Tenn. Code Ann. § 47-18-5603 — TN Code / Title 47 / Chapter 18 / Section 47-18-5603
Marketing requirements - Required disclosures
Status: in_force

(a) All air ambulance membership agreement websites, brochures, and marketing material must include the following disclosures in at least twelve-point Times New Roman font, or, alternatively, a clear and conspicuous hyperlink that leads to the following disclosures: (1) The air ambulance membership agreement is a membership plan and is not insurance coverage; (2) TennCare Medicaid covers air ambulance transport services and requires no out-of-pocket expense by the enrollee for air ambulance transport services; and (3) Some state laws prohibit Medicaid beneficiaries from being offered air ambulance memberships or being accepted into air ambulance membership programs. If an individual submits an air ambulance membership agreement application, the applicant must attest to the fact that the applicant is not currently, nor plans to be, enrolled in Medicaid. (b) An air ambulance membership agreement application must include the following disclosures in at least twelve-point Times New Roman font: (1) The air ambulance membership agreement is a membership plan and is not insurance coverage; (2) TennCare Medicaid covers air ambulance transport services and requires no out-of-pocket expense by the enrollee for air ambulance transport services; and (3) Some state laws prohibit Medicaid beneficiaries from being offered air ambulance memberships or being accepted into air ambulance membership programs. By submitting this application, the applicant attests to the fact that the applicant is not currently, nor plans to be, enrolled in Medicaid. If the applicant is not currently enrolled in Medicaid, but becomes enrolled at any time during the duration of the membership agreement, then the applicant must notify the air ambulance membership organization within thirty (30) days. If the applicant timely notifies the air ambulance membership organization of such enrollment, then the air ambulance membership organization must provide the applicant a pro-rated refund of any consideration paid for the air ambulance membership agreement. Added by 2023 Tenn. Acts, ch. 148, s 1, eff. 7/1/2023.
(a) All air ambulance membership agreement websites, brochures, and marketing material must include the following disclosures in at least twelve-point Times New Roman font, or, alternatively, a clear and conspicuous hyperlink that leads to the following disclosures: (1) The air ambulance membership agreement is a membership plan and is not insurance coverage; (2) TennCare Medicaid covers air ambulance transport services and requires no out-of-pocket expense by the enrollee for air ambulance transport services; and (3) Some state laws prohibit Medicaid beneficiaries from being offered air ambulance memberships or being accepted into air ambulance membership programs. If an individual submits an air ambulance membership agreement application, the applicant must attest to the fact that the applicant is not currently, nor plans to be, enrolled in Medicaid.
(1) The air ambulance membership agreement is a membership plan and is not insurance coverage;
(2) TennCare Medicaid covers air ambulance transport services and requires no out-of-pocket expense by the enrollee for air ambulance transport services; and
(3) Some state laws prohibit Medicaid beneficiaries from being offered air ambulance memberships or being accepted into air ambulance membership programs. If an individual submits an air ambulance membership agreement application, the applicant must attest to the fact that the applicant is not currently, nor plans to be, enrolled in Medicaid.
(b) An air ambulance membership agreement application must include the following disclosures in at least twelve-point Times New Roman font: (1) The air ambulance membership agreement is a membership plan and is not insurance coverage; (2) TennCare Medicaid covers air ambulance transport services and requires no out-of-pocket expense by the enrollee for air ambulance transport services; and (3) Some state laws prohibit Medicaid beneficiaries from being offered air ambulance memberships or being accepted into air ambulance membership programs. By submitting this application, the applicant attests to the fact that the applicant is not currently, nor plans to be, enrolled in Medicaid. If the applicant is not currently enrolled in Medicaid, but becomes enrolled at any time during the duration of the membership agreement, then the applicant must notify the air ambulance membership organization within thirty (30) days. If the applicant timely notifies the air ambulance membership organization of such enrollment, then the air ambulance membership organization must provide the applicant a pro-rated refund of any consideration paid for the air ambulance membership agreement.
(1) The air ambulance membership agreement is a membership plan and is not insurance coverage;
(2) TennCare Medicaid covers air ambulance transport services and requires no out-of-pocket expense by the enrollee for air ambulance transport services; and
(3) Some state laws prohibit Medicaid beneficiaries from being offered air ambulance memberships or being accepted into air ambulance membership programs. By submitting this application, the applicant attests to the fact that the applicant is not currently, nor plans to be, enrolled in Medicaid. If the applicant is not currently enrolled in Medicaid, but becomes enrolled at any time during the duration of the membership agreement, then the applicant must notify the air ambulance membership organization within thirty (30) days. If the applicant timely notifies the air ambulance membership organization of such enrollment, then the air ambulance membership organization must provide the applicant a pro-rated refund of any consideration paid for the air ambulance membership agreement.
Added by 2023 Tenn. Acts, ch. 148, s 1, eff. 7/1/2023.
Tenn. Code Ann. § 47-22-404 — TN Code / Title 47 / Chapter 22 / Section 47-22-404
Information to be included in contract between payment processor and merchant leasing payment card processing devices
Status: in_force

(a) Except as otherwise provided in subsection (b), any person that contracts with a merchant to lease a device that enables credit card, debit card, or other payment card processing shall ensure that the written contract between the payment processor and merchant clearly and conspicuously includes the following information: (1) The cost to lease the device on a monthly basis; (2) A reasonable approximation of the total cost to lease the device over the term of the lease calculated by multiplying the monthly lease cost by the term; provided, however, the total cost shall not include: (A) Any obligation due a governmental body; or (B) Any fees or charges incurred by the merchant due to the merchant's noncompliance with the terms of the contract; (3) The minimum time period for which the device may be leased; and (4) If an option to purchase the device is available: (A) The total cost to purchase the device outright if the merchant were to purchase the device at the time the contract is entered into; or (B) A toll-free telephone number that the merchant may use in order to learn the total cost to purchase the device outright or to buy out the lease agreement. (b) The information required in subdivisions (a)(1)-(4) shall be either: (1) Printed clearly and conspicuously on the written contract in at least fourteen-point bold font; or (2) Handwritten clearly and conspicuously in an appropriately designated blank space on a preprinted form contract. Added by 2015 Tenn. Acts, ch. 218, s 1, eff. 1/1/2016.
(a) Except as otherwise provided in subsection (b), any person that contracts with a merchant to lease a device that enables credit card, debit card, or other payment card processing shall ensure that the written contract between the payment processor and merchant clearly and conspicuously includes the following information: (1) The cost to lease the device on a monthly basis; (2) A reasonable approximation of the total cost to lease the device over the term of the lease calculated by multiplying the monthly lease cost by the term; provided, however, the total cost shall not include: (A) Any obligation due a governmental body; or (B) Any fees or charges incurred by the merchant due to the merchant's noncompliance with the terms of the contract; (3) The minimum time period for which the device may be leased; and (4) If an option to purchase the device is available: (A) The total cost to purchase the device outright if the merchant were to purchase the device at the time the contract is entered into; or (B) A toll-free telephone number that the merchant may use in order to learn the total cost to purchase the device outright or to buy out the lease agreement.
(1) The cost to lease the device on a monthly basis;
(2) A reasonable approximation of the total cost to lease the device over the term of the lease calculated by multiplying the monthly lease cost by the term; provided, however, the total cost shall not include: (A) Any obligation due a governmental body; or (B) Any fees or charges incurred by the merchant due to the merchant's noncompliance with the terms of the contract;
(A) Any obligation due a governmental body; or
(B) Any fees or charges incurred by the merchant due to the merchant's noncompliance with the terms of the contract;
(3) The minimum time period for which the device may be leased; and
(4) If an option to purchase the device is available: (A) The total cost to purchase the device outright if the merchant were to purchase the device at the time the contract is entered into; or (B) A toll-free telephone number that the merchant may use in order to learn the total cost to purchase the device outright or to buy out the lease agreement.
(A) The total cost to purchase the device outright if the merchant were to purchase the device at the time the contract is entered into; or
(B) A toll-free telephone number that the merchant may use in order to learn the total cost to purchase the device outright or to buy out the lease agreement.
(b) The information required in subdivisions (a)(1)-(4) shall be either: (1) Printed clearly and conspicuously on the written contract in at least fourteen-point bold font; or (2) Handwritten clearly and conspicuously in an appropriately designated blank space on a preprinted form contract.
(1) Printed clearly and conspicuously on the written contract in at least fourteen-point bold font; or
(2) Handwritten clearly and conspicuously in an appropriately designated blank space on a preprinted form contract.
Added by 2015 Tenn. Acts, ch. 218, s 1, eff. 1/1/2016.
Tenn. Code Ann. § 47-25-509 — TN Code / Title 47 / Chapter 25 / Section 47-25-509
Cancellation
Status: in_force

The secretary shall cancel from the register, in whole or in part: (1) Any registration concerning which the secretary shall receive a voluntary request for cancellation thereof from the registrant or the assignee of record; (2) All registrations granted under this part and not renewed in accordance with this part; (3) Any registration concerning which a court of competent jurisdiction finds that: (A) The registered mark has been abandoned; (B) The registrant is not the owner of the mark; (C) The registration was granted improperly; (D) The registration was obtained fraudulently; (E) The mark is or has become the generic name for the goods or services, or a portion thereof, for which it has been registered; or (F) The registered mark is so similar to a mark registered by another person in the United States patent and trademark office prior to the date of the filing of the application for registration by the registrant hereunder, and which has not been abandoned, as to be likely to cause confusion, mistake or deception; provided, that should the registrant prove that the registrant is the owner of a concurrent registration of a mark in the United States patent and trademark office covering an area including this state, the registration hereunder shall not be cancelled for such area of the state; or (4) When a court of competent jurisdiction shall order cancellation of a registration on any ground. Acts 1982, ch. 698, § 9; T.C.A., §§ 69-537, 47-25-429, 47-25-508; Acts 2000, ch. 671, § 1.
The secretary shall cancel from the register, in whole or in part:
(1) Any registration concerning which the secretary shall receive a voluntary request for cancellation thereof from the registrant or the assignee of record;
(2) All registrations granted under this part and not renewed in accordance with this part;
(3) Any registration concerning which a court of competent jurisdiction finds that: (A) The registered mark has been abandoned; (B) The registrant is not the owner of the mark; (C) The registration was granted improperly; (D) The registration was obtained fraudulently; (E) The mark is or has become the generic name for the goods or services, or a portion thereof, for which it has been registered; or (F) The registered mark is so similar to a mark registered by another person in the United States patent and trademark office prior to the date of the filing of the application for registration by the registrant hereunder, and which has not been abandoned, as to be likely to cause confusion, mistake or deception; provided, that should the registrant prove that the registrant is the owner of a concurrent registration of a mark in the United States patent and trademark office covering an area including this state, the registration hereunder shall not be cancelled for such area of the state; or
(A) The registered mark has been abandoned;
(B) The registrant is not the owner of the mark;
(C) The registration was granted improperly;
(D) The registration was obtained fraudulently;
(E) The mark is or has become the generic name for the goods or services, or a portion thereof, for which it has been registered; or
(F) The registered mark is so similar to a mark registered by another person in the United States patent and trademark office prior to the date of the filing of the application for registration by the registrant hereunder, and which has not been abandoned, as to be likely to cause confusion, mistake or deception; provided, that should the registrant prove that the registrant is the owner of a concurrent registration of a mark in the United States patent and trademark office covering an area including this state, the registration hereunder shall not be cancelled for such area of the state; or
(4) When a court of competent jurisdiction shall order cancellation of a registration on any ground.
Acts 1982, ch. 698, § 9; T.C.A., §§ 69-537, 47-25-429, 47-25-508; Acts 2000, ch. 671, § 1.
Tenn. Code Ann. § 47-18-1202 — TN Code / Title 47 / Chapter 18 / Section 47-18-1202
Prohibited acts
Status: in_force

It is unlawful for any person to do any of the following in connection with the sale, lease, rental, offer to sell, lease, rent or other disposition of water treatment devices: (1) Make any untrue or misleading oral or written statements regarding the presence of one (1) or more contaminants in drinking water, or the performance of water treatment devices, including, but not limited to, the following oral or written statements: (A) Any contaminant exists or may exist in the drinking water of any person to whom the statement is directed unless the statement is reasonably based on factual data; (B) A relationship between water quality and acute or chronic illness exists as a scientific certainty unless that statement is reasonably based on factual data; (C) The public water system, utility, or treatment plant that supplies drinking water to the person to whom the statement is directed does not test, treat or remove particular contaminants actually present in the water unless the statement is reasonably based on factual data; (D) The drinking water supplied by the public water system, utility or treatment plant to the person to whom the statement is directed is or may be unsafe to drink unless the statement is reasonably based on factual data; (E) A water treatment device removes particular contaminants from drinking water unless the statement is reasonably based on factual data in existence at the time the statement is made; (F) Use news events, reports or descriptions of water problems or health hazards associated with water systems or suppliers in a false or misleading manner; (G) A water treatment device would provide a health benefit or diminish a health risk unless the statement is reasonably based on factual data; and (H) A water treatment device will solve or contribute to the solution of any problem unless the statement is reasonably based on factual data; (2) Make any statement about the ability of a water treatment device to remove particular contaminants in such a manner as to imply falsely that any of those contaminants are present in excess of permitted levels in the drinking water of the person to whom the statement is made; (3) Perform tests or demonstrations of the individual consumer's drinking water without also clearly informing the consumer of the results, scope and limits of the test or demonstration; (4) Use pictures, exhibits, graphs, charts, other graphic portrayals, endorsements or testimonials in a false or misleading manner; (5) Fail to disclose clearly and conspicuously, in writing, to the purchaser, lessee or renter, the importance of maintaining the water treatment device according to the manufacturer's instructions, including, if applicable, the replacement of screens and filters. In addition, a separate printed gummed label, tag or other convenient form of reminder of the importance of proper maintenance shall be provided to the purchaser, lessee or renter; (6) Represent expressly or implicitly that the person is authorized by, or associated in any manner with, a governmental agency without the express written authorization of that agency; or (7) Represent an expected life of a water treatment device or component thereof unless it is reasonably based on factual data. Acts 1989, ch. 367, § 2.
It is unlawful for any person to do any of the following in connection with the sale, lease, rental, offer to sell, lease, rent or other disposition of water treatment devices:
(1) Make any untrue or misleading oral or written statements regarding the presence of one (1) or more contaminants in drinking water, or the performance of water treatment devices, including, but not limited to, the following oral or written statements: (A) Any contaminant exists or may exist in the drinking water of any person to whom the statement is directed unless the statement is reasonably based on factual data; (B) A relationship between water quality and acute or chronic illness exists as a scientific certainty unless that statement is reasonably based on factual data; (C) The public water system, utility, or treatment plant that supplies drinking water to the person to whom the statement is directed does not test, treat or remove particular contaminants actually present in the water unless the statement is reasonably based on factual data; (D) The drinking water supplied by the public water system, utility or treatment plant to the person to whom the statement is directed is or may be unsafe to drink unless the statement is reasonably based on factual data; (E) A water treatment device removes particular contaminants from drinking water unless the statement is reasonably based on factual data in existence at the time the statement is made; (F) Use news events, reports or descriptions of water problems or health hazards associated with water systems or suppliers in a false or misleading manner; (G) A water treatment device would provide a health benefit or diminish a health risk unless the statement is reasonably based on factual data; and (H) A water treatment device will solve or contribute to the solution of any problem unless the statement is reasonably based on factual data;
(A) Any contaminant exists or may exist in the drinking water of any person to whom the statement is directed unless the statement is reasonably based on factual data;
(B) A relationship between water quality and acute or chronic illness exists as a scientific certainty unless that statement is reasonably based on factual data;
(C) The public water system, utility, or treatment plant that supplies drinking water to the person to whom the statement is directed does not test, treat or remove particular contaminants actually present in the water unless the statement is reasonably based on factual data;
(D) The drinking water supplied by the public water system, utility or treatment plant to the person to whom the statement is directed is or may be unsafe to drink unless the statement is reasonably based on factual data;
(E) A water treatment device removes particular contaminants from drinking water unless the statement is reasonably based on factual data in existence at the time the statement is made;
(F) Use news events, reports or descriptions of water problems or health hazards associated with water systems or suppliers in a false or misleading manner;
(G) A water treatment device would provide a health benefit or diminish a health risk unless the statement is reasonably based on factual data; and
(H) A water treatment device will solve or contribute to the solution of any problem unless the statement is reasonably based on factual data;
(2) Make any statement about the ability of a water treatment device to remove particular contaminants in such a manner as to imply falsely that any of those contaminants are present in excess of permitted levels in the drinking water of the person to whom the statement is made;
(3) Perform tests or demonstrations of the individual consumer's drinking water without also clearly informing the consumer of the results, scope and limits of the test or demonstration;
(4) Use pictures, exhibits, graphs, charts, other graphic portrayals, endorsements or testimonials in a false or misleading manner;
(5) Fail to disclose clearly and conspicuously, in writing, to the purchaser, lessee or renter, the importance of maintaining the water treatment device according to the manufacturer's instructions, including, if applicable, the replacement of screens and filters. In addition, a separate printed gummed label, tag or other convenient form of reminder of the importance of proper maintenance shall be provided to the purchaser, lessee or renter;
(6) Represent expressly or implicitly that the person is authorized by, or associated in any manner with, a governmental agency without the express written authorization of that agency; or
(7) Represent an expected life of a water treatment device or component thereof unless it is reasonably based on factual data.
Acts 1989, ch. 367, § 2.
Tenn. Code Ann. § 47-18-3001 — TN Code / Title 47 / Chapter 18 / Section 47-18-3001
Part definitions
Status: in_force

