. 7/1/2016.
Renumbered as 4-49-202 by 2023 Tenn. Acts, ch. 143,s 5, eff. 7/1/2023.
Amended by 2019 Tenn. Acts, ch. 173, s 1, eff. 4/23/2019.
Added by 2016 Tenn. Acts, ch. 978, s 1, eff. 7/1/2016.
Tenn. Code Ann. § 47-18-5515 — TN Code / Title 47 / Chapter 18 / Section 47-18-5515
Requirement of good faith
Status: in_force

A provider shall act in good faith in all matters under this part. Acts 2009, ch. 469, § 1.
A provider shall act in good faith in all matters under this part.
Acts 2009, ch. 469, § 1.
Tenn. Code Ann. § 47-13-118 — TN Code / Title 47 / Chapter 13 / Section 47-13-118
General assignments - Inventory - Trustee's rights to property
Status: in_force

The debtor making a general assignment shall annex thereto a full and complete inventory or schedule under oath of all the debtor's property of every description, and the trustee or assignee shall be entitled to any other property of the debtor not embraced in the assignment, and not exempt from execution, and also to property conveyed in violation of § 47-13-116 , and to the property or its proceeds assigned to satisfy judgments rendered in violation of § 47-13-117 . Acts 1881, ch. 121, § 4; Shan., § 3527a4; Code 1932, § 7790; T.C.A. (orig. ed.), § 47-1518.
The debtor making a general assignment shall annex thereto a full and complete inventory or schedule under oath of all the debtor's property of every description, and the trustee or assignee shall be entitled to any other property of the debtor not embraced in the assignment, and not exempt from execution, and also to property conveyed in violation of § 47-13-116 , and to the property or its proceeds assigned to satisfy judgments rendered in violation of § 47-13-117 .
Acts 1881, ch. 121, § 4; Shan., § 3527a4; Code 1932, § 7790; T.C.A. (orig. ed.), § 47-1518.
Tenn. Code Ann. § 47-50-121 — TN Code / Title 47 / Chapter 50 / Section 47-50-121
Section definitions - Required disclosures for third party ticket resellers - Limitations on price changes
Status: in_force

(a) As used in this section: (1) "Entertainment": (A) Means a form of diversion, recreation, or show; and (B) Includes: (i) Theatrical or operatic performances; (ii) Concerts; (iii) Motion pictures; (iv) Shows or events at fair grounds; (v) Amusement parks; and (vi) Athletic games or competition, including football, basketball, baseball, boxing, tennis, hockey, or another sport; (2) "Place of entertainment": (A) Means a privately or publicly owned facility for entertainment for which an entry fee is charged; and (B) Includes a theater, stadium, arena, racetrack, museum, amusement park, or other place where performances, concerts, exhibits, or athletic games or contests are held; (3) "Resale": (A) Means a sale of a ticket for entrance to a place of entertainment located within the boundaries of this state, other than a sale by the operator or the operator's agent who is expressly authorized to make first sales of the tickets; and (B) Includes a sale made in person, or by means of telephone, mail, delivery service, facsimile, internet, email, or other electronic means, where the venue for which the ticket grants admission is located in this state; (4) "Third-party ticket reseller" means an individual, firm, corporation, or other entity that: (A) Engages in the business of reselling tickets to a place of entertainment; (B) Operates an internet website or other electronic service that provides a mechanism for two (2) or more parties to participate in a resale transaction; (C) Facilitates resale transactions by means of an auction; or (D) Maintains an office, branch of an office, bureau, agency, or other entity for purposes of engaging in the business of reselling tickets to a place of entertainment; and (5) "Ticket" means evidence of the right of entry to a place of entertainment located within this state. (b) A third-party ticket reseller, ticket broker, ticket issuer, and ticket resale website shall disclose the total cost of a ticket, including all ancillary fees and service charges, to be paid in order to complete the purchase of a ticket, prior to the ticket being selected for purchase. (c) The information required to be disclosed pursuant to subsection (b) must be disclosed in a clear and conspicuous manner and in dollars. If a ticket is sold through a website, then the information required to be disclosed must be displayed in the ticket listing prior to the ticket being selected for purchase. The information disclosed must not be false or misleading, and must not be presented more prominently, or in the same or larger size font, as the total price. (d) The price of a ticket sold through a website must not increase after a consumer has selected a ticket for purchase, excluding reasonable fees for delivery of non-electronic tickets based on the delivery method selected by the purchaser prior to payment for the ticket. Added by 2023 Tenn. Acts, ch. 474, s 1, eff. 7/1/2023.
(a) As used in this section: (1) "Entertainment": (A) Means a form of diversion, recreation, or show; and (B) Includes: (i) Theatrical or operatic performances; (ii) Concerts; (iii) Motion pictures; (iv) Shows or events at fair grounds; (v) Amusement parks; and (vi) Athletic games or competition, including football, basketball, baseball, boxing, tennis, hockey, or another sport; (2) "Place of entertainment": (A) Means a privately or publicly owned facility for entertainment for which an entry fee is charged; and (B) Includes a theater, stadium, arena, racetrack, museum, amusement park, or other place where performances, concerts, exhibits, or athletic games or contests are held; (3) "Resale": (A) Means a sale of a ticket for entrance to a place of entertainment located within the boundaries of this state, other than a sale by the operator or the operator's agent who is expressly authorized to make first sales of the tickets; and (B) Includes a sale made in person, or by means of telephone, mail, delivery service, facsimile, internet, email, or other electronic means, where the venue for which the ticket grants admission is located in this state; (4) "Third-party ticket reseller" means an individual, firm, corporation, or other entity that: (A) Engages in the business of reselling tickets to a place of entertainment; (B) Operates an internet website or other electronic service that provides a mechanism for two (2) or more parties to participate in a resale transaction; (C) Facilitates resale transactions by means of an auction; or (D) Maintains an office, branch of an office, bureau, agency, or other entity for purposes of engaging in the business of reselling tickets to a place of entertainment; and (5) "Ticket" means evidence of the right of entry to a place of entertainment located within this state.
(1) "Entertainment": (A) Means a form of diversion, recreation, or show; and (B) Includes: (i) Theatrical or operatic performances; (ii) Concerts; (iii) Motion pictures; (iv) Shows or events at fair grounds; (v) Amusement parks; and (vi) Athletic games or competition, including football, basketball, baseball, boxing, tennis, hockey, or another sport;
(A) Means a form of diversion, recreation, or show; and
(B) Includes: (i) Theatrical or operatic performances; (ii) Concerts; (iii) Motion pictures; (iv) Shows or events at fair grounds; (v) Amusement parks; and (vi) Athletic games or competition, including football, basketball, baseball, boxing, tennis, hockey, or another sport;
(i) Theatrical or operatic performances;
(ii) Concerts;
(iii) Motion pictures;
(iv) Shows or events at fair grounds;
(v) Amusement parks; and
(vi) Athletic games or competition, including football, basketball, baseball, boxing, tennis, hockey, or another sport;
(2) "Place of entertainment": (A) Means a privately or publicly owned facility for entertainment for which an entry fee is charged; and (B) Includes a theater, stadium, arena, racetrack, museum, amusement park, or other place where performances, concerts, exhibits, or athletic games or contests are held;
(A) Means a privately or publicly owned facility for entertainment for which an entry fee is charged; and
(B) Includes a theater, stadium, arena, racetrack, museum, amusement park, or other place where performances, concerts, exhibits, or athletic games or contests are held;
(3) "Resale": (A) Means a sale of a ticket for entrance to a place of entertainment located within the boundaries of this state, other than a sale by the operator or the operator's agent who is expressly authorized to make first sales of the tickets; and (B) Includes a sale made in person, or by means of telephone, mail, delivery service, facsimile, internet, email, or other electronic means, where the venue for which the ticket grants admission is located in this state;
(A) Means a sale of a ticket for entrance to a place of entertainment located within the boundaries of this state, other than a sale by the operator or the operator's agent who is expressly authorized to make first sales of the tickets; and
(B) Includes a sale made in person, or by means of telephone, mail, delivery service, facsimile, internet, email, or other electronic means, where the venue for which the ticket grants admission is located in this state;
(4) "Third-party ticket reseller" means an individual, firm, corporation, or other entity that: (A) Engages in the business of reselling tickets to a place of entertainment; (B) Operates an internet website or other electronic service that provides a mechanism for two (2) or more parties to participate in a resale transaction; (C) Facilitates resale transactions by means of an auction; or (D) Maintains an office, branch of an office, bureau, agency, or other entity for purposes of engaging in the business of reselling tickets to a place of entertainment; and
(A) Engages in the business of reselling tickets to a place of entertainment;
(B) Operates an internet website or other electronic service that provides a mechanism for two (2) or more parties to participate in a resale transaction;
(C) Facilitates resale transactions by means of an auction; or
(D) Maintains an office, branch of an office, bureau, agency, or other entity for purposes of engaging in the business of reselling tickets to a place of entertainment; and
(5) "Ticket" means evidence of the right of entry to a place of entertainment located within this state.
(b) A third-party ticket reseller, ticket broker, ticket issuer, and ticket resale website shall disclose the total cost of a ticket, including all ancillary fees and service charges, to be paid in order to complete the purchase of a ticket, prior to the ticket being selected for purchase.
(c) The information required to be disclosed pursuant to subsection (b) must be disclosed in a clear and conspicuous manner and in dollars. If a ticket is sold through a website, then the information required to be disclosed must be displayed in the ticket listing prior to the ticket being selected for purchase. The information disclosed must not be false or misleading, and must not be presented more prominently, or in the same or larger size font, as the total price.
(d) The price of a ticket sold through a website must not increase after a consumer has selected a ticket for purchase, excluding reasonable fees for delivery of non-electronic tickets based on the delivery method selected by the purchaser prior to payment for the ticket.
Added by 2023 Tenn. Acts, ch. 474, s 1, eff. 7/1/2023.
Tenn. Code Ann. § 47-3-202 — TN Code / Title 47 / Chapter 3 / Section 47-3-202
Negotiation subject to rescission
Status: in_force

(a) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its powers, or a person without capacity, (ii) by fraud, duress, or mistake, or (iii) in breach of duty or as part of an illegal transaction. (b) To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy. Acts 1995, ch. 397, § 2.
(a) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its powers, or a person without capacity, (ii) by fraud, duress, or mistake, or (iii) in breach of duty or as part of an illegal transaction.
(b) To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy.
Acts 1995, ch. 397, § 2.
Tenn. Code Ann. § 47-1-102 — TN Code / Title 47 / Chapter 1 / Section 47-1-102
Scope of chapter
Status: in_force

This chapter applies to a transaction to the extent that it is governed by chapters 2-9 of this title. Acts 2008, ch. 930, § 1.
This chapter applies to a transaction to the extent that it is governed by chapters 2-9 of this title.
Acts 2008, ch. 930, § 1.
Tenn. Code Ann. § 47-2-201 — TN Code / Title 47 / Chapter 2 / Section 47-2-201
Formal requirements - Statute of frauds
Status: in_force