As used in this part: (1) "Legal advertisement" means a solicitation of legal services through television; radio; internet, including a domain name; newspaper or other periodical; outdoor display; or other written, electronic, or recorded communication; (2) "Person" means an individual or legal entity that advertises legal services or that identifies potential clients for attorneys or law firms; (3) "Protected health information" has the meaning given that term in 45 C.F.R. § 160.103 ; and (4) "Solicit" means offering to provide legal services by print; video or audio recording; or electronic communication or by personal, telephone, or real-time electronic contact. Acts 2019, ch. 119, § 1.
As used in this part:
(1) "Legal advertisement" means a solicitation of legal services through television; radio; internet, including a domain name; newspaper or other periodical; outdoor display; or other written, electronic, or recorded communication;
(2) "Person" means an individual or legal entity that advertises legal services or that identifies potential clients for attorneys or law firms;
(3) "Protected health information" has the meaning given that term in 45 C.F.R. § 160.103 ; and
(4) "Solicit" means offering to provide legal services by print; video or audio recording; or electronic communication or by personal, telephone, or real-time electronic contact.
Acts 2019, ch. 119, § 1.
Tenn. Code Ann. § 47-5-113 — TN Code / Title 47 / Chapter 5 / Section 47-5-113
Transfer by operation of law
Status: in_force

(a) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor. (b) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in subsection (e), an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in § 47-5-108(e) or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer. (c) An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized. (d) Honor of a purported successor's apparently complying presentation under subsection (a) or (b) has the consequences specified in § 47-5-108(i) even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is neither the beneficiary nor the successor of the beneficiary are forged documents for the purposes of § 47-5-109 . (e) An issuer whose rights of reimbursement are not covered by subsection (d) or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under subsection (b). (f) A beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section. Acts 1998, ch. 675, § 1.
(a) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.
(b) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in subsection (e), an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in § 47-5-108(e) or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer.
(c) An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized.
(d) Honor of a purported successor's apparently complying presentation under subsection (a) or (b) has the consequences specified in § 47-5-108(i) even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is neither the beneficiary nor the successor of the beneficiary are forged documents for the purposes of § 47-5-109 .
(e) An issuer whose rights of reimbursement are not covered by subsection (d) or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under subsection (b).
(f) A beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section.
Acts 1998, ch. 675, § 1.
Tenn. Code Ann. § 47-3-105 — TN Code / Title 47 / Chapter 3 / Section 47-3-105
Issue of instrument
Status: in_force

(a) "Issue" means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person. (b) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense. (c) "Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument. Acts 1995, ch. 397, § 2.
(a) "Issue" means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person.
(b) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.
(c) "Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument.
Acts 1995, ch. 397, § 2.
Tenn. Code Ann. § 47-9-516 — TN Code / Title 47 / Chapter 9 / Section 47-9-516
What constitutes filing - Effectiveness of filing
Status: in_force

(a) What constitutes filing. Except as otherwise provided in subsection (b), communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. (b) Refusal to accept record; filing does not occur. Filing does not occur with respect to a record that a filing office refuses to accept because: (1) The record is not communicated by a method or medium of communication authorized by the filing office; (2) The amount that is tendered is not equal to or greater than the sum of the applicable filing fee plus recording tax under § 67-4-409(b) , if any, based on the representation of indebtedness required thereunder; (3) The filing office is unable to index the record because: (A) In the case of an initial financing statement, the record does not provide a name for the debtor; (B) In the case of an amendment or information statement, the record: (i) Does not identify the initial financing statement as required by § 47-9-512 or § 47-9-518 , as applicable; or (ii) Identifies an initial financing statement whose effectiveness has lapsed under § 47-9-515 ; (C) In the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's surname; or (D) In the case of a record filed in the filing office described in § 47-9-501(a)(1) , the record does not provide the name of the debtor and a sufficient description of the real property to which it relates; (4) In the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record; (5) In the case of an initial financing statement or an amendment that provides a name of a debtor which was not previously provided in the financing statement to which the amendment relates, the record does not: (A) Provide a mailing address for the debtor; or (B) Indicate whether the name provided as the name of the debtor is the name of an individual or an organization; (6) In the case of an assignment reflected in an initial financing statement under § 47-9-514(a) or an amendment filed under § 47-9-514(b) , the record does not provide a name and mailing address for the assignee; (7) In the case of a continuation statement, the record is not filed within the six-month period prescribed by § 47-9-515(d) ; or (8) The record does not contain, either on its face or in an accompanying sworn statement, the language required under § 67-4-409(b)(6)(C) with respect to the recording tax imposed under § 67-4-409(b) , if any. (c) Rules applicable to subsection (b). For purposes of subsection (b): (1) A record does not provide information if the filing office is unable to read or decipher the information; and (2) A record that does not indicate that it is an amendment or identify an initial financing statement to which it relates, as required by § 47-9-512 , § 47-9-514 , or § 47-9-518 , is an initial financing statement. (d) Refusal to accept record; record effective as filed record. A record that is communicated to the filing office with tender of the filing fee, but which the filing office refuses to accept for a reason other than one set forth in subsection (b), is effective as a filed record except as against a purchaser of the collateral which gives value in reasonable reliance upon the absence of the record from the files. Acts 2000, ch. 846, § 1; 2008 , ch. 648, § 2; 2012 , ch. 708, § 16.
(a) What constitutes filing. Except as otherwise provided in subsection (b), communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing.
(b) Refusal to accept record; filing does not occur. Filing does not occur with respect to a record that a filing office refuses to accept because: (1) The record is not communicated by a method or medium of communication authorized by the filing office; (2) The amount that is tendered is not equal to or greater than the sum of the applicable filing fee plus recording tax under § 67-4-409(b) , if any, based on the representation of indebtedness required thereunder; (3) The filing office is unable to index the record because: (A) In the case of an initial financing statement, the record does not provide a name for the debtor; (B) In the case of an amendment or information statement, the record: (i) Does not identify the initial financing statement as required by § 47-9-512 or § 47-9-518 , as applicable; or (ii) Identifies an initial financing statement whose effectiveness has lapsed under § 47-9-515 ; (C) In the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's surname; or (D) In the case of a record filed in the filing office described in § 47-9-501(a)(1) , the record does not provide the name of the debtor and a sufficient description of the real property to which it relates; (4) In the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record; (5) In the case of an initial financing statement or an amendment that provides a name of a debtor which was not previously provided in the financing statement to which the amendment relates, the record does not: (A) Provide a mailing address for the debtor; or (B) Indicate whether the name provided as the name of the debtor is the name of an individual or an organization; (6) In the case of an assignment reflected in an initial financing statement under § 47-9-514(a) or an amendment filed under § 47-9-514(b) , the record does not provide a name and mailing address for the assignee; (7) In the case of a continuation statement, the record is not filed within the six-month period prescribed by § 47-9-515(d) ; or (8) The record does not contain, either on its face or in an accompanying sworn statement, the language required under § 67-4-409(b)(6)(C) with respect to the recording tax imposed under § 67-4-409(b) , if any.
(1) The record is not communicated by a method or medium of communication authorized by the filing office;
(2) The amount that is tendered is not equal to or greater than the sum of the applicable filing fee plus recording tax under § 67-4-409(b) , if any, based on the representation of indebtedness required thereunder;
(3) The filing office is unable to index the record because: (A) In the case of an initial financing statement, the record does not provide a name for the debtor; (B) In the case of an amendment or information statement, the record: (i) Does not identify the initial financing statement as required by § 47-9-512 or § 47-9-518 , as applicable; or (ii) Identifies an initial financing statement whose effectiveness has lapsed under § 47-9-515 ; (C) In the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's surname; or (D) In the case of a record filed in the filing office described in § 47-9-501(a)(1) , the record does not provide the name of the debtor and a sufficient description of the real property to which it relates;
(A) In the case of an initial financing statement, the record does not provide a name for the debtor;
(B) In the case of an amendment or information statement, the record: (i) Does not identify the initial financing statement as required by § 47-9-512 or § 47-9-518 , as applicable; or (ii) Identifies an initial financing statement whose effectiveness has lapsed under § 47-9-515 ;
(i) Does not identify the initial financing statement as required by § 47-9-512 or § 47-9-518 , as applicable; or
(ii) Identifies an initial financing statement whose effectiveness has lapsed under § 47-9-515 ;
(C) In the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's surname; or
(D) In the case of a record filed in the filing office described in § 47-9-501(a)(1) , the record does not provide the name of the debtor and a sufficient description of the real property to which it relates;
(4) In the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record;
(5) In the case of an initial financing statement or an amendment that provides a name of a debtor which was not previously provided in the financing statement to which the amendment relates, the record does not: (A) Provide a mailing address for the debtor; or (B) Indicate whether the name provided as the name of the debtor is the name of an individual or an organization;
(A) Provide a mailing address for the debtor; or
(B) Indicate whether the name provided as the name of the debtor is the name of an individual or an organization;
(6) In the case of an assignment reflected in an initial financing statement under § 47-9-514(a) or an amendment filed under § 47-9-514(b) , the record does not provide a name and mailing address for the assignee;
(7) In the case of a continuation statement, the record is not filed within the six-month period prescribed by § 47-9-515(d) ; or
(8) The record does not contain, either on its face or in an accompanying sworn statement, the language required under § 67-4-409(b)(6)(C) with respect to the recording tax imposed under § 67-4-409(b) , if any.
(c) Rules applicable to subsection (b). For purposes of subsection (b): (1) A record does not provide information if the filing office is unable to read or decipher the information; and (2) A record that does not indicate that it is an amendment or identify an initial financing statement to which it relates, as required by § 47-9-512 , § 47-9-514 , or § 47-9-518 , is an initial financing statement.
(1) A record does not provide information if the filing office is unable to read or decipher the information; and
(2) A record that does not indicate that it is an amendment or identify an initial financing statement to which it relates, as required by § 47-9-512 , § 47-9-514 , or § 47-9-518 , is an initial financing statement.
(d) Refusal to accept record; record effective as filed record. A record that is communicated to the filing office with tender of the filing fee, but which the filing office refuses to accept for a reason other than one set forth in subsection (b), is effective as a filed record except as against a purchaser of the collateral which gives value in reasonable reliance upon the absence of the record from the files.
Acts 2000, ch. 846, § 1; 2008 , ch. 648, § 2; 2012 , ch. 708, § 16.
Tenn. Code Ann. § 47-2a-216 — TN Code / Title 47 / Chapter 2a / Section 47-2a-216
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-216 - Third-party beneficiaries of express and implied warranties
Status: in_force

A warranty to or for the benefit of a lessee under this chapter, whether express or implied, extends to any natural person who is in the family or household of the lessee or who is a guest in the lessee's home if it is reasonable to expect that such person may use, consume, or be affected by the goods and who is injured in person by breach of the warranty. This section does not displace § 29-34-104 , or any principles of law and equity that extend a warranty to or for the benefit of a lessee to other persons. The operation of this section may not be excluded, modified, or limited, but an exclusion, modification, or limitation of the warranty, including any with respect to rights and remedies, effective against the lessee is also effective against any beneficiary designated under this section. Acts 1993, ch. 398, § 1.
A warranty to or for the benefit of a lessee under this chapter, whether express or implied, extends to any natural person who is in the family or household of the lessee or who is a guest in the lessee's home if it is reasonable to expect that such person may use, consume, or be affected by the goods and who is injured in person by breach of the warranty. This section does not displace § 29-34-104 , or any principles of law and equity that extend a warranty to or for the benefit of a lessee to other persons. The operation of this section may not be excluded, modified, or limited, but an exclusion, modification, or limitation of the warranty, including any with respect to rights and remedies, effective against the lessee is also effective against any beneficiary designated under this section.
Acts 1993, ch. 398, § 1.
Tenn. Code Ann. § 47-9-519 — TN Code / Title 47 / Chapter 9 / Section 47-9-519
Numbering, maintaining, and indexing records - Communicating information provided in records
Status: in_force