(1) Except as otherwise provided in this section, a contract for sale of goods for the price of five hundred dollars ($500) or more is not enforceable by way of action or defense unless there is some writing or record sufficient to indicate that a contract for sale has been made between the parties and signed by the party against whom enforcement is sought or by his authorized agent or broker. A writing or record is not insufficient because it omits or incorrectly states a term agreed upon but the contract is not enforceable under this paragraph beyond the quantity of goods shown in such writing or record. (2) Between merchants if within a reasonable time a writing or record in confirmation of the contract and sufficient against the sender is received and the party receiving it has reason to know its contents, it satisfies the requirements of subsection (1) against such party unless written notice of objection to its contents is given within ten (10) days after it is received. (3) A contract which does not satisfy the requirements of subsection (1) but which is valid in other respects is enforceable: (a) if the goods are to be specially manufactured for the buyer and are not suitable for sale to others in the ordinary course of the seller's business and the seller, before notice of repudiation is received and under circumstances which reasonably indicate that the goods are for the buyer, has made either a substantial beginning of their manufacture or commitments for their procurement; or (b) if the party against whom enforcement is sought admits in his pleading, testimony or otherwise in court that a contract for sale was made, but the contract is not enforceable under this provision beyond the quantity of goods admitted; or (c) with respect to goods for which payment has been made and accepted or which have been received and accepted (§ 47-2-606 ). Acts 1963, ch. 81, § 1 (2-201); 1997, ch. 272, § 5.
(1) Except as otherwise provided in this section, a contract for sale of goods for the price of five hundred dollars ($500) or more is not enforceable by way of action or defense unless there is some writing or record sufficient to indicate that a contract for sale has been made between the parties and signed by the party against whom enforcement is sought or by his authorized agent or broker. A writing or record is not insufficient because it omits or incorrectly states a term agreed upon but the contract is not enforceable under this paragraph beyond the quantity of goods shown in such writing or record.
(2) Between merchants if within a reasonable time a writing or record in confirmation of the contract and sufficient against the sender is received and the party receiving it has reason to know its contents, it satisfies the requirements of subsection (1) against such party unless written notice of objection to its contents is given within ten (10) days after it is received.
(3) A contract which does not satisfy the requirements of subsection (1) but which is valid in other respects is enforceable: (a) if the goods are to be specially manufactured for the buyer and are not suitable for sale to others in the ordinary course of the seller's business and the seller, before notice of repudiation is received and under circumstances which reasonably indicate that the goods are for the buyer, has made either a substantial beginning of their manufacture or commitments for their procurement; or (b) if the party against whom enforcement is sought admits in his pleading, testimony or otherwise in court that a contract for sale was made, but the contract is not enforceable under this provision beyond the quantity of goods admitted; or (c) with respect to goods for which payment has been made and accepted or which have been received and accepted (§ 47-2-606 ).
(a) if the goods are to be specially manufactured for the buyer and are not suitable for sale to others in the ordinary course of the seller's business and the seller, before notice of repudiation is received and under circumstances which reasonably indicate that the goods are for the buyer, has made either a substantial beginning of their manufacture or commitments for their procurement; or
(b) if the party against whom enforcement is sought admits in his pleading, testimony or otherwise in court that a contract for sale was made, but the contract is not enforceable under this provision beyond the quantity of goods admitted; or
(c) with respect to goods for which payment has been made and accepted or which have been received and accepted (§ 47-2-606 ).
Acts 1963, ch. 81, § 1 (2-201); 1997, ch. 272, § 5.
Tenn. Code Ann. § 47-8-501 — TN Code / Title 47 / Chapter 8 / Section 47-8-501
Securities account - Acquisition of security entitlement from securities intermediary
Status: in_force

(a) "Securities account" means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset. (b) Except as otherwise provided in subsections (d) and (e), a person acquires a security entitlement if a securities intermediary: (1) indicates by book entry that a financial asset has been credited to the person's securities account; (2) receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account; or (3) becomes obligated under other law, regulation, or rule to credit a financial asset to the person's securities account. (c) If a condition of subsection (b) has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset. (d) If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order of, or specially endorsed to the other person, and has not been endorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset. (e) Issuance of a security is not establishment of a security entitlement. Acts 1997, ch. 79, § 1.
(a) "Securities account" means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset.
(b) Except as otherwise provided in subsections (d) and (e), a person acquires a security entitlement if a securities intermediary: (1) indicates by book entry that a financial asset has been credited to the person's securities account; (2) receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account; or (3) becomes obligated under other law, regulation, or rule to credit a financial asset to the person's securities account.
(1) indicates by book entry that a financial asset has been credited to the person's securities account;
(2) receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account; or
(3) becomes obligated under other law, regulation, or rule to credit a financial asset to the person's securities account.
(c) If a condition of subsection (b) has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset.
(d) If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order of, or specially endorsed to the other person, and has not been endorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset.
(e) Issuance of a security is not establishment of a security entitlement.
Acts 1997, ch. 79, § 1.
Tenn. Code Ann. § 47-26-801 — TN Code / Title 47 / Chapter 26 / Section 47-26-801
Short title
Status: in_force

This part shall be known and may be cited as the "Certified Public Weigher Law of 1981." Acts 1981, ch. 389, § 2; T.C.A., § 71-801.
This part shall be known and may be cited as the "Certified Public Weigher Law of 1981."
Acts 1981, ch. 389, § 2; T.C.A., § 71-801.
Tenn. Code Ann. § 47-25-1220 — TN Code / Title 47 / Chapter 25 / Section 47-25-1220
Compliance with other laws required
Status: in_force

This part is not exclusive and does not relieve the parties or the contract subject thereto from compliance with all other applicable law. Acts 1977, ch. 436, § 13; T.C.A., § 47-20-120.
This part is not exclusive and does not relieve the parties or the contract subject thereto from compliance with all other applicable law.
Acts 1977, ch. 436, § 13; T.C.A., § 47-20-120.
Tenn. Code Ann. § 47-25-1903 — TN Code / Title 47 / Chapter 25 / Section 47-25-1903
Retail agreement modifications for good cause
Status: in_force

(a) No supplier, directly or through an officer, agent or employee, may terminate, cancel, fail to renew or substantially change the competitive circumstances of a retail agreement without good cause. "Good cause" means failure by a dealer to comply with requirements imposed upon the dealer by the retail agreement if the requirements are not different from those imposed on other dealers similarly situated in this state. In addition, good cause exists whenever: (1) There has been a closeout on the sale of a substantial part of the dealer's assets related to the business, or there has been a commencement of a dissolution or liquidation of the dealer; (2) The dealer has changed its principal place of business or added additional locations without prior approval of the supplier, which shall not be unreasonably withheld; (3) The dealer has substantially defaulted under a chattel mortgage or other security agreement between the dealer and the supplier, or there has been a revocation or discontinuance of a guarantee of a present or future obligation of the dealer to the supplier; (4) The dealer has failed to operate in the normal course of business for seven (7) consecutive days or has otherwise abandoned the business; (5) The dealer has pleaded guilty to or has been convicted of a felony affecting the relationship between the dealer and the supplier; or (6) The dealer transfers an interest in the dealership, or a person with a substantial interest in the ownership or control of the dealership, including an individual proprietor, partner or major shareholder, withdraws from the dealership or dies, or a substantial reduction occurs in the interest of a partner or major shareholder in the dealership; however, good cause does not exist if the supplier consents to an action described in this subdivision (a)(6). (b) Except as otherwise provided in this section, a supplier shall provide a dealer with at least ninety (90) days' written notice of termination, cancellation or nonrenewal of the retail agreement and a sixty-day right to cure the deficiency. If the deficiency is cured within the allotted time, the notice is void. In a case where cancellation is enacted due to market penetration, a reasonable period of time shall have existed where the supplier has worked with the dealer to gain the desired market share. The notice shall state all reasons constituting good cause for termination, cancellation or nonrenewal of the retail agreement. Acts 2007, ch. 188, § 4.
(a) No supplier, directly or through an officer, agent or employee, may terminate, cancel, fail to renew or substantially change the competitive circumstances of a retail agreement without good cause. "Good cause" means failure by a dealer to comply with requirements imposed upon the dealer by the retail agreement if the requirements are not different from those imposed on other dealers similarly situated in this state. In addition, good cause exists whenever: (1) There has been a closeout on the sale of a substantial part of the dealer's assets related to the business, or there has been a commencement of a dissolution or liquidation of the dealer; (2) The dealer has changed its principal place of business or added additional locations without prior approval of the supplier, which shall not be unreasonably withheld; (3) The dealer has substantially defaulted under a chattel mortgage or other security agreement between the dealer and the supplier, or there has been a revocation or discontinuance of a guarantee of a present or future obligation of the dealer to the supplier; (4) The dealer has failed to operate in the normal course of business for seven (7) consecutive days or has otherwise abandoned the business; (5) The dealer has pleaded guilty to or has been convicted of a felony affecting the relationship between the dealer and the supplier; or (6) The dealer transfers an interest in the dealership, or a person with a substantial interest in the ownership or control of the dealership, including an individual proprietor, partner or major shareholder, withdraws from the dealership or dies, or a substantial reduction occurs in the interest of a partner or major shareholder in the dealership; however, good cause does not exist if the supplier consents to an action described in this subdivision (a)(6).
(1) There has been a closeout on the sale of a substantial part of the dealer's assets related to the business, or there has been a commencement of a dissolution or liquidation of the dealer;
(2) The dealer has changed its principal place of business or added additional locations without prior approval of the supplier, which shall not be unreasonably withheld;
(3) The dealer has substantially defaulted under a chattel mortgage or other security agreement between the dealer and the supplier, or there has been a revocation or discontinuance of a guarantee of a present or future obligation of the dealer to the supplier;
(4) The dealer has failed to operate in the normal course of business for seven (7) consecutive days or has otherwise abandoned the business;
(5) The dealer has pleaded guilty to or has been convicted of a felony affecting the relationship between the dealer and the supplier; or
(6) The dealer transfers an interest in the dealership, or a person with a substantial interest in the ownership or control of the dealership, including an individual proprietor, partner or major shareholder, withdraws from the dealership or dies, or a substantial reduction occurs in the interest of a partner or major shareholder in the dealership; however, good cause does not exist if the supplier consents to an action described in this subdivision (a)(6).
(b) Except as otherwise provided in this section, a supplier shall provide a dealer with at least ninety (90) days' written notice of termination, cancellation or nonrenewal of the retail agreement and a sixty-day right to cure the deficiency. If the deficiency is cured within the allotted time, the notice is void. In a case where cancellation is enacted due to market penetration, a reasonable period of time shall have existed where the supplier has worked with the dealer to gain the desired market share. The notice shall state all reasons constituting good cause for termination, cancellation or nonrenewal of the retail agreement.
Acts 2007, ch. 188, § 4.
Tenn. Code Ann. § 47-3-409 — TN Code / Title 47 / Chapter 3 / Section 47-3-409
Acceptance of draft - Certified check
Status: in_force