(a) Filing office duties. For each record filed in a filing office, the filing office shall: (1) Assign a unique number to the filed record; (2) Create a record that bears the number assigned to the filed record and the date and time of filing; (3) Maintain the filed record for public inspection; and (4) Index the filed record in accordance with subsections (c), (d), and (e). (b) File number. Except as otherwise provided in subsection (i), a file number assigned after January 1, 2002, must include a digit that: (1) Is mathematically derived from or related to the other digits of the file number; and (2) Aids the filing office in determining whether a number communicated as the file number includes a single-digit or transpositional error. (c) Indexing: general. Except as otherwise provided in subsections (d) and (e), the filing office shall: (1) Index an initial financing statement according to the name of the debtor and index all filed records relating to the initial financing statement in a manner that associates with one another an initial financing statement and all filed records relating to the initial financing statement; and (2) Index a record that provides a name of a debtor which was not previously provided in the financing statement to which the record relates also according to the name that was not previously provided. (d) Indexing: real-property-related financing statement. If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, it must be filed for record and the filing office shall index it: (1) Under the names of the debtor and of each owner of record shown on the financing statement as if they were the mortgagors under a mortgage of the real property described; and (2) To the extent that the law of this state provides for indexing of records of mortgages under the name of the mortgagee, under the name of the secured party as if the secured party were the mortgagee thereunder, or, if indexing is by description, as if the financing statement were a record of a mortgage of the real property described. (e) Indexing: real-property-related assignment. If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, the filing office shall index an assignment filed under § 47-9-514(a) or an amendment filed under § 47-9-514(b) : (1) Under the name of the assignor as grantor; and (2) To the extent that the law of this state provides for indexing a record of the assignment of a mortgage under the name of the assignee. (f) Retrieval and association capability. The filing office shall maintain a capability: (1) To retrieve a record by the name of the debtor and by the file number assigned to the initial financing statement to which the record relates; and (2) To associate and retrieve with one another an initial financing statement and each filed record relating to the initial financing statement. (g) Removal of debtor's name. The filing office may not remove a debtor's name from the index until one (1) year after the effectiveness of a financing statement naming the debtor lapses under § 47-9-515 with respect to all secured parties of record. (h) Timeliness of filing office performance. Except as otherwise provided in subsection (i), the filing office shall perform the acts required by subsections (a) through (e) at the time and in the manner prescribed by filing- office rule, but not later than two (2) business days after the filing office receives the record in question. (i) Inapplicability to real-property-related filing office. Subsections (b) and (h) do not apply to a filing office described in § 47-9-501(a)(1) . Acts 2000, ch. 846, § 1.
(a) Filing office duties. For each record filed in a filing office, the filing office shall: (1) Assign a unique number to the filed record; (2) Create a record that bears the number assigned to the filed record and the date and time of filing; (3) Maintain the filed record for public inspection; and (4) Index the filed record in accordance with subsections (c), (d), and (e).
(1) Assign a unique number to the filed record;
(2) Create a record that bears the number assigned to the filed record and the date and time of filing;
(3) Maintain the filed record for public inspection; and
(4) Index the filed record in accordance with subsections (c), (d), and (e).
(b) File number. Except as otherwise provided in subsection (i), a file number assigned after January 1, 2002, must include a digit that: (1) Is mathematically derived from or related to the other digits of the file number; and (2) Aids the filing office in determining whether a number communicated as the file number includes a single-digit or transpositional error.
(1) Is mathematically derived from or related to the other digits of the file number; and
(2) Aids the filing office in determining whether a number communicated as the file number includes a single-digit or transpositional error.
(c) Indexing: general. Except as otherwise provided in subsections (d) and (e), the filing office shall: (1) Index an initial financing statement according to the name of the debtor and index all filed records relating to the initial financing statement in a manner that associates with one another an initial financing statement and all filed records relating to the initial financing statement; and (2) Index a record that provides a name of a debtor which was not previously provided in the financing statement to which the record relates also according to the name that was not previously provided.
(1) Index an initial financing statement according to the name of the debtor and index all filed records relating to the initial financing statement in a manner that associates with one another an initial financing statement and all filed records relating to the initial financing statement; and
(2) Index a record that provides a name of a debtor which was not previously provided in the financing statement to which the record relates also according to the name that was not previously provided.
(d) Indexing: real-property-related financing statement. If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, it must be filed for record and the filing office shall index it: (1) Under the names of the debtor and of each owner of record shown on the financing statement as if they were the mortgagors under a mortgage of the real property described; and (2) To the extent that the law of this state provides for indexing of records of mortgages under the name of the mortgagee, under the name of the secured party as if the secured party were the mortgagee thereunder, or, if indexing is by description, as if the financing statement were a record of a mortgage of the real property described.
(1) Under the names of the debtor and of each owner of record shown on the financing statement as if they were the mortgagors under a mortgage of the real property described; and
(2) To the extent that the law of this state provides for indexing of records of mortgages under the name of the mortgagee, under the name of the secured party as if the secured party were the mortgagee thereunder, or, if indexing is by description, as if the financing statement were a record of a mortgage of the real property described.
(e) Indexing: real-property-related assignment. If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, the filing office shall index an assignment filed under § 47-9-514(a) or an amendment filed under § 47-9-514(b) : (1) Under the name of the assignor as grantor; and (2) To the extent that the law of this state provides for indexing a record of the assignment of a mortgage under the name of the assignee.
(1) Under the name of the assignor as grantor; and
(2) To the extent that the law of this state provides for indexing a record of the assignment of a mortgage under the name of the assignee.
(f) Retrieval and association capability. The filing office shall maintain a capability: (1) To retrieve a record by the name of the debtor and by the file number assigned to the initial financing statement to which the record relates; and (2) To associate and retrieve with one another an initial financing statement and each filed record relating to the initial financing statement.
(1) To retrieve a record by the name of the debtor and by the file number assigned to the initial financing statement to which the record relates; and
(2) To associate and retrieve with one another an initial financing statement and each filed record relating to the initial financing statement.
(g) Removal of debtor's name. The filing office may not remove a debtor's name from the index until one (1) year after the effectiveness of a financing statement naming the debtor lapses under § 47-9-515 with respect to all secured parties of record.
(h) Timeliness of filing office performance. Except as otherwise provided in subsection (i), the filing office shall perform the acts required by subsections (a) through (e) at the time and in the manner prescribed by filing- office rule, but not later than two (2) business days after the filing office receives the record in question.
(i) Inapplicability to real-property-related filing office. Subsections (b) and (h) do not apply to a filing office described in § 47-9-501(a)(1) .
Acts 2000, ch. 846, § 1.
Tenn. Code Ann. § 47-25-1216 — TN Code / Title 47 / Chapter 25 / Section 47-25-1216
Customer's rights unimpaired by developer's assignments
Status: in_force

Any assignee of the invention developer's rights is subject to all equities and defenses of the customer against the invention developer existing in favor of the customer at the time of the assignment. Acts 1977, ch. 436, § 8; T.C.A., § 47-20-116.
Any assignee of the invention developer's rights is subject to all equities and defenses of the customer against the invention developer existing in favor of the customer at the time of the assignment.
Acts 1977, ch. 436, § 8; T.C.A., § 47-20-116.
Tenn. Code Ann. § 47-18-2703 — TN Code / Title 47 / Chapter 18 / Section 47-18-2703
Application
Status: in_force

Nothing in this part shall be construed to apply to: (1) Eye or vision care services, glasses or contact lenses provided by an optometrist or ophthalmologist; or (2) Discount cards provided to members of a nonprofit association as an incidental benefit to membership in the association; provided, that membership in such association entitles members to apply for insurance that is available only to members of the association. Acts 2001, ch. 173, § 3.
Nothing in this part shall be construed to apply to:
(1) Eye or vision care services, glasses or contact lenses provided by an optometrist or ophthalmologist; or
(2) Discount cards provided to members of a nonprofit association as an incidental benefit to membership in the association; provided, that membership in such association entitles members to apply for insurance that is available only to members of the association.
Acts 2001, ch. 173, § 3.
Tenn. Code Ann. § 47-3-604 — TN Code / Title 47 / Chapter 3 / Section 47-3-604
Discharge by cancellation or renunciation
Status: in_force

(a) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument (i) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the instrument, cancellation or striking out of the party's signature, or the addition of words to the instrument indicating discharge, or (ii) by agreeing not to sue or otherwise renouncing rights against the party by a signed writing. (b) Cancellation or striking out of an endorsement pursuant to subsection (a) does not affect the status and rights of a party derived from the endorsement. Acts 1995, ch. 397, § 2.
(a) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument (i) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the instrument, cancellation or striking out of the party's signature, or the addition of words to the instrument indicating discharge, or (ii) by agreeing not to sue or otherwise renouncing rights against the party by a signed writing.
(b) Cancellation or striking out of an endorsement pursuant to subsection (a) does not affect the status and rights of a party derived from the endorsement.
Acts 1995, ch. 397, § 2.
Tenn. Code Ann. § 47-4-103 — TN Code / Title 47 / Chapter 4 / Section 47-4-103
Variation by agreement; measure of damages; action constituting ordinary care
Status: in_force

(a) The effect of the provisions of this chapter may be varied by agreement, to the extent the agreement does not disclaim a bank's responsibility for its own lack of good faith and is not manifestly unreasonable. (b) Federal Reserve regulations and operating circulars, clearing-house rules, and the like have the effect of agreements under subsection (a), whether or not specifically assented to by all parties interested in items handled. (c) Action or non-action approved by this chapter or pursuant to Federal Reserve regulations or operating circular is the exercise of ordinary care and, in the absence of special instructions, action or non-action consistent with clearing-house rules and the like or with a general banking usage not disapproved by this chapter, is prima facie the exercise of ordinary care. (d) The specification or approval of certain procedures by this chapter is not disapproval of other procedures that may be reasonable under the circumstances. (e) The measure of damages for failure to exercise ordinary care in handling an item is the amount of the item reduced by an amount that could not have been realized by the exercise of ordinary care. If there is also bad faith it includes any other damages the party suffered as a proximate consequence. Acts 1963, ch. 81, § 1 (4-103); 1995, ch. 397, § 3.
(a) The effect of the provisions of this chapter may be varied by agreement, to the extent the agreement does not disclaim a bank's responsibility for its own lack of good faith and is not manifestly unreasonable.
(b) Federal Reserve regulations and operating circulars, clearing-house rules, and the like have the effect of agreements under subsection (a), whether or not specifically assented to by all parties interested in items handled.
(c) Action or non-action approved by this chapter or pursuant to Federal Reserve regulations or operating circular is the exercise of ordinary care and, in the absence of special instructions, action or non-action consistent with clearing-house rules and the like or with a general banking usage not disapproved by this chapter, is prima facie the exercise of ordinary care.
(d) The specification or approval of certain procedures by this chapter is not disapproval of other procedures that may be reasonable under the circumstances.
(e) The measure of damages for failure to exercise ordinary care in handling an item is the amount of the item reduced by an amount that could not have been realized by the exercise of ordinary care. If there is also bad faith it includes any other damages the party suffered as a proximate consequence.
Acts 1963, ch. 81, § 1 (4-103); 1995, ch. 397, § 3.
Tenn. Code Ann. § 47-18-2502 — TN Code / Title 47 / Chapter 18 / Section 47-18-2502
Part definitions
Status: in_force

As used in this part, unless the context otherwise requires: (1) "Computer network" means a set of related, remotely connected devices and any communications facilities, including more than one (1) computer with the capability to transmit data among them through the communications facilities; and (2) "Without authority" means a person using the computer network of an electronic mail service provider to transmit unsolicited bulk electronic mail in contravention of the authority granted by or in violation of the policies set by the electronic mail service provider. Transmission of electronic mail from an organization to its members shall not be deemed to be unsolicited bulk electronic mail. Acts 1999, ch. 475, § 3.
As used in this part, unless the context otherwise requires:
(1) "Computer network" means a set of related, remotely connected devices and any communications facilities, including more than one (1) computer with the capability to transmit data among them through the communications facilities; and
(2) "Without authority" means a person using the computer network of an electronic mail service provider to transmit unsolicited bulk electronic mail in contravention of the authority granted by or in violation of the policies set by the electronic mail service provider. Transmission of electronic mail from an organization to its members shall not be deemed to be unsolicited bulk electronic mail.
Acts 1999, ch. 475, § 3.
Tenn. Code Ann. § 47-25-603 — TN Code / Title 47 / Chapter 25 / Section 47-25-603
Purpose
Status: in_force

(a) The purpose of this part is to regulate vertical integration of the petroleum industry in Tennessee, it being the conclusion of the general assembly hereby expressed that vertical integration tends to operate in restraint of free trade and inhibits full and free competition and, therefore, tends to increase the price of petroleum and related products and services as prohibited under part 1 of this chapter. (b) Independent and small dealers and distributors of petroleum and related products are vital to a healthy, competitive marketplace, but are unable to survive subsidized below-cost pricing at the retail level by others who have other sources of income. Below-cost selling laws have been effective in preserving independent and small retailers and wholesalers in other trades and businesses from subsidized pricing. Subsidized pricing is inherently unfair and destructive to, and reduces competition in, the motor fuel marketing industry, and is a form of predatory pricing. An additional purpose of this part is to prevent and eliminate subsidized pricing of petroleum and related products. Acts 1975, ch. 232, § 1; T.C.A., § 69-703; Acts 1988, ch. 1033, § 3.
(a) The purpose of this part is to regulate vertical integration of the petroleum industry in Tennessee, it being the conclusion of the general assembly hereby expressed that vertical integration tends to operate in restraint of free trade and inhibits full and free competition and, therefore, tends to increase the price of petroleum and related products and services as prohibited under part 1 of this chapter.
(b) Independent and small dealers and distributors of petroleum and related products are vital to a healthy, competitive marketplace, but are unable to survive subsidized below-cost pricing at the retail level by others who have other sources of income. Below-cost selling laws have been effective in preserving independent and small retailers and wholesalers in other trades and businesses from subsidized pricing. Subsidized pricing is inherently unfair and destructive to, and reduces competition in, the motor fuel marketing industry, and is a form of predatory pricing. An additional purpose of this part is to prevent and eliminate subsidized pricing of petroleum and related products.
Acts 1975, ch. 232, § 1; T.C.A., § 69-703; Acts 1988, ch. 1033, § 3.
Tenn. Code Ann. § 47-2a-527 — TN Code / Title 47 / Chapter 2a / Section 47-2a-527
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) C. DEFAULT BY LESSEE (§§ 47-2A-523 — 47-2A-532) Section 47-2A-527 - Lessor's rights to dispose of goods
Status: in_force