(a) "Acceptance" means the drawee's signed agreement to pay a draft as presented. It must be written on the draft and may consist of the drawee's signature alone. Acceptance may be made at any time and becomes effective when notification pursuant to instructions is given or the accepted draft is delivered for the purpose of giving rights on the acceptance to any person. (b) A draft may be accepted although it has not been signed by the drawer, is otherwise incomplete, is overdue, or has been dishonored. (c) If a draft is payable at a fixed period after sight and the acceptor fails to date the acceptance, the holder may complete the acceptance by supplying a date in good faith. (d) "Certified check" means a check accepted by the bank on which it is drawn. Acceptance may be made as stated in subsection (a) or by a writing on the check which indicates that the check is certified. The drawee of a check has no obligation to certify the check, and refusal to certify is not dishonor of the check. Acts 1995, ch. 397, § 2.
(a) "Acceptance" means the drawee's signed agreement to pay a draft as presented. It must be written on the draft and may consist of the drawee's signature alone. Acceptance may be made at any time and becomes effective when notification pursuant to instructions is given or the accepted draft is delivered for the purpose of giving rights on the acceptance to any person.
(b) A draft may be accepted although it has not been signed by the drawer, is otherwise incomplete, is overdue, or has been dishonored.
(c) If a draft is payable at a fixed period after sight and the acceptor fails to date the acceptance, the holder may complete the acceptance by supplying a date in good faith.
(d) "Certified check" means a check accepted by the bank on which it is drawn. Acceptance may be made as stated in subsection (a) or by a writing on the check which indicates that the check is certified. The drawee of a check has no obligation to certify the check, and refusal to certify is not dishonor of the check.
Acts 1995, ch. 397, § 2.
Tenn. Code Ann. § 47-18-1701 — TN Code / Title 47 / Chapter 18 / Section 47-18-1701
Short title
Status: in_force

This part shall be known as and may be cited as the "Tennessee Employment Agency Act." Acts 1996, ch. 731, § 2.
This part shall be known as and may be cited as the "Tennessee Employment Agency Act."
Acts 1996, ch. 731, § 2.
Tenn. Code Ann. § 47-25-402 — TN Code / Title 47 / Chapter 25 / Section 47-25-402
Liability of employer for acts of employees
Status: in_force

In proceedings for the violation of this part, an act or omission of any individual acting for a partnership, corporation, or association, or the act or omission of an officer or employee of any partnership, corporation, or association within the scope of that person's office or employment, shall be deemed to be the act or omission of such partnership, corporation, or association, as well as of the individual. Acts 1933, ch. 113, § 1; C. Supp. 1950, § 6594.1; T.C.A. (orig. ed.), §§ 69-514, 47-25-414.
In proceedings for the violation of this part, an act or omission of any individual acting for a partnership, corporation, or association, or the act or omission of an officer or employee of any partnership, corporation, or association within the scope of that person's office or employment, shall be deemed to be the act or omission of such partnership, corporation, or association, as well as of the individual.
Acts 1933, ch. 113, § 1; C. Supp. 1950, § 6594.1; T.C.A. (orig. ed.), §§ 69-514, 47-25-414.
Tenn. Code Ann. § 47-18-3201 — TN Code / Title 47 / Chapter 18 / Section 47-18-3201
[Repealed]
Status: repealed

Repealed by 2024 Tenn. Acts, ch. 1017,s 3, eff. 7/1/2024. Added by 2023 Tenn. Acts, ch. 220, s 2, eff. 7/1/2023.
Repealed by 2024 Tenn. Acts, ch. 1017,s 3, eff. 7/1/2024.
Added by 2023 Tenn. Acts, ch. 220, s 2, eff. 7/1/2023.
Tenn. Code Ann. § 47-28-101 — TN Code / Title 47 / Chapter 28 / Section 47-28-101
Chapter definitions
Status: in_force

(a) As used in this chapter, unless the context otherwise requires: (1) "Borrower" under an open-end credit agreement means all persons having the right under the terms of the agreement to request or demand advances under the agreement; (2) "Credit limit" means the maximum amount of principal indebtedness which may be outstanding at any one time under a revolving credit agreement; (3) "Creditor" includes a state or national bank, a state or federal savings and loan association, a savings bank, a registrant under the Industrial Loan and Thrift Companies Act, compiled in title 45, chapter 5, a state or federal credit union, or any other individual, partnership, trust, corporation, or other legal entity permitted or authorized to enter into credit transactions secured by a mortgage; (4) "Mortgage" includes a mortgage, deed of trust, or other conveyance of real property securing obligations, except instruments creating or perfecting a security interest in fixtures which do not include other real property; (5) "Notice of limitation" under an open-end mortgage means the notice which the borrower may serve on the creditor to reduce the credit limit, as provided by this chapter; (6) "Obligatory advance" means an advance which the creditor is required to make by agreement with the borrower, whether or not a subsequent event beyond the control of the creditor may allow the creditor to cancel the obligation to make such advance. Advances shall be deemed obligatory, even though made pursuant to a credit agreement or mortgage containing some or all of the following provisions: (A) The right of the creditor to withhold advances on the occurrence of a default until the default is cured, if such default is curable under the terms of the agreement; (B) The inclusion of a stated or objectively ascertainable date on which the obligation to make further advances ends; (C) Requirements for procedures to be followed by the borrower to activate the obligation to make advances; (D) In the case of an open-end mortgage, the right of the creditor, on notice to the borrower, to reduce the credit limit, or to withhold advances, because of a decrease in the value of the collateral or an adverse change in the borrower's credit worthiness; and (E) In the case of an open-end mortgage, the right of the creditor, on notice to the borrower, to cancel the obligation to make further advances thereunder on grounds stated in the open-end credit agreement or mortgage; (7) "Open-end credit agreement" means a revolving credit agreement that is secured by a mortgage and that is not entered into for commercial purposes. Any such agreement shall be included, incorporated by reference or referred to in the mortgage, and shall prescribe the terms under which advances thereunder are to be made. (8) "Open-end mortgage" means a mortgage securing an open-end credit agreement; (9) "Optional advance" is any advance which is not obligatory; and (10) "Revolving credit agreement" means a written agreement between a creditor and one (1) or more borrowers, under which: (A) It is contemplated that future advances of money or credit may be made on the request or demand of the borrower; (B) It is contemplated that the principal balance outstanding may increase or decrease from time to time; and (C) A maximum limit is fixed on the total amount of principal indebtedness that may be outstanding at any time under the agreement. (b) A credit agreement or mortgage is for "commercial purposes," which is entered into: (1) By an individual, partnership, trust, corporation, or other legal entity that is engaged in business or agricultural endeavors; and (2) Solely in order to finance such endeavors. Acts 1987, ch. 137, § 1; 1994, ch. 590, §§ 1-3.
(a) As used in this chapter, unless the context otherwise requires: (1) "Borrower" under an open-end credit agreement means all persons having the right under the terms of the agreement to request or demand advances under the agreement; (2) "Credit limit" means the maximum amount of principal indebtedness which may be outstanding at any one time under a revolving credit agreement; (3) "Creditor" includes a state or national bank, a state or federal savings and loan association, a savings bank, a registrant under the Industrial Loan and Thrift Companies Act, compiled in title 45, chapter 5, a state or federal credit union, or any other individual, partnership, trust, corporation, or other legal entity permitted or authorized to enter into credit transactions secured by a mortgage; (4) "Mortgage" includes a mortgage, deed of trust, or other conveyance of real property securing obligations, except instruments creating or perfecting a security interest in fixtures which do not include other real property; (5) "Notice of limitation" under an open-end mortgage means the notice which the borrower may serve on the creditor to reduce the credit limit, as provided by this chapter; (6) "Obligatory advance" means an advance which the creditor is required to make by agreement with the borrower, whether or not a subsequent event beyond the control of the creditor may allow the creditor to cancel the obligation to make such advance. Advances shall be deemed obligatory, even though made pursuant to a credit agreement or mortgage containing some or all of the following provisions: (A) The right of the creditor to withhold advances on the occurrence of a default until the default is cured, if such default is curable under the terms of the agreement; (B) The inclusion of a stated or objectively ascertainable date on which the obligation to make further advances ends; (C) Requirements for procedures to be followed by the borrower to activate the obligation to make advances; (D) In the case of an open-end mortgage, the right of the creditor, on notice to the borrower, to reduce the credit limit, or to withhold advances, because of a decrease in the value of the collateral or an adverse change in the borrower's credit worthiness; and (E) In the case of an open-end mortgage, the right of the creditor, on notice to the borrower, to cancel the obligation to make further advances thereunder on grounds stated in the open-end credit agreement or mortgage; (7) "Open-end credit agreement" means a revolving credit agreement that is secured by a mortgage and that is not entered into for commercial purposes. Any such agreement shall be included, incorporated by reference or referred to in the mortgage, and shall prescribe the terms under which advances thereunder are to be made. (8) "Open-end mortgage" means a mortgage securing an open-end credit agreement; (9) "Optional advance" is any advance which is not obligatory; and (10) "Revolving credit agreement" means a written agreement between a creditor and one (1) or more borrowers, under which: (A) It is contemplated that future advances of money or credit may be made on the request or demand of the borrower; (B) It is contemplated that the principal balance outstanding may increase or decrease from time to time; and (C) A maximum limit is fixed on the total amount of principal indebtedness that may be outstanding at any time under the agreement.
(1) "Borrower" under an open-end credit agreement means all persons having the right under the terms of the agreement to request or demand advances under the agreement;
(2) "Credit limit" means the maximum amount of principal indebtedness which may be outstanding at any one time under a revolving credit agreement;
(3) "Creditor" includes a state or national bank, a state or federal savings and loan association, a savings bank, a registrant under the Industrial Loan and Thrift Companies Act, compiled in title 45, chapter 5, a state or federal credit union, or any other individual, partnership, trust, corporation, or other legal entity permitted or authorized to enter into credit transactions secured by a mortgage;
(4) "Mortgage" includes a mortgage, deed of trust, or other conveyance of real property securing obligations, except instruments creating or perfecting a security interest in fixtures which do not include other real property;
(5) "Notice of limitation" under an open-end mortgage means the notice which the borrower may serve on the creditor to reduce the credit limit, as provided by this chapter;
(6) "Obligatory advance" means an advance which the creditor is required to make by agreement with the borrower, whether or not a subsequent event beyond the control of the creditor may allow the creditor to cancel the obligation to make such advance. Advances shall be deemed obligatory, even though made pursuant to a credit agreement or mortgage containing some or all of the following provisions: (A) The right of the creditor to withhold advances on the occurrence of a default until the default is cured, if such default is curable under the terms of the agreement; (B) The inclusion of a stated or objectively ascertainable date on which the obligation to make further advances ends; (C) Requirements for procedures to be followed by the borrower to activate the obligation to make advances; (D) In the case of an open-end mortgage, the right of the creditor, on notice to the borrower, to reduce the credit limit, or to withhold advances, because of a decrease in the value of the collateral or an adverse change in the borrower's credit worthiness; and (E) In the case of an open-end mortgage, the right of the creditor, on notice to the borrower, to cancel the obligation to make further advances thereunder on grounds stated in the open-end credit agreement or mortgage;
(A) The right of the creditor to withhold advances on the occurrence of a default until the default is cured, if such default is curable under the terms of the agreement;
(B) The inclusion of a stated or objectively ascertainable date on which the obligation to make further advances ends;
(C) Requirements for procedures to be followed by the borrower to activate the obligation to make advances;
(D) In the case of an open-end mortgage, the right of the creditor, on notice to the borrower, to reduce the credit limit, or to withhold advances, because of a decrease in the value of the collateral or an adverse change in the borrower's credit worthiness; and
(E) In the case of an open-end mortgage, the right of the creditor, on notice to the borrower, to cancel the obligation to make further advances thereunder on grounds stated in the open-end credit agreement or mortgage;
(7) "Open-end credit agreement" means a revolving credit agreement that is secured by a mortgage and that is not entered into for commercial purposes. Any such agreement shall be included, incorporated by reference or referred to in the mortgage, and shall prescribe the terms under which advances thereunder are to be made.
(8) "Open-end mortgage" means a mortgage securing an open-end credit agreement;
(9) "Optional advance" is any advance which is not obligatory; and
(10) "Revolving credit agreement" means a written agreement between a creditor and one (1) or more borrowers, under which: (A) It is contemplated that future advances of money or credit may be made on the request or demand of the borrower; (B) It is contemplated that the principal balance outstanding may increase or decrease from time to time; and (C) A maximum limit is fixed on the total amount of principal indebtedness that may be outstanding at any time under the agreement.
(A) It is contemplated that future advances of money or credit may be made on the request or demand of the borrower;
(B) It is contemplated that the principal balance outstanding may increase or decrease from time to time; and
(C) A maximum limit is fixed on the total amount of principal indebtedness that may be outstanding at any time under the agreement.
(b) A credit agreement or mortgage is for "commercial purposes," which is entered into: (1) By an individual, partnership, trust, corporation, or other legal entity that is engaged in business or agricultural endeavors; and (2) Solely in order to finance such endeavors.
(1) By an individual, partnership, trust, corporation, or other legal entity that is engaged in business or agricultural endeavors; and
(2) Solely in order to finance such endeavors.
Acts 1987, ch. 137, § 1; 1994, ch. 590, §§ 1-3.
Tenn. Code Ann. § 47-3-416 — TN Code / Title 47 / Chapter 3 / Section 47-3-416
Transfer warranties
Status: in_force