(1) After a default by a lessee under the lease contract of the type described in § 47-2A-523(1) or § 47-2A-523(3)(a) or after the lessor refuses to deliver or takes possession of goods (§ 47-2A-525 or § 47-2A-526 ), or, if agreed, after other default by a lessee, the lessor may dispose of the goods concerned or the undelivered balance thereof by lease, sale, or otherwise. (2) Except as otherwise provided with respect to damages liquidated in the lease agreement (§ 47-2A-504 ) or otherwise determined pursuant to agreement of the parties (§§ 47-1-302 and 47-2A-503 ), if the disposition is by lease agreement substantially similar to the original lease agreement and the new lease agreement is made in good faith and in a commercially reasonable manner, the lessor may recover from the lessee as damages (i) accrued and unpaid rent as of the date of the commencement of the term of the new lease agreement, (ii) the present value, as of the same date, of the total rent for the then remaining lease term of the original lease agreement minus the present value, as of the same date, of the rent under the new lease agreement applicable to that period of the new lease term which is comparable to the then remaining term of the original lease agreement, and (iii) any incidental damages allowed under § 47-2A-530 , lease expenses saved in consequence of the lessee's default. (3) If the lessor's disposition is by lease agreement that for any reason does not qualify for treatment under subsection (2), or is by sale or otherwise, the lessor may recover from the lessee as if the lessor had elected not to dispose of the goods and § 47-2A-528 governs. (4) A subsequent buyer or lessee who buys or leases from the lessor in good faith for value as a result of a disposition under this section takes the goods free of the original lease contract and any rights of the original lessee even though the lessor fails to comply with one (1) or more of the requirements of this chapter. (5) The lessor is not accountable to the lessee for any profit made on any disposition. A lessee who has rightfully rejected or justifiably revoked acceptance shall account to the lessor for any excess over the amount of the lessee's security interest (§ 47-2A-508(5) ). Acts 1993, ch. 398, § 1; 2008 , ch. 930, § 8.
(1) After a default by a lessee under the lease contract of the type described in § 47-2A-523(1) or § 47-2A-523(3)(a) or after the lessor refuses to deliver or takes possession of goods (§ 47-2A-525 or § 47-2A-526 ), or, if agreed, after other default by a lessee, the lessor may dispose of the goods concerned or the undelivered balance thereof by lease, sale, or otherwise.
(2) Except as otherwise provided with respect to damages liquidated in the lease agreement (§ 47-2A-504 ) or otherwise determined pursuant to agreement of the parties (§§ 47-1-302 and 47-2A-503 ), if the disposition is by lease agreement substantially similar to the original lease agreement and the new lease agreement is made in good faith and in a commercially reasonable manner, the lessor may recover from the lessee as damages (i) accrued and unpaid rent as of the date of the commencement of the term of the new lease agreement, (ii) the present value, as of the same date, of the total rent for the then remaining lease term of the original lease agreement minus the present value, as of the same date, of the rent under the new lease agreement applicable to that period of the new lease term which is comparable to the then remaining term of the original lease agreement, and (iii) any incidental damages allowed under § 47-2A-530 , lease expenses saved in consequence of the lessee's default.
(3) If the lessor's disposition is by lease agreement that for any reason does not qualify for treatment under subsection (2), or is by sale or otherwise, the lessor may recover from the lessee as if the lessor had elected not to dispose of the goods and § 47-2A-528 governs.
(4) A subsequent buyer or lessee who buys or leases from the lessor in good faith for value as a result of a disposition under this section takes the goods free of the original lease contract and any rights of the original lessee even though the lessor fails to comply with one (1) or more of the requirements of this chapter.
(5) The lessor is not accountable to the lessee for any profit made on any disposition. A lessee who has rightfully rejected or justifiably revoked acceptance shall account to the lessor for any excess over the amount of the lessee's security interest (§ 47-2A-508(5) ).
Acts 1993, ch. 398, § 1; 2008 , ch. 930, § 8.
Tenn. Code Ann. § 47-18-2107 — TN Code / Title 47 / Chapter 18 / Section 47-18-2107
Release of personal consumer information
Status: in_force

(a) As used in this section: (1) "Breach of system security": (A) Means the acquisition of the information set out in subdivision (a)(1)(A)(i) or (a)(1)(A)(ii) by an unauthorized person that materially compromises the security, confidentiality, or integrity of personal information maintained by the information holder: (i) Unencrypted computerized data; or (ii) Encrypted computerized data and the encryption key; and (B) Does not include the good faith acquisition of personal information by an employee or agent of the information holder for the purposes of the information holder if the personal information is not used or subject to further unauthorized disclosure; (2) "Encrypted" means computerized data that is rendered unusable, unreadable, or indecipherable without the use of a decryption process or key and in accordance with the current version of the Federal Information Processing Standard (FIPS) 140-2; (3) "Information holder" means any person or business that conducts business in this state, or any agency of this state or any of its political subdivisions, that owns or licenses computerized personal information of residents of this state; (4) "Personal information": (A) Means an individual's first name or first initial and last name, in combination with any one (1) or more of the following data elements: (i) Social security number; (ii) Driver license number; or (iii) Account, credit card, or debit card number, in combination with any required security code, access code, or password that would permit access to an individual's financial account; and (B) Does not include information that is lawfully made available to the general public from federal, state, or local government records or information that has been redacted, or otherwise made unusable; and (5) "Unauthorized person" includes an employee of the information holder who is discovered by the information holder to have obtained personal information with the intent to use it for an unlawful purpose. (b) Following discovery or notification of a breach of system security by an information holder, the information holder shall disclose the breach of system security to any resident of this state whose personal information was, or is reasonably believed to have been, acquired by an unauthorized person. The disclosure must be made no later than forty-five (45) days from the discovery or notification of the breach of system security, unless a longer period of time is required due to the legitimate needs of law enforcement, as provided in subsection (d). (c) Any information holder that maintains computerized data that includes personal information that the information holder does not own shall notify the owner or licensee of the information of any breach of system security if the personal information was, or is reasonably believed to have been, acquired by an unauthorized person. The disclosure must be made no later than forty-five (45) days from the discovery or notification of the breach of system security, unless a longer period of time is required due to the legitimate needs of law enforcement, as provided in subsection (d). (d) The notification required by this section may be delayed if a law enforcement agency determines that the notification will impede a criminal investigation. If the notification is delayed, it must be made no later than forty-five (45) days after the law enforcement agency determines that notification will not compromise the investigation. (e) For purposes of this section, notice may be provided by one (1) of the following methods: (1) Written notice; (2) Electronic notice, if the notice provided is consistent with the provisions regarding electronic records and signatures set forth in 15 U.S.C. § 7001 or if the information holder's primary method of communication with the resident of this state has been by electronic means; or (3) Substitute notice, if the information holder demonstrates that the cost of providing notice would exceed two hundred fifty thousand dollars ($250,000), that the affected class of subject persons to be notified exceeds five hundred thousand (500,000) persons, or the information holder does not have sufficient contact information and the notice consists of all of the following: (A) Email notice, when the information holder has an email address for the subject persons; (B) Conspicuous posting of the notice on the information holder's website, if the information holder maintains a website page; and (C) Notification to major statewide media. (f) Notwithstanding subsection (e), if an information holder maintains its own notification procedures as part of an information security policy for the treatment of personal information and if the policy is otherwise consistent with the timing requirements of this section, the information holder is in compliance with the notification requirements of this section, as long as the information holder notifies subject persons in accordance with its policies in the event of a breach of system security. (g) If an information holder discovers circumstances requiring notification pursuant to this section of more than one thousand (1,000) persons at one (1) time, the information holder must also notify, without unreasonable delay, all consumer reporting agencies, as defined by 15 U.S.C. § 1681a , and credit bureaus that compile and maintain files on consumers on a nationwide basis, of the timing, distribution, and content of the notices. (h) Any customer of an information holder who is a person or business entity, but who is not an agency of this state or any political subdivision of this state, and who is injured by a violation of this section, may institute a civil action to recover damages and to enjoin the information holder from further action in violation of this section. The rights and remedies available under this section are cumulative to each other and to any other rights and remedies available under law. (i) This section does not apply to any information holder that is subject to: (1) Title V of the Gramm-Leach-Bliley Act of 1999 (Pub. L. No. 106-102); or (2) The Health Insurance Portability and Accountability Act of 1996 ( 42 U.S.C. § 1320d et seq.), as expanded by the Health Information Technology for Clinical and Economic Health Act ( 42 U.S.C. § 300jj et seq., and 42 U.S.C. § 17921 et seq.). Amended by 2017 Tenn. Acts, ch. 91, s 1, eff. 4/4/2017. Amended by 2016 Tenn. Acts, ch. 692, Secs.s 2, s 3, s 4 eff. 7/1/2016. Amended by 2016 Tenn. Acts, ch. 692, s 1, eff. 7/1/2016. Acts 2005, ch. 473, § 1.
(a) As used in this section: (1) "Breach of system security": (A) Means the acquisition of the information set out in subdivision (a)(1)(A)(i) or (a)(1)(A)(ii) by an unauthorized person that materially compromises the security, confidentiality, or integrity of personal information maintained by the information holder: (i) Unencrypted computerized data; or (ii) Encrypted computerized data and the encryption key; and (B) Does not include the good faith acquisition of personal information by an employee or agent of the information holder for the purposes of the information holder if the personal information is not used or subject to further unauthorized disclosure; (2) "Encrypted" means computerized data that is rendered unusable, unreadable, or indecipherable without the use of a decryption process or key and in accordance with the current version of the Federal Information Processing Standard (FIPS) 140-2; (3) "Information holder" means any person or business that conducts business in this state, or any agency of this state or any of its political subdivisions, that owns or licenses computerized personal information of residents of this state; (4) "Personal information": (A) Means an individual's first name or first initial and last name, in combination with any one (1) or more of the following data elements: (i) Social security number; (ii) Driver license number; or (iii) Account, credit card, or debit card number, in combination with any required security code, access code, or password that would permit access to an individual's financial account; and (B) Does not include information that is lawfully made available to the general public from federal, state, or local government records or information that has been redacted, or otherwise made unusable; and (5) "Unauthorized person" includes an employee of the information holder who is discovered by the information holder to have obtained personal information with the intent to use it for an unlawful purpose.
(1) "Breach of system security": (A) Means the acquisition of the information set out in subdivision (a)(1)(A)(i) or (a)(1)(A)(ii) by an unauthorized person that materially compromises the security, confidentiality, or integrity of personal information maintained by the information holder: (i) Unencrypted computerized data; or (ii) Encrypted computerized data and the encryption key; and (B) Does not include the good faith acquisition of personal information by an employee or agent of the information holder for the purposes of the information holder if the personal information is not used or subject to further unauthorized disclosure;
(A) Means the acquisition of the information set out in subdivision (a)(1)(A)(i) or (a)(1)(A)(ii) by an unauthorized person that materially compromises the security, confidentiality, or integrity of personal information maintained by the information holder: (i) Unencrypted computerized data; or (ii) Encrypted computerized data and the encryption key; and
(i) Unencrypted computerized data; or
(ii) Encrypted computerized data and the encryption key; and
(B) Does not include the good faith acquisition of personal information by an employee or agent of the information holder for the purposes of the information holder if the personal information is not used or subject to further unauthorized disclosure;
(2) "Encrypted" means computerized data that is rendered unusable, unreadable, or indecipherable without the use of a decryption process or key and in accordance with the current version of the Federal Information Processing Standard (FIPS) 140-2;
(3) "Information holder" means any person or business that conducts business in this state, or any agency of this state or any of its political subdivisions, that owns or licenses computerized personal information of residents of this state;
(4) "Personal information": (A) Means an individual's first name or first initial and last name, in combination with any one (1) or more of the following data elements: (i) Social security number; (ii) Driver license number; or (iii) Account, credit card, or debit card number, in combination with any required security code, access code, or password that would permit access to an individual's financial account; and (B) Does not include information that is lawfully made available to the general public from federal, state, or local government records or information that has been redacted, or otherwise made unusable; and
(A) Means an individual's first name or first initial and last name, in combination with any one (1) or more of the following data elements: (i) Social security number; (ii) Driver license number; or (iii) Account, credit card, or debit card number, in combination with any required security code, access code, or password that would permit access to an individual's financial account; and
(i) Social security number;
(ii) Driver license number; or
(iii) Account, credit card, or debit card number, in combination with any required security code, access code, or password that would permit access to an individual's financial account; and
(B) Does not include information that is lawfully made available to the general public from federal, state, or local government records or information that has been redacted, or otherwise made unusable; and
(5) "Unauthorized person" includes an employee of the information holder who is discovered by the information holder to have obtained personal information with the intent to use it for an unlawful purpose.
(b) Following discovery or notification of a breach of system security by an information holder, the information holder shall disclose the breach of system security to any resident of this state whose personal information was, or is reasonably believed to have been, acquired by an unauthorized person. The disclosure must be made no later than forty-five (45) days from the discovery or notification of the breach of system security, unless a longer period of time is required due to the legitimate needs of law enforcement, as provided in subsection (d).
(c) Any information holder that maintains computerized data that includes personal information that the information holder does not own shall notify the owner or licensee of the information of any breach of system security if the personal information was, or is reasonably believed to have been, acquired by an unauthorized person. The disclosure must be made no later than forty-five (45) days from the discovery or notification of the breach of system security, unless a longer period of time is required due to the legitimate needs of law enforcement, as provided in subsection (d).
(d) The notification required by this section may be delayed if a law enforcement agency determines that the notification will impede a criminal investigation. If the notification is delayed, it must be made no later than forty-five (45) days after the law enforcement agency determines that notification will not compromise the investigation.
(e) For purposes of this section, notice may be provided by one (1) of the following methods: (1) Written notice; (2) Electronic notice, if the notice provided is consistent with the provisions regarding electronic records and signatures set forth in 15 U.S.C. § 7001 or if the information holder's primary method of communication with the resident of this state has been by electronic means; or (3) Substitute notice, if the information holder demonstrates that the cost of providing notice would exceed two hundred fifty thousand dollars ($250,000), that the affected class of subject persons to be notified exceeds five hundred thousand (500,000) persons, or the information holder does not have sufficient contact information and the notice consists of all of the following: (A) Email notice, when the information holder has an email address for the subject persons; (B) Conspicuous posting of the notice on the information holder's website, if the information holder maintains a website page; and (C) Notification to major statewide media.
(1) Written notice;
(2) Electronic notice, if the notice provided is consistent with the provisions regarding electronic records and signatures set forth in 15 U.S.C. § 7001 or if the information holder's primary method of communication with the resident of this state has been by electronic means; or
(3) Substitute notice, if the information holder demonstrates that the cost of providing notice would exceed two hundred fifty thousand dollars ($250,000), that the affected class of subject persons to be notified exceeds five hundred thousand (500,000) persons, or the information holder does not have sufficient contact information and the notice consists of all of the following: (A) Email notice, when the information holder has an email address for the subject persons; (B) Conspicuous posting of the notice on the information holder's website, if the information holder maintains a website page; and (C) Notification to major statewide media.
(A) Email notice, when the information holder has an email address for the subject persons;
(B) Conspicuous posting of the notice on the information holder's website, if the information holder maintains a website page; and
(C) Notification to major statewide media.
(f) Notwithstanding subsection (e), if an information holder maintains its own notification procedures as part of an information security policy for the treatment of personal information and if the policy is otherwise consistent with the timing requirements of this section, the information holder is in compliance with the notification requirements of this section, as long as the information holder notifies subject persons in accordance with its policies in the event of a breach of system security.
(g) If an information holder discovers circumstances requiring notification pursuant to this section of more than one thousand (1,000) persons at one (1) time, the information holder must also notify, without unreasonable delay, all consumer reporting agencies, as defined by 15 U.S.C. § 1681a , and credit bureaus that compile and maintain files on consumers on a nationwide basis, of the timing, distribution, and content of the notices.
(h) Any customer of an information holder who is a person or business entity, but who is not an agency of this state or any political subdivision of this state, and who is injured by a violation of this section, may institute a civil action to recover damages and to enjoin the information holder from further action in violation of this section. The rights and remedies available under this section are cumulative to each other and to any other rights and remedies available under law.
(i) This section does not apply to any information holder that is subject to: (1) Title V of the Gramm-Leach-Bliley Act of 1999 (Pub. L. No. 106-102); or (2) The Health Insurance Portability and Accountability Act of 1996 ( 42 U.S.C. § 1320d et seq.), as expanded by the Health Information Technology for Clinical and Economic Health Act ( 42 U.S.C. § 300jj et seq., and 42 U.S.C. § 17921 et seq.).
(1) Title V of the Gramm-Leach-Bliley Act of 1999 (Pub. L. No. 106-102); or
(2) The Health Insurance Portability and Accountability Act of 1996 ( 42 U.S.C. § 1320d et seq.), as expanded by the Health Information Technology for Clinical and Economic Health Act ( 42 U.S.C. § 300jj et seq., and 42 U.S.C. § 17921 et seq.).
Amended by 2017 Tenn. Acts, ch. 91, s 1, eff. 4/4/2017.
Amended by 2016 Tenn. Acts, ch. 692, Secs.s 2, s 3, s 4 eff. 7/1/2016.
Amended by 2016 Tenn. Acts, ch. 692, s 1, eff. 7/1/2016.
Acts 2005, ch. 473, § 1.
Tenn. Code Ann. § 47-30-106 — TN Code / Title 47 / Chapter 30 / Section 47-30-106
Contract may require borrower to pay certain taxes, premiums and assessments
Status: in_force