(a) A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by endorsement, to any subsequent transferee that: (1) The warrantor is a person entitled to enforce the instrument; (2) All signatures on the instrument are authentic and authorized; (3) The instrument has not been altered; (4) The instrument is not subject to a defense or claim in recoupment of any party which can be asserted against the warrantor; (5) The warrantor has no knowledge of any insolvency proceeding commenced with respect to the maker or acceptor or, in the case of an unaccepted draft, the drawer; and (6) If the instrument is a payee-initiated demand draft, the creation of the instrument according to the terms on its face was authorized by the person on whose account the instrument is drawn. (b) A person to whom the warranties under subsection (a) are made and who took the instrument in good faith may recover from the warrantor as damages for breach of warranty an amount equal to the loss suffered as a result of the breach, but not more than the amount of the instrument plus expenses and loss of interest incurred as a result of the breach. (c) The warranties stated in subsection (a) cannot be disclaimed with respect to checks. Unless notice of a claim for breach of warranty is given to the warrantor within thirty (30) days after the claimant has reason to know of the breach and the identity of the warrantor, the liability of the warrantor under subsection (b) is discharged to the extent of any loss caused by the delay in giving notice of the claim. (d) A cause of action for breach of warranty under this section accrues when the claimant has reason to know of the breach. (e) A warrantor does not make the warranty under subdivision (a)(6) to a transferee who would not under then-applicable law make the same or a substantially identical warranty to the warrantor with respect to a payee-initiated demand draft transferred by the transferee to the warrantor. Acts 1995, ch. 397, § 2; 2003, ch. 62, §§ 7 - 10.
(a) A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by endorsement, to any subsequent transferee that: (1) The warrantor is a person entitled to enforce the instrument; (2) All signatures on the instrument are authentic and authorized; (3) The instrument has not been altered; (4) The instrument is not subject to a defense or claim in recoupment of any party which can be asserted against the warrantor; (5) The warrantor has no knowledge of any insolvency proceeding commenced with respect to the maker or acceptor or, in the case of an unaccepted draft, the drawer; and (6) If the instrument is a payee-initiated demand draft, the creation of the instrument according to the terms on its face was authorized by the person on whose account the instrument is drawn.
(1) The warrantor is a person entitled to enforce the instrument;
(2) All signatures on the instrument are authentic and authorized;
(3) The instrument has not been altered;
(4) The instrument is not subject to a defense or claim in recoupment of any party which can be asserted against the warrantor;
(5) The warrantor has no knowledge of any insolvency proceeding commenced with respect to the maker or acceptor or, in the case of an unaccepted draft, the drawer; and
(6) If the instrument is a payee-initiated demand draft, the creation of the instrument according to the terms on its face was authorized by the person on whose account the instrument is drawn.
(b) A person to whom the warranties under subsection (a) are made and who took the instrument in good faith may recover from the warrantor as damages for breach of warranty an amount equal to the loss suffered as a result of the breach, but not more than the amount of the instrument plus expenses and loss of interest incurred as a result of the breach.
(c) The warranties stated in subsection (a) cannot be disclaimed with respect to checks. Unless notice of a claim for breach of warranty is given to the warrantor within thirty (30) days after the claimant has reason to know of the breach and the identity of the warrantor, the liability of the warrantor under subsection (b) is discharged to the extent of any loss caused by the delay in giving notice of the claim.
(d) A cause of action for breach of warranty under this section accrues when the claimant has reason to know of the breach.
(e) A warrantor does not make the warranty under subdivision (a)(6) to a transferee who would not under then-applicable law make the same or a substantially identical warranty to the warrantor with respect to a payee-initiated demand draft transferred by the transferee to the warrantor.
Acts 1995, ch. 397, § 2; 2003, ch. 62, §§ 7 - 10.
Tenn. Code Ann. § 47-1-105 — TN Code / Title 47 / Chapter 1 / Section 47-1-105
Severability
Status: in_force

If any provision or clause of chapters 1-9 of this title or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of chapters 1-9 of this title that can be given effect without the invalid provision or application, and to this end the provisions of chapters 1-9 of this title are severable. Acts 2008, ch. 930, § 1.
If any provision or clause of chapters 1-9 of this title or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of chapters 1-9 of this title that can be given effect without the invalid provision or application, and to this end the provisions of chapters 1-9 of this title are severable.
Acts 2008, ch. 930, § 1.
Tenn. Code Ann. § 47-5-101 — TN Code / Title 47 / Chapter 5 / Section 47-5-101
Short title
Status: in_force

This article may be cited as Uniform Commercial Code - Letters of Credit. Acts 1998, ch. 675, § 1.
This article may be cited as Uniform Commercial Code - Letters of Credit.
Acts 1998, ch. 675, § 1.
Tenn. Code Ann. § 47-2-616 — TN Code / Title 47 / Chapter 2 / Section 47-2-616
Procedure on notice claiming excuse
Status: in_force

(1) Where the buyer receives notification of a material or indefinite delay or an allocation justified under the preceding section he may by written notification to the seller as to any delivery concerned, and where the prospective deficiency substantially impairs the value of the whole contract under the provisions of this chapter relating to breach of installment contracts (§ 47-2-612 ), then also as to the whole: (a) terminate and thereby discharge any unexecuted portion of the contract; or (b) modify the contract by agreeing to take his available quota in substitution. (2) If after receipt of such notification from the seller the buyer fails so to modify the contract within a reasonable time not exceeding thirty (30) days the contract lapses with respect to any deliveries affected. (3) The provisions of this section may not be negated by agreement except insofar as the seller has assumed a greater obligation under the preceding section. Acts 1963, ch. 81, § 1 (2-616).
(1) Where the buyer receives notification of a material or indefinite delay or an allocation justified under the preceding section he may by written notification to the seller as to any delivery concerned, and where the prospective deficiency substantially impairs the value of the whole contract under the provisions of this chapter relating to breach of installment contracts (§ 47-2-612 ), then also as to the whole: (a) terminate and thereby discharge any unexecuted portion of the contract; or (b) modify the contract by agreeing to take his available quota in substitution.
(a) terminate and thereby discharge any unexecuted portion of the contract; or
(b) modify the contract by agreeing to take his available quota in substitution.
(2) If after receipt of such notification from the seller the buyer fails so to modify the contract within a reasonable time not exceeding thirty (30) days the contract lapses with respect to any deliveries affected.
(3) The provisions of this section may not be negated by agreement except insofar as the seller has assumed a greater obligation under the preceding section.
Acts 1963, ch. 81, § 1 (2-616).
Tenn. Code Ann. § 47-2a-520 — TN Code / Title 47 / Chapter 2a / Section 47-2a-520
2024 Tennessee Code Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) Chapter 2A - LEASES (§§ 47-2A-101 — 47-2A-532) Part 5 - DEFAULT (§§ 47-2A-501 — 47-2A-532) B. DEFAULT BY LESSOR (§§ 47-2A-508 — 47-2A-522) Section 47-2A-520 - Lessee's incidental and consequential damages
Status: in_force

(1) Incidental damages resulting from a lessor's default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of goods rightfully rejected or goods the acceptance of which is justifiably revoked, any commercially reasonable charges, expenses or commissions in connection with effecting cover, and any other reasonable expense incident to the default. (2) Consequential damages resulting from a lessor's default include: (a) any loss resulting from general or particular requirements and needs of which the lessor at the time of contracting had reason to know and which could not reasonably be prevented by cover or otherwise; and (b) injury to person or property proximately resulting from any breach of warranty. Acts 1993, ch. 398, § 1.
(1) Incidental damages resulting from a lessor's default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of goods rightfully rejected or goods the acceptance of which is justifiably revoked, any commercially reasonable charges, expenses or commissions in connection with effecting cover, and any other reasonable expense incident to the default.
(2) Consequential damages resulting from a lessor's default include: (a) any loss resulting from general or particular requirements and needs of which the lessor at the time of contracting had reason to know and which could not reasonably be prevented by cover or otherwise; and (b) injury to person or property proximately resulting from any breach of warranty.
(a) any loss resulting from general or particular requirements and needs of which the lessor at the time of contracting had reason to know and which could not reasonably be prevented by cover or otherwise; and
(b) injury to person or property proximately resulting from any breach of warranty.
Acts 1993, ch. 398, § 1.
Tenn. Code Ann. § 47-32-106 — TN Code / Title 47 / Chapter 32 / Section 47-32-106
Noncompliance
Status: in_force