A reverse mortgage loan contract may provide that it is the primary obligation of the borrower to pay some or all of the property taxes, hazard insurance premiums, private or federal mortgage insurance premiums, and assessments, in a timely manner, and that the failure of the borrower to make these payments and to provide evidence of payment to the lender may constitute grounds for default of the loan. A reverse mortgage loan contract shall state that if a borrower fails to pay property taxes, insurance premiums, or assessments, the lender may choose, at the lender's option, to pay the amounts due, charge them to the loan, and recalculate regularly scheduled payments under the loan to account for the increased outstanding loan balance. Acts 1993, ch. 410, § 7.
A reverse mortgage loan contract may provide that it is the primary obligation of the borrower to pay some or all of the property taxes, hazard insurance premiums, private or federal mortgage insurance premiums, and assessments, in a timely manner, and that the failure of the borrower to make these payments and to provide evidence of payment to the lender may constitute grounds for default of the loan. A reverse mortgage loan contract shall state that if a borrower fails to pay property taxes, insurance premiums, or assessments, the lender may choose, at the lender's option, to pay the amounts due, charge them to the loan, and recalculate regularly scheduled payments under the loan to account for the increased outstanding loan balance.
Acts 1993, ch. 410, § 7.
Tenn. Code Ann. § 47-28-106 — TN Code / Title 47 / Chapter 28 / Section 47-28-106
Obligations of borrower
Status: in_force

The serving and recording of a notice of limitation shall not relieve the borrower from the obligation to pay any amounts due or to become due the creditor, or from the performance of any other obligations under the open-end mortgage, or the agreement which it secures, or any note evidencing obligations thereunder. Acts 1987, ch. 137, § 6.
The serving and recording of a notice of limitation shall not relieve the borrower from the obligation to pay any amounts due or to become due the creditor, or from the performance of any other obligations under the open-end mortgage, or the agreement which it secures, or any note evidencing obligations thereunder.
Acts 1987, ch. 137, § 6.
Tenn. Code Ann. § 47-5-108 — TN Code / Title 47 / Chapter 5 / Section 47-5-108
Issuer's rights and obligations
Status: in_force

(a) Except as otherwise provided in § 47-5-109 , an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (e), appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as otherwise provided in § 47-5-113 and unless otherwise agreed with the applicant, an issuer shall dishonor a presentation that does not appear so to comply. (b) An issuer has a reasonable time after presentation, but not beyond the end of the seventh business day of the issuer after the day of its receipt of documents: (1) to honor, (2) if the letter of credit provides for honor to be completed more than seven (7) business days after presentation, to accept a draft or incur a deferred obligation, or (3) to give notice to the presenter of discrepancies in the presentation. (c) Except as otherwise provided in subsection (d), an issuer is precluded from asserting as a basis for dishonor any discrepancy if timely notice is not given, or any discrepancy not stated in the notice if timely notice is given. (d) Failure to give the notice specified in subsection (b) or to mention fraud, forgery, or expiration in the notice does not preclude the issuer from asserting as a basis for dishonor fraud or forgery as described in § 47-5-109(a) or expiration of the letter of credit before presentation. (e) An issuer shall observe standard practice of financial institutions that regularly issue letters of credit. Determination of the issuer's observance of the standard practice is a matter of interpretation for the court. The court shall offer the parties a reasonable opportunity to present evidence of the standard practice. (f) An issuer is not responsible for: (1) the performance or nonperformance of the underlying contract, arrangement, or transaction, (2) an act or omission of others, or (3) observance or knowledge of the usage of a particular trade other than the standard practice referred to in subsection (e). (g) If an undertaking constituting a letter of credit under § 47-5-102(a)(10) contains nondocumentary conditions, an issuer shall disregard the nondocumentary conditions and treat them as if they were not stated. (h) An issuer that has dishonored a presentation shall return the documents or hold them at the disposal of, and send advice to that effect to, the presenter. (i) An issuer that has honored a presentation as permitted or required by this article: (1) is entitled to be reimbursed by the applicant in immediately available funds not later than the date of its payment of funds; (2) takes the documents free of claims of the beneficiary or presenter; (3) is precluded from asserting a right of recourse on a draft under §§ 47-3-414 and 47-3-415 ; (4) except as otherwise provided in §§ 47-5-110 and 47-5-117 , is precluded from restitution of money paid or other value given by mistake to the extent the mistake concerns discrepancies in the documents or tender which are apparent on the face of the presentation; and (5) is discharged to the extent of its performance under the letter of credit unless the issuer honored a presentation in which a required signature of a beneficiary was forged. Acts 1998, ch. 675, § 1.
(a) Except as otherwise provided in § 47-5-109 , an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (e), appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as otherwise provided in § 47-5-113 and unless otherwise agreed with the applicant, an issuer shall dishonor a presentation that does not appear so to comply.
(b) An issuer has a reasonable time after presentation, but not beyond the end of the seventh business day of the issuer after the day of its receipt of documents: (1) to honor, (2) if the letter of credit provides for honor to be completed more than seven (7) business days after presentation, to accept a draft or incur a deferred obligation, or (3) to give notice to the presenter of discrepancies in the presentation.
(1) to honor,
(2) if the letter of credit provides for honor to be completed more than seven (7) business days after presentation, to accept a draft or incur a deferred obligation, or
(3) to give notice to the presenter of discrepancies in the presentation.
(c) Except as otherwise provided in subsection (d), an issuer is precluded from asserting as a basis for dishonor any discrepancy if timely notice is not given, or any discrepancy not stated in the notice if timely notice is given.
(d) Failure to give the notice specified in subsection (b) or to mention fraud, forgery, or expiration in the notice does not preclude the issuer from asserting as a basis for dishonor fraud or forgery as described in § 47-5-109(a) or expiration of the letter of credit before presentation.
(e) An issuer shall observe standard practice of financial institutions that regularly issue letters of credit. Determination of the issuer's observance of the standard practice is a matter of interpretation for the court. The court shall offer the parties a reasonable opportunity to present evidence of the standard practice.
(f) An issuer is not responsible for: (1) the performance or nonperformance of the underlying contract, arrangement, or transaction, (2) an act or omission of others, or (3) observance or knowledge of the usage of a particular trade other than the standard practice referred to in subsection (e).
(1) the performance or nonperformance of the underlying contract, arrangement, or transaction,
(2) an act or omission of others, or
(3) observance or knowledge of the usage of a particular trade other than the standard practice referred to in subsection (e).
(g) If an undertaking constituting a letter of credit under § 47-5-102(a)(10) contains nondocumentary conditions, an issuer shall disregard the nondocumentary conditions and treat them as if they were not stated.
(h) An issuer that has dishonored a presentation shall return the documents or hold them at the disposal of, and send advice to that effect to, the presenter.
(i) An issuer that has honored a presentation as permitted or required by this article: (1) is entitled to be reimbursed by the applicant in immediately available funds not later than the date of its payment of funds; (2) takes the documents free of claims of the beneficiary or presenter; (3) is precluded from asserting a right of recourse on a draft under §§ 47-3-414 and 47-3-415 ; (4) except as otherwise provided in §§ 47-5-110 and 47-5-117 , is precluded from restitution of money paid or other value given by mistake to the extent the mistake concerns discrepancies in the documents or tender which are apparent on the face of the presentation; and (5) is discharged to the extent of its performance under the letter of credit unless the issuer honored a presentation in which a required signature of a beneficiary was forged.
(1) is entitled to be reimbursed by the applicant in immediately available funds not later than the date of its payment of funds;
(2) takes the documents free of claims of the beneficiary or presenter;
(3) is precluded from asserting a right of recourse on a draft under §§ 47-3-414 and 47-3-415 ;
(4) except as otherwise provided in §§ 47-5-110 and 47-5-117 , is precluded from restitution of money paid or other value given by mistake to the extent the mistake concerns discrepancies in the documents or tender which are apparent on the face of the presentation; and
(5) is discharged to the extent of its performance under the letter of credit unless the issuer honored a presentation in which a required signature of a beneficiary was forged.
Acts 1998, ch. 675, § 1.
Tenn. Code Ann. § 47-13-107 — TN Code / Title 47 / Chapter 13 / Section 47-13-107
Failure to settle - Removal of trustee
Status: in_force

(a) In addition to the foregoing penalties for failure to settle, the court having the jurisdiction of the monthly county court has the power, and it is its duty, upon application, by petition, unless satisfactory reasons be shown why the same shall not be done, to revoke the appointment of such trustee and remove the trustee, and appoint another, who shall be subject to §§ 47-13-103 - 47-13-109. (b) In all such proceedings to remove such trustee or assignee, the trustee or assignee shall have reasonable notice, not less than ten (10) days, of such application and an opportunity to defend same. Acts 1899, ch. 371, § 5; Shan., § 3524a5; Code 1932, § 7779; T.C.A. (orig. ed.), § 47-1507; modified.
(a) In addition to the foregoing penalties for failure to settle, the court having the jurisdiction of the monthly county court has the power, and it is its duty, upon application, by petition, unless satisfactory reasons be shown why the same shall not be done, to revoke the appointment of such trustee and remove the trustee, and appoint another, who shall be subject to §§ 47-13-103 - 47-13-109.
(b) In all such proceedings to remove such trustee or assignee, the trustee or assignee shall have reasonable notice, not less than ten (10) days, of such application and an opportunity to defend same.
Acts 1899, ch. 371, § 5; Shan., § 3524a5; Code 1932, § 7779; T.C.A. (orig. ed.), § 47-1507; modified.
Tenn. Code Ann. § 47-2a-403 — TN Code / Title 47 / Chapter 2a / Section 47-2a-403
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 4 - PERFORMANCE OF LEASE CONTRACT: REPUDIATED, SUBSTITUTED AND EXCUSED (§§ 47-2A-401 — 47-2A-407) Section 47-2A-403 - Retraction of anticipatory repudiation
Status: in_force

(1) Until the repudiating party's next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has cancelled the lease contract or materially changed the aggrieved party's position or otherwise indicated that the aggrieved party considers the repudiation final. (2) Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under § 47-2A-401 . (3) Retraction reinstates a repudiating party's rights under a lease contract with due excuse and allowance to the aggrieved party for any delay occasioned by the repudiation. Acts 1993, ch. 398, § 1.
(1) Until the repudiating party's next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has cancelled the lease contract or materially changed the aggrieved party's position or otherwise indicated that the aggrieved party considers the repudiation final.
(2) Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under § 47-2A-401 .
(3) Retraction reinstates a repudiating party's rights under a lease contract with due excuse and allowance to the aggrieved party for any delay occasioned by the repudiation.
Acts 1993, ch. 398, § 1.
Tenn. Code Ann. § 47-33-104 — TN Code / Title 47 / Chapter 33 / Section 47-33-104
Construction and effect of selection or use of a recommended benchmark replacement - Liability
Status: in_force

(a) The selection or use of a recommended benchmark replacement as a benchmark replacement under or in respect of a contract, security, or instrument by operation of § 47-33-103 constitutes: (1) A commercially reasonable replacement for and a commercially substantial equivalent to LIBOR; (2) A reasonable, comparable, or analogous term for LIBOR under or in respect of the contract, security, or instrument; (3) A replacement that is based on a methodology or information that is similar or comparable to LIBOR; and (4) Substantial performance by a person of a right or obligation relating to or based on LIBOR under or in respect of a contract, security, or instrument. (b) A LIBOR replacement date, or an event or condition giving rise to a LIBOR replacement date; the selection or use of a recommended benchmark replacement as a benchmark replacement; or the determination, implementation, or performance of benchmark replacement conforming changes, by operation of § 47-33-103 , does not: (1) Impair or affect the right of a person to receive a payment, or affect the amount or timing of the payment, under a contract, security, or instrument; (2) Have the effect of discharging or excusing performance under a contract, security, or instrument for a reason, claim, or defense, including, but not limited to, a force majeure or other provision in a contract, security, or instrument; (3) Have the effect of giving a person the right unilaterally to terminate or suspend performance under a contract, security, or instrument; (4) Have the effect of constituting a breach of a contract, security, or instrument; or (5) Have the effect of voiding a contract, security, or instrument. (c) A person does not have liability for damages to another person, and is not subject to a claim or request for equitable relief, arising out of or related to the selection or use of a recommended benchmark replacement or the determination, implementation, or performance of benchmark replacement conforming changes, in each case, by operation of § 47-33-103 , and the selection or use of the recommended benchmark replacement or the determination, implementation, or performance of benchmark replacement conforming changes does not give rise to a claim or cause of action by a person in law or in equity. (d) Neither the selection or use of a recommended benchmark replacement nor the determination, implementation, or performance of benchmark replacement conforming changes, by operation of § 47-33-103 , amends or modifies a contract, security, or instrument or prejudices, impairs, or affects a person's rights, interests, or obligations under or in respect of a contract, security, or instrument. (e) Except as provided in § 47-33-103(a) or (c) , this chapter does not create a negative inference or negative presumption regarding the validity or enforceability of: (1) A benchmark replacement that is not a recommended replacement benchmark; (2) A spread adjustment, or method for calculating or determining a spread adjustment, that is not a recommended spread adjustment; or (3) A change, alteration, or modification to or in respect of a contract, security, or instrument that is not a benchmark replacement conforming change. Added by 2022 Tenn. Acts, ch. 651, s 1, eff. 3/15/2022.
(a) The selection or use of a recommended benchmark replacement as a benchmark replacement under or in respect of a contract, security, or instrument by operation of § 47-33-103 constitutes: (1) A commercially reasonable replacement for and a commercially substantial equivalent to LIBOR; (2) A reasonable, comparable, or analogous term for LIBOR under or in respect of the contract, security, or instrument; (3) A replacement that is based on a methodology or information that is similar or comparable to LIBOR; and (4) Substantial performance by a person of a right or obligation relating to or based on LIBOR under or in respect of a contract, security, or instrument.
(1) A commercially reasonable replacement for and a commercially substantial equivalent to LIBOR;
(2) A reasonable, comparable, or analogous term for LIBOR under or in respect of the contract, security, or instrument;
(3) A replacement that is based on a methodology or information that is similar or comparable to LIBOR; and
(4) Substantial performance by a person of a right or obligation relating to or based on LIBOR under or in respect of a contract, security, or instrument.
(b) A LIBOR replacement date, or an event or condition giving rise to a LIBOR replacement date; the selection or use of a recommended benchmark replacement as a benchmark replacement; or the determination, implementation, or performance of benchmark replacement conforming changes, by operation of § 47-33-103 , does not: (1) Impair or affect the right of a person to receive a payment, or affect the amount or timing of the payment, under a contract, security, or instrument; (2) Have the effect of discharging or excusing performance under a contract, security, or instrument for a reason, claim, or defense, including, but not limited to, a force majeure or other provision in a contract, security, or instrument; (3) Have the effect of giving a person the right unilaterally to terminate or suspend performance under a contract, security, or instrument; (4) Have the effect of constituting a breach of a contract, security, or instrument; or (5) Have the effect of voiding a contract, security, or instrument.
(1) Impair or affect the right of a person to receive a payment, or affect the amount or timing of the payment, under a contract, security, or instrument;
(2) Have the effect of discharging or excusing performance under a contract, security, or instrument for a reason, claim, or defense, including, but not limited to, a force majeure or other provision in a contract, security, or instrument;
(3) Have the effect of giving a person the right unilaterally to terminate or suspend performance under a contract, security, or instrument;
(4) Have the effect of constituting a breach of a contract, security, or instrument; or
(5) Have the effect of voiding a contract, security, or instrument.
(c) A person does not have liability for damages to another person, and is not subject to a claim or request for equitable relief, arising out of or related to the selection or use of a recommended benchmark replacement or the determination, implementation, or performance of benchmark replacement conforming changes, in each case, by operation of § 47-33-103 , and the selection or use of the recommended benchmark replacement or the determination, implementation, or performance of benchmark replacement conforming changes does not give rise to a claim or cause of action by a person in law or in equity.
(d) Neither the selection or use of a recommended benchmark replacement nor the determination, implementation, or performance of benchmark replacement conforming changes, by operation of § 47-33-103 , amends or modifies a contract, security, or instrument or prejudices, impairs, or affects a person's rights, interests, or obligations under or in respect of a contract, security, or instrument.
(e) Except as provided in § 47-33-103(a) or (c) , this chapter does not create a negative inference or negative presumption regarding the validity or enforceability of: (1) A benchmark replacement that is not a recommended replacement benchmark; (2) A spread adjustment, or method for calculating or determining a spread adjustment, that is not a recommended spread adjustment; or (3) A change, alteration, or modification to or in respect of a contract, security, or instrument that is not a benchmark replacement conforming change.
(1) A benchmark replacement that is not a recommended replacement benchmark;
(2) A spread adjustment, or method for calculating or determining a spread adjustment, that is not a recommended spread adjustment; or
(3) A change, alteration, or modification to or in respect of a contract, security, or instrument that is not a benchmark replacement conforming change.
Added by 2022 Tenn. Acts, ch. 651, s 1, eff. 3/15/2022.
Tenn. Code Ann. § 47-31-101 — TN Code / Title 47 / Chapter 31 / Section 47-31-101
Short title
Status: in_force

This chapter shall be known and may be cited as the "Tennessee Tobacco Manufacturers' Escrow Fund Act of 1999." Acts 1999, ch. 278, § 2.
This chapter shall be known and may be cited as the "Tennessee Tobacco Manufacturers' Escrow Fund Act of 1999."
Acts 1999, ch. 278, § 2.
Tenn. Code Ann. § 47-18-805 — TN Code / Title 47 / Chapter 18 / Section 47-18-805
Liability of spouse
Status: in_force

Where the applicant for credit is married, the spouse of the applicant shall not be liable, other than to the extent common law liability is imposed for furnishing necessaries, for any debts, charges, or accounts where the spouse has not signed the application for credit. Acts 1974, ch. 727, § 6; 1975, ch. 378, § 1; T.C.A., § 47-17-105.
Where the applicant for credit is married, the spouse of the applicant shall not be liable, other than to the extent common law liability is imposed for furnishing necessaries, for any debts, charges, or accounts where the spouse has not signed the application for credit.
Acts 1974, ch. 727, § 6; 1975, ch. 378, § 1; T.C.A., § 47-17-105.
Tenn. Code Ann. § 47-2a-515 — TN Code / Title 47 / Chapter 2a / Section 47-2a-515
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-515 - Acceptance of goods
Status: in_force

(1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and (a) the lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conforming or that the lessee will take or retain them in spite of their nonconformity; or (b) the lessee fails to make an effective rejection of the goods (§ 47-2A-509(2) ). (2) Acceptance of a part of any commercial unit is acceptance of that entire unit. Acts 1993, ch. 398, § 1.
(1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and (a) the lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conforming or that the lessee will take or retain them in spite of their nonconformity; or (b) the lessee fails to make an effective rejection of the goods (§ 47-2A-509(2) ).
(a) the lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conforming or that the lessee will take or retain them in spite of their nonconformity; or
(b) the lessee fails to make an effective rejection of the goods (§ 47-2A-509(2) ).
(2) Acceptance of a part of any commercial unit is acceptance of that entire unit.
Acts 1993, ch. 398, § 1.
Tenn. Code Ann. § 47-25-1806 — TN Code / Title 47 / Chapter 25 / Section 47-25-1806
Reimbursement to retailer
Status: in_force

All parts used by the retailer in performing such warranty work shall be paid to the retailer in the amount equal to the retailer's net price for such parts, plus a minimum of fifteen percent (15%). This addition is to reimburse the retailer for reasonable costs of doing business in performing such warranty service on the supplier's behalf including, but not limited to, freight and handling costs incurred. Acts 2001, ch. 425, § 1.
All parts used by the retailer in performing such warranty work shall be paid to the retailer in the amount equal to the retailer's net price for such parts, plus a minimum of fifteen percent (15%). This addition is to reimburse the retailer for reasonable costs of doing business in performing such warranty service on the supplier's behalf including, but not limited to, freight and handling costs incurred.
Acts 2001, ch. 425, § 1.
Tenn. Code Ann. § 47-29-101 — TN Code / Title 47 / Chapter 29 / Section 47-29-101
Liability for dishonored check - Damages
Status: in_force

(a) A person who, having executed and delivered to another person a check or draft drawn on or payable at a bank or other financial institution, with fraudulent intent, which may be inferred as provided by § 39-14-121 , either stops payment on the check or draft, or allows the check or draft to be dishonored by a financial institution because of lack of funds, failure to have an account, or lack of an authorized signature of the drawer or necessary endorser, is, if found liable to the holder on the check or draft in a civil action, liable for: (1) The face amount of the check dishonored; (2) Interest at the rate of ten percent (10%) per annum on the face amount or the remaining unpaid balance of the check or draft from the date of its execution until payment is made in full; (3) Any reasonable service charges incurred by the payee in attempting to obtain payment by the bank or other financial institution; (4) Court costs incurred in bringing the civil action which is brought by the holder to collect on the check or draft; and (5) Reasonable attorney fees incurred by the holder. (b) This section does not apply to a person who has so allowed a check or draft to be dishonored if, within ten (10) days after the holder has given notice that the check or draft has not been paid by the financial institution, the person pays to the holder the full amount of the check or draft. Such a payment is effective for all purposes as of the date it is made. (c) For purposes of this section, notice that a check or draft has not been paid by the financial institution is considered as having been given at the time that the notice was deposited in the regular United States mail, if the notice was addressed to either: (1) The address printed on the check or draft; or (2) The address given by the person in writing to the payee or holder at the time the check or draft was issued or delivered. (d) If the person who executed and delivered the check does not pay to the holder the full amount of the check or draft within thirty (30) days following certified mailing of written notice that the check or draft has not been paid and that treble damages will be sought, upon finding of fraudulent intent, the person is liable for, and the court shall award judgment for, treble the face amount of the check or draft. However, the amount awarded in addition to the face amount of the check or draft may not exceed five hundred dollars ($500). (e) A person must elect whether to pursue the claim either under this section or under title 39, chapter 14, part 1. (f) Subsection (d) does not apply to a person who has allowed a check or draft to be dishonored because of lack of funds, if that person reasonably believed that there were sufficient funds in the account to cover the check or draft or if the insufficiency of funds is caused by the dishonoring of a check or draft from a third party that had been deposited into the account of the person who executed the check. Acts 1988, ch. 868, § 5; 1996, ch. 675, §48; 2007 , ch. 241, § 1.
(a) A person who, having executed and delivered to another person a check or draft drawn on or payable at a bank or other financial institution, with fraudulent intent, which may be inferred as provided by § 39-14-121 , either stops payment on the check or draft, or allows the check or draft to be dishonored by a financial institution because of lack of funds, failure to have an account, or lack of an authorized signature of the drawer or necessary endorser, is, if found liable to the holder on the check or draft in a civil action, liable for: (1) The face amount of the check dishonored; (2) Interest at the rate of ten percent (10%) per annum on the face amount or the remaining unpaid balance of the check or draft from the date of its execution until payment is made in full; (3) Any reasonable service charges incurred by the payee in attempting to obtain payment by the bank or other financial institution; (4) Court costs incurred in bringing the civil action which is brought by the holder to collect on the check or draft; and (5) Reasonable attorney fees incurred by the holder.
(1) The face amount of the check dishonored;
(2) Interest at the rate of ten percent (10%) per annum on the face amount or the remaining unpaid balance of the check or draft from the date of its execution until payment is made in full;
(3) Any reasonable service charges incurred by the payee in attempting to obtain payment by the bank or other financial institution;
(4) Court costs incurred in bringing the civil action which is brought by the holder to collect on the check or draft; and
(5) Reasonable attorney fees incurred by the holder.
(b) This section does not apply to a person who has so allowed a check or draft to be dishonored if, within ten (10) days after the holder has given notice that the check or draft has not been paid by the financial institution, the person pays to the holder the full amount of the check or draft. Such a payment is effective for all purposes as of the date it is made.
(c) For purposes of this section, notice that a check or draft has not been paid by the financial institution is considered as having been given at the time that the notice was deposited in the regular United States mail, if the notice was addressed to either: (1) The address printed on the check or draft; or (2) The address given by the person in writing to the payee or holder at the time the check or draft was issued or delivered.
(1) The address printed on the check or draft; or
(2) The address given by the person in writing to the payee or holder at the time the check or draft was issued or delivered.
(d) If the person who executed and delivered the check does not pay to the holder the full amount of the check or draft within thirty (30) days following certified mailing of written notice that the check or draft has not been paid and that treble damages will be sought, upon finding of fraudulent intent, the person is liable for, and the court shall award judgment for, treble the face amount of the check or draft. However, the amount awarded in addition to the face amount of the check or draft may not exceed five hundred dollars ($500).
(e) A person must elect whether to pursue the claim either under this section or under title 39, chapter 14, part 1.
(f) Subsection (d) does not apply to a person who has allowed a check or draft to be dishonored because of lack of funds, if that person reasonably believed that there were sufficient funds in the account to cover the check or draft or if the insufficiency of funds is caused by the dishonoring of a check or draft from a third party that had been deposited into the account of the person who executed the check.
Acts 1988, ch. 868, § 5; 1996, ch. 675, §48; 2007 , ch. 241, § 1.
Tenn. Code Ann. § 47-13-116 — TN Code / Title 47 / Chapter 13 / Section 47-13-116
General assignments - Prior conveyance for benefit of particular creditor
Status: in_force

Any mortgage, deed of trust, security interest under the Uniform Commercial Code, or any other conveyance of a portion of a debtor's property for the benefit of any particular creditor or creditors, made within three (3) months preceding a general assignment and in contemplation of making a general assignment, shall be void in the event a general assignment is made within three (3) months thereafter, and the property conveyed by such conveyance shall be shared ratably by all creditors just as that embraced in general assignments. Acts 1881, ch. 121, § 2; Shan., § 3527a2; Code 1932, § 7788; T.C.A. (orig. ed.), § 47-1516; Acts 1963, ch. 81, § 1 (10-104).
Any mortgage, deed of trust, security interest under the Uniform Commercial Code, or any other conveyance of a portion of a debtor's property for the benefit of any particular creditor or creditors, made within three (3) months preceding a general assignment and in contemplation of making a general assignment, shall be void in the event a general assignment is made within three (3) months thereafter, and the property conveyed by such conveyance shall be shared ratably by all creditors just as that embraced in general assignments.
Acts 1881, ch. 121, § 2; Shan., § 3527a2; Code 1932, § 7788; T.C.A. (orig. ed.), § 47-1516; Acts 1963, ch. 81, § 1 (10-104).
Tenn. Code Ann. § 47-4-405 — TN Code / Title 47 / Chapter 4 / Section 47-4-405
Death or incompetence of customer
Status: in_force