Failure to comply with this chapter shall not affect the validity or enforceability of any loan documents. Acts 2005, ch. 273, § 7.
Failure to comply with this chapter shall not affect the validity or enforceability of any loan documents.
Acts 2005, ch. 273, § 7.
Tenn. Code Ann. § 47-18-112 — TN Code / Title 47 / Chapter 18 / Section 47-18-112
Supplementary law
Status: in_force

The powers and remedies provided in this part shall be cumulative and supplementary to all other powers and remedies otherwise provided by law. The invocation of one power or remedy herein shall not be construed as excluding or prohibiting the use of any other available remedy. Acts 1977, ch. 438, § 13.
The powers and remedies provided in this part shall be cumulative and supplementary to all other powers and remedies otherwise provided by law. The invocation of one power or remedy herein shall not be construed as excluding or prohibiting the use of any other available remedy.
Acts 1977, ch. 438, § 13.
Tenn. Code Ann. § 47-9-601 — TN Code / Title 47 / Chapter 9 / Section 47-9-601
Rights after default - Judicial enforcement - Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes
Status: in_force

(a) Rights of secured party after default. After default, a secured party has the rights provided in this part and, except as otherwise provided in § 47-9-602 , those provided by agreement of the parties. A secured party: (1) May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and (2) If the collateral is documents, may proceed either as to the documents or as to the goods they cover. (b) Rights and duties of secured party in possession or control. A secured party in possession of collateral or control of collateral under § 47-7-106 , § 47-9-104 , § 47-9-105 , § 47-9-106 , or § 47-9-107 has the rights and duties provided in § 47-9-207 . (c) Rights cumulative; simultaneous exercise. The rights under subsections (a) and (b) are cumulative and may be exercised simultaneously. (d) Rights of debtor and obligor. Except as otherwise provided in subsection (g) and § 47-9-605 , after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties. (e) Lien of levy after judgment. If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of: (1) The date of perfection of the security interest or agricultural lien in the collateral; (2) The date of filing a financing statement covering the collateral; or (3) Any date specified in a statute under which the agricultural lien was created. (f) Execution sale. A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter. (g) Consignor or buyer of certain rights to payment. Except as otherwise provided in § 47-9-607(c) , this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes. (h) Foreclosure under this chapter is not deemed to be debt collection. Acts 2000, ch. 846, § 1; 2002, ch. 745, § 4; 2008, ch. 814, § 38.
(a) Rights of secured party after default. After default, a secured party has the rights provided in this part and, except as otherwise provided in § 47-9-602 , those provided by agreement of the parties. A secured party: (1) May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and (2) If the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(1) May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(2) If the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(b) Rights and duties of secured party in possession or control. A secured party in possession of collateral or control of collateral under § 47-7-106 , § 47-9-104 , § 47-9-105 , § 47-9-106 , or § 47-9-107 has the rights and duties provided in § 47-9-207 .
(c) Rights cumulative; simultaneous exercise. The rights under subsections (a) and (b) are cumulative and may be exercised simultaneously.
(d) Rights of debtor and obligor. Except as otherwise provided in subsection (g) and § 47-9-605 , after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
(e) Lien of levy after judgment. If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of: (1) The date of perfection of the security interest or agricultural lien in the collateral; (2) The date of filing a financing statement covering the collateral; or (3) Any date specified in a statute under which the agricultural lien was created.
(1) The date of perfection of the security interest or agricultural lien in the collateral;
(2) The date of filing a financing statement covering the collateral; or
(3) Any date specified in a statute under which the agricultural lien was created.
(f) Execution sale. A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.
(g) Consignor or buyer of certain rights to payment. Except as otherwise provided in § 47-9-607(c) , this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
(h) Foreclosure under this chapter is not deemed to be debt collection.
Acts 2000, ch. 846, § 1; 2002, ch. 745, § 4; 2008, ch. 814, § 38.
Tenn. Code Ann. § 47-10-101 — TN Code / Title 47 / Chapter 10 / Section 47-10-101
Short title
Status: in_force

This chapter may be cited as the "Uniform Electronic Transactions Act." Acts 2001, ch. 72, § 1.
This chapter may be cited as the "Uniform Electronic Transactions Act."
Acts 2001, ch. 72, § 1.
Tenn. Code Ann. § 47-7-101 — TN Code / Title 47 / Chapter 7 / Section 47-7-101
Short title
Status: in_force

This chapter shall be known and may be cited as the "Uniform Commercial Code - Documents of Title." Acts 2008, ch. 814, § 1.
This chapter shall be known and may be cited as the "Uniform Commercial Code - Documents of Title."
Acts 2008, ch. 814, § 1.
Tenn. Code Ann. § 47-50-105 — TN Code / Title 47 / Chapter 50 / Section 47-50-105
Nonnegotiable orders for payment of money
Status: in_force

(a) When any person, by a nonnegotiable order in writing, signed by the person's proper hand, directs the payment of any money in the hands of another person, to any person whatsoever, or to the bearer, the money shall, by virtue thereof, be due and payable to the person to whom the order is drawn payable. (b) Such order may be put in suit by the person to whom the money is made payable, against the person who drew the same, or against the person on whom it is drawn, after acceptance. (c) No holder of such order shall prosecute any suit against the drawer, for the money therein specified, before the order has been first protested for nonacceptance, and notice thereof given to the drawer before action brought. If any such action be brought on any such order before such notice and refusal of payment by the drawer, the plaintiff shall be nonsuited, and pay costs. Code 1858, §§ 1959-1961 (deriv. Acts 1762, ch. 9, §§ 4, 5); Shan., §§ 3508-3510; Code 1932, §§ 7322-7324; T.C.A. (orig. ed.), §§ 47-802 -- 47-804, 47-15-105 -- 47-15-107.
(a) When any person, by a nonnegotiable order in writing, signed by the person's proper hand, directs the payment of any money in the hands of another person, to any person whatsoever, or to the bearer, the money shall, by virtue thereof, be due and payable to the person to whom the order is drawn payable.
(b) Such order may be put in suit by the person to whom the money is made payable, against the person who drew the same, or against the person on whom it is drawn, after acceptance.
(c) No holder of such order shall prosecute any suit against the drawer, for the money therein specified, before the order has been first protested for nonacceptance, and notice thereof given to the drawer before action brought. If any such action be brought on any such order before such notice and refusal of payment by the drawer, the plaintiff shall be nonsuited, and pay costs.
Code 1858, §§ 1959-1961 (deriv. Acts 1762, ch. 9, §§ 4, 5); Shan., §§ 3508-3510; Code 1932, §§ 7322-7324; T.C.A. (orig. ed.), §§ 47-802 -- 47-804, 47-15-105 -- 47-15-107.
Tenn. Code Ann. § 47-26-926 — TN Code / Title 47 / Chapter 26 / Section 47-26-926
Regulations to be unaffected by repeal of prior enabling statute
Status: in_force

The adoption of this part or any of its provisions shall not affect any regulations promulgated pursuant to the authority of any earlier enabling statute unless inconsistent with this part or modified or revoked by the commissioner. Acts 1997, ch. 311, § 1.
The adoption of this part or any of its provisions shall not affect any regulations promulgated pursuant to the authority of any earlier enabling statute unless inconsistent with this part or modified or revoked by the commissioner.
Acts 1997, ch. 311, § 1.
Tenn. Code Ann. § 47-18-2109 — TN Code / Title 47 / Chapter 18 / Section 47-18-2109
Notice to consumer regarding security freeze
Status: in_force

At any time that a Tennessee consumer is required to receive a summary of rights required by 15 U.S.C. § 1681g(d) of the federal Fair Credit Reporting Act, the Tennessee consumer shall also be provided with the following prominent, clear and conspicuous notice in at least twelve (12) point type: TENNESSEE CONSUMERS HAVE THE RIGHT TO OBTAIN A SECURITY FREEZE You have a right to place a "security freeze" on your credit report, which will prohibit a consumer reporting agency from releasing information in your credit report without your express authorization. A security freeze must be requested in writing by certified mail or by electronic means as provided by a consumer reporting agency. The security freeze is designed to prevent credit, loans, and services from being approved in your name without your consent. If you are actively seeking a new credit, loan, utility, or telephone account, you should understand that the procedures involved in lifting a security freeze may slow your applications for credit. You should plan ahead and lift a freeze in advance of actually applying for new credit. When you place a security freeze on your credit report, you will be provided a personal identification number or password to use if you choose to remove the freeze on your credit report or authorize the release of your credit report for a period of time after the freeze is in place. To provide that authorization you must contact the consumer reporting agency and provide all of the following: (1) The personal identification number or password; (2) Proper identification to verify your identity; and (3) The proper information regarding the period of time for which the report shall be available. A consumer reporting agency must authorize the release of your credit report no later than fifteen (15) minutes after receiving the above information. A security freeze does not apply to a person or entity, or its affiliates, or collection agencies acting on behalf of the person or entity, with which you have an existing account, that requests information in your credit report for the purposes of fraud control, or reviewing or collecting the account. Reviewing the account includes activities related to account maintenance. You should consider filing a complaint regarding your identity theft situation with the federal trade commission and the attorney general and reporter, either in writing or via their websites. You have a right to bring civil action against anyone, including a consumer reporting agency, who improperly obtains access to a file, misuses file data, or fails to correct inaccurate file data. Amended by 2019 Tenn. Acts, ch. 459, s 43, eff. 9/30/2019. Amended by 2018 Tenn. Acts, ch. 595, s 2, eff. 7/1/2018. Acts 2007 , ch. 170, § 5.
At any time that a Tennessee consumer is required to receive a summary of rights required by 15 U.S.C. § 1681g(d) of the federal Fair Credit Reporting Act, the Tennessee consumer shall also be provided with the following prominent, clear and conspicuous notice in at least twelve (12) point type:
TENNESSEE CONSUMERS HAVE THE RIGHT TO OBTAIN A SECURITY FREEZE
You have a right to place a "security freeze" on your credit report, which will prohibit a consumer reporting agency from releasing information in your credit report without your express authorization. A security freeze must be requested in writing by certified mail or by electronic means as provided by a consumer reporting agency. The security freeze is designed to prevent credit, loans, and services from being approved in your name without your consent. If you are actively seeking a new credit, loan, utility, or telephone account, you should understand that the procedures involved in lifting a security freeze may slow your applications for credit. You should plan ahead and lift a freeze in advance of actually applying for new credit. When you place a security freeze on your credit report, you will be provided a personal identification number or password to use if you choose to remove the freeze on your credit report or authorize the release of your credit report for a period of time after the freeze is in place. To provide that authorization you must contact the consumer reporting agency and provide all of the following:
(1) The personal identification number or password;
(2) Proper identification to verify your identity; and
(3) The proper information regarding the period of time for which the report shall be available. A consumer reporting agency must authorize the release of your credit report no later than fifteen (15) minutes after receiving the above information. A security freeze does not apply to a person or entity, or its affiliates, or collection agencies acting on behalf of the person or entity, with which you have an existing account, that requests information in your credit report for the purposes of fraud control, or reviewing or collecting the account. Reviewing the account includes activities related to account maintenance. You should consider filing a complaint regarding your identity theft situation with the federal trade commission and the attorney general and reporter, either in writing or via their websites. You have a right to bring civil action against anyone, including a consumer reporting agency, who improperly obtains access to a file, misuses file data, or fails to correct inaccurate file data.
A consumer reporting agency must authorize the release of your credit report no later than fifteen (15) minutes after receiving the above information.
A security freeze does not apply to a person or entity, or its affiliates, or collection agencies acting on behalf of the person or entity, with which you have an existing account, that requests information in your credit report for the purposes of fraud control, or reviewing or collecting the account. Reviewing the account includes activities related to account maintenance.
You should consider filing a complaint regarding your identity theft situation with the federal trade commission and the attorney general and reporter, either in writing or via their websites.
You have a right to bring civil action against anyone, including a consumer reporting agency, who improperly obtains access to a file, misuses file data, or fails to correct inaccurate file data.
Amended by 2019 Tenn. Acts, ch. 459, s 43, eff. 9/30/2019.
Amended by 2018 Tenn. Acts, ch. 595, s 2, eff. 7/1/2018.
Acts 2007 , ch. 170, § 5.
Tenn. Code Ann. § 47-3-307 — TN Code / Title 47 / Chapter 3 / Section 47-3-307
Notice of breach of fiduciary duty
Status: in_force