(a) A payor or collecting bank's authority to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect, or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it. (b) Even with knowledge, a bank may for ten (10) days after the date of death pay or certify checks drawn on or before that date unless ordered to stop payment by a person claiming an interest in the account. Acts 1963, ch. 81, § 1 (4-405); 1995, ch. 397, § 3.
(a) A payor or collecting bank's authority to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect, or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it.
(b) Even with knowledge, a bank may for ten (10) days after the date of death pay or certify checks drawn on or before that date unless ordered to stop payment by a person claiming an interest in the account.
Acts 1963, ch. 81, § 1 (4-405); 1995, ch. 397, § 3.
Tenn. Code Ann. § 47-25-905 — TN Code / Title 47 / Chapter 25 / Section 47-25-905
Rescission of sale for unlawful trade practice
Status: in_force

Any person to whom is sold household furniture, appliances, or floor covering merchandise, in the course of an unlawful trade practice, as hereinabove defined, may, at the person's option, or on discovery of such unlawful trade practice, and on due notice to the seller, rescind such sale; sue, and recover back from such seller the price, or any portion thereof, previously paid by such person to such seller; provided, that the right of rescission created herein must have been exercised, if at all, within a period of twelve (12) months subsequent to the complained of sale. Acts 1957, ch. 410, § 6; T.C.A., §§ 69-605, 47-25-505.
Any person to whom is sold household furniture, appliances, or floor covering merchandise, in the course of an unlawful trade practice, as hereinabove defined, may, at the person's option, or on discovery of such unlawful trade practice, and on due notice to the seller, rescind such sale; sue, and recover back from such seller the price, or any portion thereof, previously paid by such person to such seller; provided, that the right of rescission created herein must have been exercised, if at all, within a period of twelve (12) months subsequent to the complained of sale.
Acts 1957, ch. 410, § 6; T.C.A., §§ 69-605, 47-25-505.
Tenn. Code Ann. § 47-18-5001 — TN Code / Title 47 / Chapter 18 / Section 47-18-5001
Office of the attorney general and reporter - Director of consumer affairs
Status: in_force

(a) There is created a division of consumer affairs in the office of the attorney general and reporter. (b) The division of consumer affairs is headed by a director of consumer affairs who is appointed by, and serves at the pleasure of, the attorney general and reporter. Amended by 2019 Tenn. Acts, ch. 459,s 46, eff. 9/30/2019. Acts 1973, ch. 83, § 1; T.C.A., §§ 43-114, 43-1-202.
(a) There is created a division of consumer affairs in the office of the attorney general and reporter.
(b) The division of consumer affairs is headed by a director of consumer affairs who is appointed by, and serves at the pleasure of, the attorney general and reporter.
Amended by 2019 Tenn. Acts, ch. 459,s 46, eff. 9/30/2019.
Acts 1973, ch. 83, § 1; T.C.A., §§ 43-114, 43-1-202.
Tenn. Code Ann. § 47-29-102 — TN Code / Title 47 / Chapter 29 / Section 47-29-102
Handling charge
Status: in_force

When any check, draft, or order is not paid by the drawee because the maker or drawer did not have an account with or sufficient funds on deposit with the financial institution, or the draft, check, or order has an incorrect or insufficient signature thereon, the payee of such check, draft, or order is authorized to assess a handling charge against such maker or drawer in an amount not to exceed thirty dollars ($30.00). Acts 1988, ch. 868, § 5; 2005, ch. 349, § 1.
When any check, draft, or order is not paid by the drawee because the maker or drawer did not have an account with or sufficient funds on deposit with the financial institution, or the draft, check, or order has an incorrect or insufficient signature thereon, the payee of such check, draft, or order is authorized to assess a handling charge against such maker or drawer in an amount not to exceed thirty dollars ($30.00).
Acts 1988, ch. 868, § 5; 2005, ch. 349, § 1.
Tenn. Code Ann. § 47-25-306 — TN Code / Title 47 / Chapter 25 / Section 47-25-306
Injunction - Damages
Status: in_force

(a) (1) Any person injured by any violation of this part, or any trade association which is representative of such a person, may maintain an action in any court of equitable jurisdiction to prevent, restrain, or enjoin such violation. (2) If, in such action, a violation of this part shall be established, the court shall enjoin and restrain or otherwise prohibit such violation and, in addition thereto, shall assess in favor of the plaintiff and against the defendant the costs of the suit. (3) In such action, it shall not be necessary that actual damages to the plaintiff be alleged or proved, but where alleged and proved, the plaintiff in the action, in addition to such injunctive relief and costs of suit, shall be entitled to recover from the defendant the amount of actual damages sustained by the plaintiff. (b) In the event no injunctive relief is sought or required, any person injured by a violation of this part may maintain an action for damages alone in any court of general jurisdiction, and the measure of damages in such action shall be the same as prescribed in subsection (a). Acts 1949, ch. 68, § 12; C. Supp. 1950, § 6770.22 (Williams, § 6770.55); T.C.A. (orig. ed.), § 69-409; T.C.A. (orig. ed.), § 47-25-309 ; Acts 1998, ch. 768, § 1.
(a) (1) Any person injured by any violation of this part, or any trade association which is representative of such a person, may maintain an action in any court of equitable jurisdiction to prevent, restrain, or enjoin such violation. (2) If, in such action, a violation of this part shall be established, the court shall enjoin and restrain or otherwise prohibit such violation and, in addition thereto, shall assess in favor of the plaintiff and against the defendant the costs of the suit. (3) In such action, it shall not be necessary that actual damages to the plaintiff be alleged or proved, but where alleged and proved, the plaintiff in the action, in addition to such injunctive relief and costs of suit, shall be entitled to recover from the defendant the amount of actual damages sustained by the plaintiff.
(1) Any person injured by any violation of this part, or any trade association which is representative of such a person, may maintain an action in any court of equitable jurisdiction to prevent, restrain, or enjoin such violation.
(2) If, in such action, a violation of this part shall be established, the court shall enjoin and restrain or otherwise prohibit such violation and, in addition thereto, shall assess in favor of the plaintiff and against the defendant the costs of the suit.
(3) In such action, it shall not be necessary that actual damages to the plaintiff be alleged or proved, but where alleged and proved, the plaintiff in the action, in addition to such injunctive relief and costs of suit, shall be entitled to recover from the defendant the amount of actual damages sustained by the plaintiff.
(b) In the event no injunctive relief is sought or required, any person injured by a violation of this part may maintain an action for damages alone in any court of general jurisdiction, and the measure of damages in such action shall be the same as prescribed in subsection (a).
Acts 1949, ch. 68, § 12; C. Supp. 1950, § 6770.22 (Williams, § 6770.55); T.C.A. (orig. ed.), § 69-409; T.C.A. (orig. ed.), § 47-25-309 ; Acts 1998, ch. 768, § 1.
Tenn. Code Ann. § 47-2-319 — TN Code / Title 47 / Chapter 2 / Section 47-2-319
O.B. and F.A.S. terms
Status: in_force

(1) Unless otherwise agreed the term F.O.B. (which means "free on board") at a named place, even though used only in connection with the stated price, is a delivery term under which: (a) when the term is F.O.B. the place of shipment, the seller must at that place ship the goods in the manner provided in this chapter (§ 47-2-504 ) and bear the expense and risk of putting them into the possession of the carrier; or (b) when the term is F.O.B. the place of destination, the seller must at his own expense and risk transport the goods to that place and there tender delivery of them in the manner provided in this chapter (§ 47-2-503 ); (c) when under either (a) or (b) the term is also F.O.B. vessel, car or other vehicle, the seller must in addition at his own expense and risk load the goods on board. If the term is F.O.B. vessel the buyer must name the vessel and in an appropriate case the seller must comply with the provisions of this chapter on the form of bill of lading (§ 47-2-323 ). (2) Unless otherwise agreed the term F.A.S. vessel (which means "free alongside") at a named port, even though used only in connection with the stated price, is a delivery term under which the seller must: (a) at his own expense and risk deliver the goods alongside the vessel in the manner usual in that port or on a dock designated and provided by the buyer; and (b) obtain and tender a receipt for the goods in exchange for which the carrier is under a duty to issue a bill of lading. (3) Unless otherwise agreed in any case falling within subsection (1)(a) or (c) or subsection (2) the buyer must seasonably give any needed instructions for making delivery, including when the term is F.A.S. or F.O.B. the loading berth of the vessel and in an appropriate case its name and sailing date. The seller may treat the failure of needed instructions as a failure of cooperation under this chapter (§ 47-2-311 ). He may also at his option move the goods in any reasonable manner preparatory to delivery or shipment. (4) Under the term F.O.B. vessel or F.A.S. unless otherwise agreed the buyer must make payment against tender of the required documents and the seller may not tender nor the buyer demand delivery of the goods in substitution for the documents. Acts 1963, ch. 81, § 1 (2-319).
(1) Unless otherwise agreed the term F.O.B. (which means "free on board") at a named place, even though used only in connection with the stated price, is a delivery term under which: (a) when the term is F.O.B. the place of shipment, the seller must at that place ship the goods in the manner provided in this chapter (§ 47-2-504 ) and bear the expense and risk of putting them into the possession of the carrier; or (b) when the term is F.O.B. the place of destination, the seller must at his own expense and risk transport the goods to that place and there tender delivery of them in the manner provided in this chapter (§ 47-2-503 ); (c) when under either (a) or (b) the term is also F.O.B. vessel, car or other vehicle, the seller must in addition at his own expense and risk load the goods on board. If the term is F.O.B. vessel the buyer must name the vessel and in an appropriate case the seller must comply with the provisions of this chapter on the form of bill of lading (§ 47-2-323 ).
(a) when the term is F.O.B. the place of shipment, the seller must at that place ship the goods in the manner provided in this chapter (§ 47-2-504 ) and bear the expense and risk of putting them into the possession of the carrier; or
(b) when the term is F.O.B. the place of destination, the seller must at his own expense and risk transport the goods to that place and there tender delivery of them in the manner provided in this chapter (§ 47-2-503 );
(c) when under either (a) or (b) the term is also F.O.B. vessel, car or other vehicle, the seller must in addition at his own expense and risk load the goods on board. If the term is F.O.B. vessel the buyer must name the vessel and in an appropriate case the seller must comply with the provisions of this chapter on the form of bill of lading (§ 47-2-323 ).
(2) Unless otherwise agreed the term F.A.S. vessel (which means "free alongside") at a named port, even though used only in connection with the stated price, is a delivery term under which the seller must: (a) at his own expense and risk deliver the goods alongside the vessel in the manner usual in that port or on a dock designated and provided by the buyer; and (b) obtain and tender a receipt for the goods in exchange for which the carrier is under a duty to issue a bill of lading.
(a) at his own expense and risk deliver the goods alongside the vessel in the manner usual in that port or on a dock designated and provided by the buyer; and
(b) obtain and tender a receipt for the goods in exchange for which the carrier is under a duty to issue a bill of lading.
(3) Unless otherwise agreed in any case falling within subsection (1)(a) or (c) or subsection (2) the buyer must seasonably give any needed instructions for making delivery, including when the term is F.A.S. or F.O.B. the loading berth of the vessel and in an appropriate case its name and sailing date. The seller may treat the failure of needed instructions as a failure of cooperation under this chapter (§ 47-2-311 ). He may also at his option move the goods in any reasonable manner preparatory to delivery or shipment.
(4) Under the term F.O.B. vessel or F.A.S. unless otherwise agreed the buyer must make payment against tender of the required documents and the seller may not tender nor the buyer demand delivery of the goods in substitution for the documents.
Acts 1963, ch. 81, § 1 (2-319).
Tenn. Code Ann. § 47-9-706 — TN Code / Title 47 / Chapter 9 / Section 47-9-706
When initial financing statement suffices to continue effectiveness of financing statement
Status: in_force

(a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in § 47-9-501 continues the effectiveness of a financing statement filed before July 1, 2001, if: (1) the filing of an initial financing statement in that office would be effective to perfect a security interest under this act; (2) the pre-effective-date financing statement was filed in an office in another state or another office in this state; and (3) the initial financing statement satisfies subsection (c). (b) Period of continued effectiveness. The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement: (1) if the initial financing statement is filed before July 1, 2001, for the period provided in former § 47-9-403 with respect to a financing statement; and (2) if the initial financing statement is filed after July 1, 2001, for the period provided in § 47-9-515 with respect to an initial financing statement. (c) Requirements for initial financing statement under subsection (a). To be effective for purposes of subsection (a), an initial financing statement must: (1) satisfy the requirements of Part 5 for an initial financing statement; (2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and (3) indicate that the pre-effective-date financing statement remains effective. Acts 2000, ch. 846, § 1.
(a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in § 47-9-501 continues the effectiveness of a financing statement filed before July 1, 2001, if: (1) the filing of an initial financing statement in that office would be effective to perfect a security interest under this act; (2) the pre-effective-date financing statement was filed in an office in another state or another office in this state; and (3) the initial financing statement satisfies subsection (c).
(1) the filing of an initial financing statement in that office would be effective to perfect a security interest under this act;
(2) the pre-effective-date financing statement was filed in an office in another state or another office in this state; and
(3) the initial financing statement satisfies subsection (c).
(b) Period of continued effectiveness. The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement: (1) if the initial financing statement is filed before July 1, 2001, for the period provided in former § 47-9-403 with respect to a financing statement; and (2) if the initial financing statement is filed after July 1, 2001, for the period provided in § 47-9-515 with respect to an initial financing statement.
(1) if the initial financing statement is filed before July 1, 2001, for the period provided in former § 47-9-403 with respect to a financing statement; and
(2) if the initial financing statement is filed after July 1, 2001, for the period provided in § 47-9-515 with respect to an initial financing statement.
(c) Requirements for initial financing statement under subsection (a). To be effective for purposes of subsection (a), an initial financing statement must: (1) satisfy the requirements of Part 5 for an initial financing statement; (2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and (3) indicate that the pre-effective-date financing statement remains effective.
(1) satisfy the requirements of Part 5 for an initial financing statement;
(2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) indicate that the pre-effective-date financing statement remains effective.
Acts 2000, ch. 846, § 1.
Tenn. Code Ann. § 47-2a-311 — TN Code / Title 47 / Chapter 2a / Section 47-2a-311
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 3 - EFFECT OF LEASE CONTRACT (§§ 47-2A-301 — 47-2A-311) Section 47-2A-311 - Priority subject to subordination
Status: in_force

Nothing in this chapter prevents subordination by agreement by any person entitled to priority. Acts 1993, ch. 398, § 1.
Nothing in this chapter prevents subordination by agreement by any person entitled to priority.
Acts 1993, ch. 398, § 1.
Tenn. Code Ann. § 47-26-924 — TN Code / Title 47 / Chapter 26 / Section 47-26-924
Presumptive evidence
Status: in_force