(a) In this section: (1) "Fiduciary" means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument. (2) "Represented person" means the principal, beneficiary, partnership, corporation, or other person to whom the duty stated in paragraph (1) is owed. (b) If (i) an instrument is taken from a fiduciary for payment or collection or for value, (ii) the taker has knowledge of the fiduciary status of the fiduciary, and (iii) the represented person makes a claim to the instrument or its proceeds on the basis that the transaction of the fiduciary is a breach of fiduciary duty, the following rules apply: (1) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented person. (2) In the case of an instrument payable to the represented person or the fiduciary as such, the taker has notice of the breach of fiduciary duty if the instrument is (i) taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary, (ii) taken in a transaction known by the taker to be for the personal benefit of the fiduciary, or (iii) deposited to an account other than an account of the fiduciary, as such, or an account of the represented person. (3) If an instrument is issued by the represented person or the fiduciary as such, and made payable to the fiduciary personally, the taker does not have notice of the breach of fiduciary duty unless the taker knows of the breach of fiduciary duty. (4) If an instrument is issued by the represented person or the fiduciary as such, to the taker as payee, the taker has notice of the breach of fiduciary duty if the instrument is (i) taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary, (ii) taken in a transaction known by the taker to be for the personal benefit of the fiduciary, or (iii) deposited to an account other than an account of the fiduciary, as such, or an account of the represented person. Acts 1995, ch. 397, § 2.
(a) In this section: (1) "Fiduciary" means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument. (2) "Represented person" means the principal, beneficiary, partnership, corporation, or other person to whom the duty stated in paragraph (1) is owed.
(1) "Fiduciary" means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument.
(2) "Represented person" means the principal, beneficiary, partnership, corporation, or other person to whom the duty stated in paragraph (1) is owed.
(b) If (i) an instrument is taken from a fiduciary for payment or collection or for value, (ii) the taker has knowledge of the fiduciary status of the fiduciary, and (iii) the represented person makes a claim to the instrument or its proceeds on the basis that the transaction of the fiduciary is a breach of fiduciary duty, the following rules apply: (1) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented person. (2) In the case of an instrument payable to the represented person or the fiduciary as such, the taker has notice of the breach of fiduciary duty if the instrument is (i) taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary, (ii) taken in a transaction known by the taker to be for the personal benefit of the fiduciary, or (iii) deposited to an account other than an account of the fiduciary, as such, or an account of the represented person. (3) If an instrument is issued by the represented person or the fiduciary as such, and made payable to the fiduciary personally, the taker does not have notice of the breach of fiduciary duty unless the taker knows of the breach of fiduciary duty. (4) If an instrument is issued by the represented person or the fiduciary as such, to the taker as payee, the taker has notice of the breach of fiduciary duty if the instrument is (i) taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary, (ii) taken in a transaction known by the taker to be for the personal benefit of the fiduciary, or (iii) deposited to an account other than an account of the fiduciary, as such, or an account of the represented person.
(1) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented person.
(2) In the case of an instrument payable to the represented person or the fiduciary as such, the taker has notice of the breach of fiduciary duty if the instrument is (i) taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary, (ii) taken in a transaction known by the taker to be for the personal benefit of the fiduciary, or (iii) deposited to an account other than an account of the fiduciary, as such, or an account of the represented person.
(3) If an instrument is issued by the represented person or the fiduciary as such, and made payable to the fiduciary personally, the taker does not have notice of the breach of fiduciary duty unless the taker knows of the breach of fiduciary duty.
(4) If an instrument is issued by the represented person or the fiduciary as such, to the taker as payee, the taker has notice of the breach of fiduciary duty if the instrument is (i) taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary, (ii) taken in a transaction known by the taker to be for the personal benefit of the fiduciary, or (iii) deposited to an account other than an account of the fiduciary, as such, or an account of the represented person.
Acts 1995, ch. 397, § 2.
Tenn. Code Ann. § 47-9-518 — TN Code / Title 47 / Chapter 9 / Section 47-9-518
Claim concerning inaccurate or wrongfully filed record
Status: in_force

(a) Statement with respect to record indexed under person's name. A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed. (b) Contents of statement under subsection (a): An information statement under subsection (a) must: (1) Identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates; (2) Indicate that it is an information statement; and (3) Provide the basis for the person's belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person's belief that the record was wrongfully filed. (c) Statement by secured party of record. A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under § 47-9-509(d) . (d) Contents of statement under subsection (c). An information statement under subsection (c) must: (1) Identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates; (2) Indicate that it is an information statement; and (3) Provide the basis for the person's belief that the person that filed the record was not entitled to do so under § 47-9-509(d) . (e) Record not affected by information statement. The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record. Acts 2000, ch. 846, § 1; 2012, ch. 708, § 17.
(a) Statement with respect to record indexed under person's name. A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed.
(b) Contents of statement under subsection (a): An information statement under subsection (a) must: (1) Identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates; (2) Indicate that it is an information statement; and (3) Provide the basis for the person's belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person's belief that the record was wrongfully filed.
(1) Identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;
(2) Indicate that it is an information statement; and
(3) Provide the basis for the person's belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person's belief that the record was wrongfully filed.
(c) Statement by secured party of record. A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under § 47-9-509(d) .
(d) Contents of statement under subsection (c). An information statement under subsection (c) must: (1) Identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates; (2) Indicate that it is an information statement; and (3) Provide the basis for the person's belief that the person that filed the record was not entitled to do so under § 47-9-509(d) .
(1) Identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;
(2) Indicate that it is an information statement; and
(3) Provide the basis for the person's belief that the person that filed the record was not entitled to do so under § 47-9-509(d) .
(e) Record not affected by information statement. The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record.
Acts 2000, ch. 846, § 1; 2012, ch. 708, § 17.
Tenn. Code Ann. § 47-18-402 — TN Code / Title 47 / Chapter 18 / Section 47-18-402
Part definitions
Status: in_force

As used in this part, unless the context otherwise requires: (1) "Attorney general" means the attorney general and reporter, or the attorney general and reporter's designee; (2) "Audiovisual work" means the electronic or physical embodiment of motion pictures, television programs, video or computer games, or other audiovisual presentations that consist of related images that are intrinsically intended to be shown by the use of machines or devices such as projectors, viewers, electronic equipment, a computer program, software, or system, together with accompanying sounds, if any; (3) "Commercial recording or audiovisual work" means a recording or audiovisual work whose owner, assignee, authorized agent, or licensee has made or intends to make available for sale, rental, performance, or exhibition to the public under license but does not include an excerpt consisting of less than substantially all of a recording or audiovisual work. A recording or audiovisual work may be commercial, regardless of whether a person who electronically disseminates it seeks commercial advantage or private financial gain from that dissemination; (4) "Consumer" means any natural person who seeks or acquires by purchase, rent, lease, assignment, award by chance, or other disposition, any goods, services, property, tangible or intangible, real, personal or mixed, and any other article, commodity, or thing of value wherever situated or any person who purchases or to whom is offered for sale a franchise or distributorship agreement or any similar type of business opportunity; (5) [Deleted by 2019 amendment.] (6) "Electronic dissemination" means initiating a transmission of, making available, or otherwise offering, a commercial recording or audiovisual work for distribution, display, or performance on the Internet or other digital network, regardless of whether someone else had previously electronically disseminated the same commercial recording or audiovisual work; (7) "Goods" means any tangible chattels leased, bought, or otherwise obtained for use by an individual primarily for personal, family, or household purposes or a franchise, distributorship agreement, or similar business opportunity; (8) "Internet" means the global information system that is logically linked together by a globally unique address space based on the Internet Protocol (IP), or its subsequent extension, and is able to support communications using the Transmission Control Protocol/Internet Protocol (TCP/IP) suite, or its subsequent extensions, or other IP-compatible protocols, and that provides, uses, or makes accessible, either publicly or privately, high level services layered on communications and related infrastructure; (9) "Location readily accessible" means a place that is conspicuous, not hidden and capable of being reached quickly and easily by the general public. A web page or screen entitled "about", "about us", "contact", "contact us", "home", or "information", or other place on a web site or online service commonly used to display identifying information to consumers, shall be deemed a "location readily accessible" for purposes of this part; (10) "Online service" means any service available over the Internet, or that connects to the Internet or a wide-area network; (11) "Person" means a natural person, consumer, individual, governmental agency, partnership, corporation, trust, estate, incorporated or unincorporated association, and any other legal or commercial entity however organized; (12) "Physical address" means the mailing address, including a zip code, that details the actual location of a person or entity, but does not include a post office box or email address; (13) "Recording" means the electronic or physical embodiment of any recorded images, sounds, or images and sounds, but does not include audiovisual works or sounds accompanying audiovisual works; (14) "Services" means any work, labor, or services including services furnished in connection with the sale or repair of goods or real property or improvements thereto; (15) "Tennessee Consumer Protection Act" means the Tennessee Consumer Protection Act of 1977, compiled in part 1 of this chapter, and related statutes. Related statutes specifically include any statute that indicates within the law, regulation, or rule that a violation of that law, regulation, or rule is a violation of the Tennessee Consumer Protection Act of 1977; (16) "Web page" means a location that has a single uniform resource locator or other single location with respect to the Internet; and (17) "Website" means a set of related web pages served from a single web domain. Amended by 2021 Tenn. Acts, ch. 87, s 1, eff. 7/1/2021. Amended by 2019 Tenn. Acts, ch. 459, s 19, eff. 9/30/2019. Acts 2014 , ch. 595, § 1.
As used in this part, unless the context otherwise requires:
(1) "Attorney general" means the attorney general and reporter, or the attorney general and reporter's designee;
(2) "Audiovisual work" means the electronic or physical embodiment of motion pictures, television programs, video or computer games, or other audiovisual presentations that consist of related images that are intrinsically intended to be shown by the use of machines or devices such as projectors, viewers, electronic equipment, a computer program, software, or system, together with accompanying sounds, if any;
(3) "Commercial recording or audiovisual work" means a recording or audiovisual work whose owner, assignee, authorized agent, or licensee has made or intends to make available for sale, rental, performance, or exhibition to the public under license but does not include an excerpt consisting of less than substantially all of a recording or audiovisual work. A recording or audiovisual work may be commercial, regardless of whether a person who electronically disseminates it seeks commercial advantage or private financial gain from that dissemination;
(4) "Consumer" means any natural person who seeks or acquires by purchase, rent, lease, assignment, award by chance, or other disposition, any goods, services, property, tangible or intangible, real, personal or mixed, and any other article, commodity, or thing of value wherever situated or any person who purchases or to whom is offered for sale a franchise or distributorship agreement or any similar type of business opportunity;
(5) [Deleted by 2019 amendment.]
(6) "Electronic dissemination" means initiating a transmission of, making available, or otherwise offering, a commercial recording or audiovisual work for distribution, display, or performance on the Internet or other digital network, regardless of whether someone else had previously electronically disseminated the same commercial recording or audiovisual work;
(7) "Goods" means any tangible chattels leased, bought, or otherwise obtained for use by an individual primarily for personal, family, or household purposes or a franchise, distributorship agreement, or similar business opportunity;
(8) "Internet" means the global information system that is logically linked together by a globally unique address space based on the Internet Protocol (IP), or its subsequent extension, and is able to support communications using the Transmission Control Protocol/Internet Protocol (TCP/IP) suite, or its subsequent extensions, or other IP-compatible protocols, and that provides, uses, or makes accessible, either publicly or privately, high level services layered on communications and related infrastructure;
(9) "Location readily accessible" means a place that is conspicuous, not hidden and capable of being reached quickly and easily by the general public. A web page or screen entitled "about", "about us", "contact", "contact us", "home", or "information", or other place on a web site or online service commonly used to display identifying information to consumers, shall be deemed a "location readily accessible" for purposes of this part;
(10) "Online service" means any service available over the Internet, or that connects to the Internet or a wide-area network;
(11) "Person" means a natural person, consumer, individual, governmental agency, partnership, corporation, trust, estate, incorporated or unincorporated association, and any other legal or commercial entity however organized;
(12) "Physical address" means the mailing address, including a zip code, that details the actual location of a person or entity, but does not include a post office box or email address;
(13) "Recording" means the electronic or physical embodiment of any recorded images, sounds, or images and sounds, but does not include audiovisual works or sounds accompanying audiovisual works;
(14) "Services" means any work, labor, or services including services furnished in connection with the sale or repair of goods or real property or improvements thereto;
(15) "Tennessee Consumer Protection Act" means the Tennessee Consumer Protection Act of 1977, compiled in part 1 of this chapter, and related statutes. Related statutes specifically include any statute that indicates within the law, regulation, or rule that a violation of that law, regulation, or rule is a violation of the Tennessee Consumer Protection Act of 1977;
(16) "Web page" means a location that has a single uniform resource locator or other single location with respect to the Internet; and
(17) "Website" means a set of related web pages served from a single web domain.
Amended by 2021 Tenn. Acts, ch. 87, s 1, eff. 7/1/2021.
Amended by 2019 Tenn. Acts, ch. 459, s 19, eff. 9/30/2019.
Acts 2014 , ch. 595, § 1.
Tenn. Code Ann. § 47-25-1501 — TN Code / Title 47 / Chapter 25 / Section 47-25-1501
Legislative intent
Status: in_force

It is the intent of the general assembly that small businesses operating within Tennessee pursuant to franchise agreements should be provided uniform rights and procedures to prevent arbitrary and capricious business practices by franchisors seeking to terminate or modify their franchise relationships or failing to renew existing franchise relationships. Acts 1989, ch. 392, § 1.
It is the intent of the general assembly that small businesses operating within Tennessee pursuant to franchise agreements should be provided uniform rights and procedures to prevent arbitrary and capricious business practices by franchisors seeking to terminate or modify their franchise relationships or failing to renew existing franchise relationships.
Acts 1989, ch. 392, § 1.
Tenn. Code Ann. § 47-13-104 — TN Code / Title 47 / Chapter 13 / Section 47-13-104
Failure to settle - Citation upon application of interested party
Status: in_force

Should any such trustee or assignee fail or refuse to make settlement as required by § 47-13-103 , the person performing the duties of the county clerk shall be required, upon application of anyone interested in the trust property, to issue a citation to such trustee or assignee, requiring the trustee or assignee to appear before the person performing the duties of the county clerk on a given day and make settlement as required by § 47-13-103 , a copy of which citation shall be served by the sheriff or any constable of the county at least five (5) days before the day appointed in the citation for such settlement or casting of account. Acts 1899, ch. 371, § 2; Shan., § 3524a2; Code 1932, § 7776; T.C.A. (orig. ed.), § 47-1504; modified.
Should any such trustee or assignee fail or refuse to make settlement as required by § 47-13-103 , the person performing the duties of the county clerk shall be required, upon application of anyone interested in the trust property, to issue a citation to such trustee or assignee, requiring the trustee or assignee to appear before the person performing the duties of the county clerk on a given day and make settlement as required by § 47-13-103 , a copy of which citation shall be served by the sheriff or any constable of the county at least five (5) days before the day appointed in the citation for such settlement or casting of account.
Acts 1899, ch. 371, § 2; Shan., § 3524a2; Code 1932, § 7776; T.C.A. (orig. ed.), § 47-1504; modified.
Tenn. Code Ann. § 47-9-602 — TN Code / Title 47 / Chapter 9 / Section 47-9-602
Waiver and variance of rights and duties
Status: in_force

Except as otherwise provided in § 47-9-624 , to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (1) Section 47-9-207(b)(4)(C) , which deals with use and operation of the collateral by the secured party; (2) Section 47-9-210 , which deals with requests for an accounting and requests concerning a list of collateral and statement of account; (3) Section 47-9-607(c) , which deals with collection and enforcement of collateral; (4) Sections 47-9-608(a) and 47-9-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition; (5) Sections 47-9-608(a) and 47-9-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral; (6) Section 47-9-609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace; (7) Sections 47-9-610(b) , 47-9-611 , 47-9-613 , and 47-9-614 , which deal with disposition of collateral; (8) Section 47-9-615(f) , which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor; (9) Section 47-9-616 , which deals with explanation of the calculation of a surplus or deficiency; (10) Sections 47-9-620 , 47-9-621 , and 47-9-622 , which deal with acceptance of collateral in satisfaction of obligation; (11) Section 47-9-623 , which deals with redemption of collateral; (12) Section 47-9-624 , which deals with permissible waivers; and (13) Sections 47-9-625 and 47-9-626 , which deal with the secured party's liability for failure to comply with this chapter. Acts 2000, ch. 846, § 1.
Except as otherwise provided in § 47-9-624 , to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:
(1) Section 47-9-207(b)(4)(C) , which deals with use and operation of the collateral by the secured party;
(2) Section 47-9-210 , which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3) Section 47-9-607(c) , which deals with collection and enforcement of collateral;
(4) Sections 47-9-608(a) and 47-9-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5) Sections 47-9-608(a) and 47-9-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6) Section 47-9-609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;
(7) Sections 47-9-610(b) , 47-9-611 , 47-9-613 , and 47-9-614 , which deal with disposition of collateral;
(8) Section 47-9-615(f) , which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor;
(9) Section 47-9-616 , which deals with explanation of the calculation of a surplus or deficiency;
(10) Sections 47-9-620 , 47-9-621 , and 47-9-622 , which deal with acceptance of collateral in satisfaction of obligation;
(11) Section 47-9-623 , which deals with redemption of collateral;
(12) Section 47-9-624 , which deals with permissible waivers; and
(13) Sections 47-9-625 and 47-9-626 , which deal with the secured party's liability for failure to comply with this chapter.
Acts 2000, ch. 846, § 1.
Tenn. Code Ann. § 47-25-1105 — TN Code / Title 47 / Chapter 25 / Section 47-25-1105
Unauthorized use prohibited
Status: in_force

(a) (1) Any person who knowingly uses or infringes upon the use of an individual's name, photograph, voice, or likeness in any medium, in any manner directed to any person other than such individual, for purposes of advertising products, merchandise, goods, or services, or for purposes of fundraising, solicitation of donations, purchases of products, merchandise, goods, or services, without such individual's prior consent, or, in the case of a minor, the prior consent of such minor's parent or legal guardian, or in the case of a deceased individual, the consent of the executor or administrator, heirs, or devisees of such deceased individual, is liable to a civil action. (2) A person is liable to a civil action if the person publishes, performs, distributes, transmits, or otherwise makes available to the public an individual's voice or likeness, with knowledge that use of the voice or likeness was not authorized by the individual or, in the case of a minor, the minor's parent or legal guardian, or in the case of a deceased individual, the executor or administrator, heirs, or devisees of such deceased individual. (3) A person is liable to a civil action if the person distributes, transmits, or otherwise makes available an algorithm, software, tool, or other technology, service, or device, the primary purpose or function of such algorithm, software, tool, or other technology, service, or device is the production of a particular, identifiable individual's photograph, voice, or likeness, with knowledge that distributing, transmitting, or otherwise making available the photograph, voice, or likeness was not authorized by the individual or, in the case of a minor, the minor's parent or legal guardian, or in the case of a deceased individual, the executor or administrator, heirs, or devisees of such deceased individual. (b) In addition to the civil action authorized by this section and the remedies set out in § 47-25-1106 , any person who commits unauthorized use as defined in subsection (a) commits a Class A misdemeanor. (c) It is no defense to the unauthorized use defined in subsection (a) that the photograph includes more than one (1) individual so identifiable; provided, that the individual or individuals complaining of the use shall be represented as individuals per se rather than solely as members of a definable group represented in the photograph. (d) If an unauthorized use as defined in subsection (a) is by means of products, merchandise, goods or other tangible personal property, all such property, including all instrumentalities used in connection with the unauthorized use by the person violating this section, is declared contraband and subject to seizure by, and forfeiture to, the state in the same manner as is provided by law for the seizure and forfeiture of other contraband items. Amended by 2024 Tenn. Acts, ch. 588,s 6, eff. 7/1/2024. Acts 1984, ch. 945, § 5; 1989, ch. 308, § 1; 1991, ch. 506, § 1; 2005, ch. 395, §§ 4, 5.
(a) (1) Any person who knowingly uses or infringes upon the use of an individual's name, photograph, voice, or likeness in any medium, in any manner directed to any person other than such individual, for purposes of advertising products, merchandise, goods, or services, or for purposes of fundraising, solicitation of donations, purchases of products, merchandise, goods, or services, without such individual's prior consent, or, in the case of a minor, the prior consent of such minor's parent or legal guardian, or in the case of a deceased individual, the consent of the executor or administrator, heirs, or devisees of such deceased individual, is liable to a civil action. (2) A person is liable to a civil action if the person publishes, performs, distributes, transmits, or otherwise makes available to the public an individual's voice or likeness, with knowledge that use of the voice or likeness was not authorized by the individual or, in the case of a minor, the minor's parent or legal guardian, or in the case of a deceased individual, the executor or administrator, heirs, or devisees of such deceased individual. (3) A person is liable to a civil action if the person distributes, transmits, or otherwise makes available an algorithm, software, tool, or other technology, service, or device, the primary purpose or function of such algorithm, software, tool, or other technology, service, or device is the production of a particular, identifiable individual's photograph, voice, or likeness, with knowledge that distributing, transmitting, or otherwise making available the photograph, voice, or likeness was not authorized by the individual or, in the case of a minor, the minor's parent or legal guardian, or in the case of a deceased individual, the executor or administrator, heirs, or devisees of such deceased individual.
(1) Any person who knowingly uses or infringes upon the use of an individual's name, photograph, voice, or likeness in any medium, in any manner directed to any person other than such individual, for purposes of advertising products, merchandise, goods, or services, or for purposes of fundraising, solicitation of donations, purchases of products, merchandise, goods, or services, without such individual's prior consent, or, in the case of a minor, the prior consent of such minor's parent or legal guardian, or in the case of a deceased individual, the consent of the executor or administrator, heirs, or devisees of such deceased individual, is liable to a civil action.
(2) A person is liable to a civil action if the person publishes, performs, distributes, transmits, or otherwise makes available to the public an individual's voice or likeness, with knowledge that use of the voice or likeness was not authorized by the individual or, in the case of a minor, the minor's parent or legal guardian, or in the case of a deceased individual, the executor or administrator, heirs, or devisees of such deceased individual.
(3) A person is liable to a civil action if the person distributes, transmits, or otherwise makes available an algorithm, software, tool, or other technology, service, or device, the primary purpose or function of such algorithm, software, tool, or other technology, service, or device is the production of a particular, identifiable individual's photograph, voice, or likeness, with knowledge that distributing, transmitting, or otherwise making available the photograph, voice, or likeness was not authorized by the individual or, in the case of a minor, the minor's parent or legal guardian, or in the case of a deceased individual, the executor or administrator, heirs, or devisees of such deceased individual.
(b) In addition to the civil action authorized by this section and the remedies set out in § 47-25-1106 , any person who commits unauthorized use as defined in subsection (a) commits a Class A misdemeanor.
(c) It is no defense to the unauthorized use defined in subsection (a) that the photograph includes more than one (1) individual so identifiable; provided, that the individual or individuals complaining of the use shall be represented as individuals per se rather than solely as members of a definable group represented in the photograph.
(d) If an unauthorized use as defined in subsection (a) is by means of products, merchandise, goods or other tangible personal property, all such property, including all instrumentalities used in connection with the unauthorized use by the person violating this section, is declared contraband and subject to seizure by, and forfeiture to, the state in the same manner as is provided by law for the seizure and forfeiture of other contraband items.
Amended by 2024 Tenn. Acts, ch. 588,s 6, eff. 7/1/2024.
Acts 1984, ch. 945, § 5; 1989, ch. 308, § 1; 1991, ch. 506, § 1; 2005, ch. 395, §§ 4, 5.
Tenn. Code Ann. § 47-8-302 — TN Code / Title 47 / Chapter 8 / Section 47-8-302
Rights of purchaser
Status: in_force

(a) Except as otherwise provided in subsections (b) and (c), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer. (b) A purchaser of a limited interest acquires rights only to the extent of the interest purchased. (c) A purchaser of a certificated security who as a previous holder had notice of an adverse claim does not improve its position by taking from a protected purchaser. Acts 1997, ch. 79, § 1; 2000, ch. 846, § 20.
(a) Except as otherwise provided in subsections (b) and (c), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer.
(b) A purchaser of a limited interest acquires rights only to the extent of the interest purchased.
(c) A purchaser of a certificated security who as a previous holder had notice of an adverse claim does not improve its position by taking from a protected purchaser.
Acts 1997, ch. 79, § 1; 2000, ch. 846, § 20.
Tenn. Code Ann. § 47-26-703 — TN Code / Title 47 / Chapter 26 / Section 47-26-703
Enforcement - Rules and regulations
Status: in_force

The commissioner is hereby charged with the enforcement of this part and is empowered to promulgate rules, regulations, specifications, standards, and tests as may be necessary in order to secure the efficient administration of this part. The department may from time to time publish such data in connection with the administration of this part as may be of public interest. Acts 1977, ch. 138, § 3; T.C.A., § 71-703.
The commissioner is hereby charged with the enforcement of this part and is empowered to promulgate rules, regulations, specifications, standards, and tests as may be necessary in order to secure the efficient administration of this part. The department may from time to time publish such data in connection with the administration of this part as may be of public interest.
Acts 1977, ch. 138, § 3; T.C.A., § 71-703.
Tenn. Code Ann. § 47-3-113 — TN Code / Title 47 / Chapter 3 / Section 47-3-113
Date of instrument
Status: in_force

(a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in § 47-4-401(c) , an instrument payable on demand is not payable before the date of the instrument. (b) If an instrument is undated, its date is the date of its issue or, in the case of an unissued instrument, the date it first comes into possession of a holder. Acts 1995, ch. 397, § 2.
(a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in § 47-4-401(c) , an instrument payable on demand is not payable before the date of the instrument.
(b) If an instrument is undated, its date is the date of its issue or, in the case of an unissued instrument, the date it first comes into possession of a holder.
Acts 1995, ch. 397, § 2.
Tenn. Code Ann. § 47-25-1914 — TN Code / Title 47 / Chapter 25 / Section 47-25-1914
Applicability of franchise provisions
Status: in_force

(a) Franchise agreements are included in the definition of retail agreements in this part. Although all franchise agreements are considered retail agreements, not every retail agreement constitutes a franchise. Where a relationship qualifies as a franchise under part 15 of this chapter, part 15 shall apply to such franchises. Part 15 of this chapter shall not apply to the retail agreements contained in this part unless the agreement constitutes a franchise. (b) This part is remedial and supplementary to any other law of this state that provides rights and protections to franchisees. (c) The provisions of this part that provide procedural or substantive protection to any party to a franchise agreement prior to termination or nonrenewal of the franchise agreement shall be effective and supplementary to part 15 of this chapter, where applicable. (d) In the event a conflict with respect to franchises exists between part 15 of this chapter and this part, part 15 shall control. Acts 2007, ch. 188, § 15.
(a) Franchise agreements are included in the definition of retail agreements in this part. Although all franchise agreements are considered retail agreements, not every retail agreement constitutes a franchise. Where a relationship qualifies as a franchise under part 15 of this chapter, part 15 shall apply to such franchises. Part 15 of this chapter shall not apply to the retail agreements contained in this part unless the agreement constitutes a franchise.
(b) This part is remedial and supplementary to any other law of this state that provides rights and protections to franchisees.
(c) The provisions of this part that provide procedural or substantive protection to any party to a franchise agreement prior to termination or nonrenewal of the franchise agreement shall be effective and supplementary to part 15 of this chapter, where applicable.
(d) In the event a conflict with respect to franchises exists between part 15 of this chapter and this part, part 15 shall control.
Acts 2007, ch. 188, § 15.
Tenn. Code Ann. § 47-25-1213 — TN Code / Title 47 / Chapter 25 / Section 47-25-1213
Waiver of customer rights void
Status: in_force

Any waiver by the customer of the provisions of this part is deemed contrary to public policy and is void and unenforceable. Acts 1977, ch. 436, § 16; T.C.A., § 47-20-113.
Any waiver by the customer of the provisions of this part is deemed contrary to public policy and is void and unenforceable.
Acts 1977, ch. 436, § 16; T.C.A., § 47-20-113.
Tenn. Code Ann. § 47-9-407 — TN Code / Title 47 / Chapter 9 / Section 47-9-407
Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest
Status: in_force

(a) Term restricting assignment generally ineffective. Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it: (1) prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods; or (2) provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease. (b) Effectiveness of certain terms. Except as otherwise provided in § 47-2A-303(7) , a term described in subdivision (a)(2) is effective to the extent that there is: (1) a transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term; or (2) a delegation of a material performance of either party to the lease contract in violation of the term. (c) Security interest not material impairment. The creation, attachment, perfection, or enforcement of a security interest in the lessor's interest under the lease contract or the lessor's residual interest in the goods is not a transfer that materially impairs the lessee's prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of § 47-2A-303(4) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor. Acts 2000, ch. 846, § 1.
(a) Term restricting assignment generally ineffective. Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it: (1) prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods; or (2) provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease.
(1) prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods; or
(2) provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease.
(b) Effectiveness of certain terms. Except as otherwise provided in § 47-2A-303(7) , a term described in subdivision (a)(2) is effective to the extent that there is: (1) a transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term; or (2) a delegation of a material performance of either party to the lease contract in violation of the term.
(1) a transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term; or
(2) a delegation of a material performance of either party to the lease contract in violation of the term.
(c) Security interest not material impairment. The creation, attachment, perfection, or enforcement of a security interest in the lessor's interest under the lease contract or the lessor's residual interest in the goods is not a transfer that materially impairs the lessee's prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of § 47-2A-303(4) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor.
Acts 2000, ch. 846, § 1.