Whenever there shall exist a weight or measure or weighing or measuring device in or about any place in which or from which buying or selling is commonly carried on, there shall be a rebuttable presumption that such weight or measure or weighing or measuring device is regularly used for the business purposes of that place. Acts 1997, ch. 311, § 1.
Whenever there shall exist a weight or measure or weighing or measuring device in or about any place in which or from which buying or selling is commonly carried on, there shall be a rebuttable presumption that such weight or measure or weighing or measuring device is regularly used for the business purposes of that place.
Acts 1997, ch. 311, § 1.
Tenn. Code Ann. § 47-18-803 — TN Code / Title 47 / Chapter 18 / Section 47-18-803
Damages and attorney's fees
Status: in_force

Any creditor or credit card issuer who discriminates against any individual in a manner prohibited by § 47-18-802 is liable to such individual in damages in an amount equal to the sum of: (1) In the case of an individual action, not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000); (2) In the case of a class action, not more than ten thousand dollars ($10,000); and (3) In the case of any successful action to enforce the foregoing liability, the costs of the action together with a reasonable attorney's fee as determined by the court. Acts 1974, ch. 727, § 3; T.C.A., § 47-17-103.
Any creditor or credit card issuer who discriminates against any individual in a manner prohibited by § 47-18-802 is liable to such individual in damages in an amount equal to the sum of:
(1) In the case of an individual action, not less than one hundred dollars ($100) nor more than one thousand dollars ($1,000);
(2) In the case of a class action, not more than ten thousand dollars ($10,000); and
(3) In the case of any successful action to enforce the foregoing liability, the costs of the action together with a reasonable attorney's fee as determined by the court.
Acts 1974, ch. 727, § 3; T.C.A., § 47-17-103.
Tenn. Code Ann. § 47-9-603 — TN Code / Title 47 / Chapter 9 / Section 47-9-603
Agreement on standards concerning rights and duties
Status: in_force

(a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in § 47-9-602 if the standards are not manifestly unreasonable. (b) Agreed standards inapplicable to breach of peace. Subsection (a) does not apply to the duty under § 47-9-609 to refrain from breaching the peace. Acts 2000, ch. 846, § 1.
(a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in § 47-9-602 if the standards are not manifestly unreasonable.
(b) Agreed standards inapplicable to breach of peace. Subsection (a) does not apply to the duty under § 47-9-609 to refrain from breaching the peace.
Acts 2000, ch. 846, § 1.
Tenn. Code Ann. § 47-3-405 — TN Code / Title 47 / Chapter 3 / Section 47-3-405
Employer's responsibility for fraudulent endorsement by employee
Status: in_force

(a) In this section: (1) "Employee" includes an independent contractor and employee of an independent contractor retained by the employer. (2) "Fraudulent endorsement" means (i) in the case of an instrument payable to the employer, a forged endorsement purporting to be that of the employer, or (ii) in the case of an instrument with respect to which the employer is the issuer, a forged endorsement purporting to be that of the person identified as payee. (3) "Responsibility" with respect to instruments means authority (i) to sign or endorse instruments on behalf of the employer, (ii) to process instruments received by the employer for bookkeeping purposes, for deposit to an account, or for other disposition, (iii) to prepare or process instruments for issue in the name of the employer, (iv) to supply information determining the names or addresses of payees of instruments to be issued in the name of the employer, (v) to control the disposition of instruments to be issued in the name of the employer, or (vi) to act otherwise with respect to instruments in a responsible capacity. "Responsibility" does not include authority that merely allows an employee to have access to instruments or blank or incomplete instrument forms that are being stored or transported or are part of incoming or outgoing mail, or similar access. (b) For the purpose of determining the rights and liabilities of a person who, in good faith, pays an instrument or takes it for value or for collection, if an employer entrusted an employee with responsibility with respect to the instrument and the employee or a person acting in concert with the employee makes a fraudulent endorsement of the instrument, the endorsement is effective as the endorsement of the person to whom the instrument is payable if it is made in the name of that person. (c) Under subsection (b), an endorsement is made in the name of the person to whom an instrument is payable if (i) it is made in a name substantially similar to the name of that person or (ii) the instrument, whether or not endorsed, is deposited in a depositary bank to an account in a name substantially similar to the name of that person. Acts 1995, ch. 397, § 2.
(a) In this section: (1) "Employee" includes an independent contractor and employee of an independent contractor retained by the employer. (2) "Fraudulent endorsement" means (i) in the case of an instrument payable to the employer, a forged endorsement purporting to be that of the employer, or (ii) in the case of an instrument with respect to which the employer is the issuer, a forged endorsement purporting to be that of the person identified as payee. (3) "Responsibility" with respect to instruments means authority (i) to sign or endorse instruments on behalf of the employer, (ii) to process instruments received by the employer for bookkeeping purposes, for deposit to an account, or for other disposition, (iii) to prepare or process instruments for issue in the name of the employer, (iv) to supply information determining the names or addresses of payees of instruments to be issued in the name of the employer, (v) to control the disposition of instruments to be issued in the name of the employer, or (vi) to act otherwise with respect to instruments in a responsible capacity. "Responsibility" does not include authority that merely allows an employee to have access to instruments or blank or incomplete instrument forms that are being stored or transported or are part of incoming or outgoing mail, or similar access.
(1) "Employee" includes an independent contractor and employee of an independent contractor retained by the employer.
(2) "Fraudulent endorsement" means (i) in the case of an instrument payable to the employer, a forged endorsement purporting to be that of the employer, or (ii) in the case of an instrument with respect to which the employer is the issuer, a forged endorsement purporting to be that of the person identified as payee.
(i) in the case of an instrument payable to the employer, a forged endorsement purporting to be that of the employer, or
(ii) in the case of an instrument with respect to which the employer is the issuer, a forged endorsement purporting to be that of the person identified as payee.
(3) "Responsibility" with respect to instruments means authority (i) to sign or endorse instruments on behalf of the employer, (ii) to process instruments received by the employer for bookkeeping purposes, for deposit to an account, or for other disposition, (iii) to prepare or process instruments for issue in the name of the employer, (iv) to supply information determining the names or addresses of payees of instruments to be issued in the name of the employer, (v) to control the disposition of instruments to be issued in the name of the employer, or (vi) to act otherwise with respect to instruments in a responsible capacity. "Responsibility" does not include authority that merely allows an employee to have access to instruments or blank or incomplete instrument forms that are being stored or transported or are part of incoming or outgoing mail, or similar access.
(b) For the purpose of determining the rights and liabilities of a person who, in good faith, pays an instrument or takes it for value or for collection, if an employer entrusted an employee with responsibility with respect to the instrument and the employee or a person acting in concert with the employee makes a fraudulent endorsement of the instrument, the endorsement is effective as the endorsement of the person to whom the instrument is payable if it is made in the name of that person.
(c) Under subsection (b), an endorsement is made in the name of the person to whom an instrument is payable if (i) it is made in a name substantially similar to the name of that person or (ii) the instrument, whether or not endorsed, is deposited in a depositary bank to an account in a name substantially similar to the name of that person.
Acts 1995, ch. 397, § 2.
Tenn. Code Ann. § 47-18-5517 — TN Code / Title 47 / Chapter 18 / Section 47-18-5517
Prerequisites for providing debt-management services
Status: in_force

(a) Before providing debt-management services, a registered provider shall give the individual an itemized list of goods and services and the charges for each. The list must be clear and conspicuous, be in a record the individual may keep whether or not the individual assents to an agreement and describe the goods and services the provider offers: (1) Free of additional charge if the individual enters into an agreement; (2) For a charge if the individual does not enter into an agreement; and (3) For a charge if the individual enters into an agreement, using the following terminology, as applicable, and format: Set up fee ______________ Dollar amount of fee Monthly service fee ______________ Dollar amount of fee or method of determining amount Settlement fee ______________ Dollar amount of fee or method of determining amount Goods and services in addition to those provided in connection with a plan: ______________ (item) Dollar amount of fee or method of determining amount ______________ (item) Dollar amount of fee or method of determining amount (b) A provider may not furnish debt-management services unless the provider, through the services of a certified counselor or certified debt specialist: (1) Provides the individual with reasonable education about the management of personal finance; (2) Has prepared a financial analysis; and (3) If the individual is to make regular, periodic payments to a creditor or provider: (A) Has prepared a plan for the individual; (B) Has made a determination, based on the provider's analysis of the information provided by the individual and otherwise available to it, that the plan is suitable for the individual and the individual will be able to meet the payment obligations under the plan; and (C) Believes that each creditor of the individual listed as a participating creditor in the plan will accept payment of the individual's debts as provided in the plan. (c) Before an individual assents to an agreement to engage in a plan, a provider shall: (1) Provide the individual with a copy of the analysis and plan required by subsection (b) in a record that identifies the provider and that the individual may keep whether or not the individual assents to the agreement; (2) Inform the individual of the availability, at the individual's option, of assistance by a toll-free communication system or in person to discuss the financial analysis and plan required by subsection (b); and (3) If a plan contemplates that creditors will reduce finance charges or fees for late payment, default or delinquency, or if the provider's business practices involve holding, accessing or directing the funds of an individual, with respect to all creditors identified by the individual or otherwise known by the provider to be creditors of the individual, provide the individual with a list of: (A) Creditors that the provider expects to participate in the plan and grant concessions; (B) Creditors that the provider expects to participate in the plan but not grant concessions; (C) Creditors that the provider expects not to participate in the plan; and (D) All other creditors. (d) Before an individual assents to an agreement, the provider shall inform the individual, in a separate record that the individual may keep whether or not the individual assents to the agreement: (1) Of the name and business address of the provider; (2) That plans are not suitable for all individuals and the individual may ask the provider about other ways, including bankruptcy, to deal with indebtedness; (3) That establishment of a plan may adversely affect the individual's credit rating or credit scores; (4) That nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation; (5) Unless it is not true, that the provider may receive compensation from the creditors of the individual; and (6) That, unless the individual is insolvent, if a creditor settles for less than the full amount of the debt, the plan may result in the creation of taxable income to the individual, even though the individual does not receive any money. (e) If a provider may receive payments from an individual's creditors and the plan contemplates that the individual's creditors will reduce finance charges or fees for late payment, default or delinquency, the provider may comply with subsection (d) by providing the following disclosure, surrounded by black lines: IMPORTANT INFORMATION FOR YOU TO CONSIDER (1) Debt-management plans are not right for all individuals, and you may ask us to provide information about other ways, including bankruptcy, to deal with your debts. (2) Using a debt-management plan may make it harder for you to obtain credit. (3) We may receive compensation for our services from your creditors. ____________________ Name and business address of provider (f) If a provider will not receive payments from an individual's creditors and the plan contemplates that the individual's creditors will reduce finance charges or fees for late payment, default or delinquency, a provider may comply with subsection (d) by providing the following disclosure, surrounded by black lines: IMPORTANT INFORMATION FOR YOU TO CONSIDER (1) Debt-management plans are not right for all individuals, and you may ask us to provide information about other ways, including bankruptcy, to deal with your debts. (2) Using a debt-management plan may make it harder for you to obtain credit. ____________________ Name and business address of provider (g) If an agreement contemplates that creditors will settle debts for less than the full principal amount of debt owed, a provider may comply with subsection (d) by providing the following disclosure, surrounded by black lines: IMPORTANT INFORMATION FOR YOU TO CONSIDER (1) Our program is not right for all individuals, and you may ask us to provide information about bankruptcy and other ways to deal with your debts. (2) Nonpayment of your debts under our program may: (A) Hurt your credit rating or credit scores; (B) Lead your creditors to increase finance and other charges; and (C) Lead your creditors to undertake activity, including lawsuits, to collect the debts. (3) Reduction of debt under our program may result in taxable income to you, even though you will not actually receive any money. ____________________ Name and business address of provider Acts 2009 , ch. 469, § 1.
(a) Before providing debt-management services, a registered provider shall give the individual an itemized list of goods and services and the charges for each. The list must be clear and conspicuous, be in a record the individual may keep whether or not the individual assents to an agreement and describe the goods and services the provider offers: (1) Free of additional charge if the individual enters into an agreement; (2) For a charge if the individual does not enter into an agreement; and (3) For a charge if the individual enters into an agreement, using the following terminology, as applicable, and format: Set up fee ______________ Dollar amount of fee Monthly service fee ______________ Dollar amount of fee or method of determining amount Settlement fee ______________ Dollar amount of fee or method of determining amount Goods and services in addition to those provided in connection with a plan: ______________ (item) Dollar amount of fee or method of determining amount ______________ (item) Dollar amount of fee or method of determining amount
(1) Free of additional charge if the individual enters into an agreement;
(2) For a charge if the individual does not enter into an agreement; and
(3) For a charge if the individual enters into an agreement, using the following terminology, as applicable, and format: Set up fee ______________ Dollar amount of fee Monthly service fee ______________ Dollar amount of fee or method of determining amount Settlement fee ______________ Dollar amount of fee or method of determining amount Goods and services in addition to those provided in connection with a plan: ______________ (item) Dollar amount of fee or method of determining amount ______________ (item) Dollar amount of fee or method of determining amount
Set up fee ______________
Dollar amount of fee
Monthly service fee ______________
Dollar amount of fee or method of determining amount
Settlement fee ______________
Dollar amount of fee or method of determining amount
Goods and services in addition to those provided in connection with a plan:
______________
(item) Dollar amount of fee or method of determining amount
______________
(item) Dollar amount of fee or method of determining amount
(b) A provider may not furnish debt-management services unless the provider, through the services of a certified counselor or certified debt specialist: (1) Provides the individual with reasonable education about the management of personal finance; (2) Has prepared a financial analysis; and (3) If the individual is to make regular, periodic payments to a creditor or provider: (A) Has prepared a plan for the individual; (B) Has made a determination, based on the provider's analysis of the information provided by the individual and otherwise available to it, that the plan is suitable for the individual and the individual will be able to meet the payment obligations under the plan; and (C) Believes that each creditor of the individual listed as a participating creditor in the plan will accept payment of the individual's debts as provided in the plan.
(1) Provides the individual with reasonable education about the management of personal finance;
(2) Has prepared a financial analysis; and
(3) If the individual is to make regular, periodic payments to a creditor or provider: (A) Has prepared a plan for the individual; (B) Has made a determination, based on the provider's analysis of the information provided by the individual and otherwise available to it, that the plan is suitable for the individual and the individual will be able to meet the payment obligations under the plan; and (C) Believes that each creditor of the individual listed as a participating creditor in the plan will accept payment of the individual's debts as provided in the plan.
(A) Has prepared a plan for the individual;
(B) Has made a determination, based on the provider's analysis of the information provided by the individual and otherwise available to it, that the plan is suitable for the individual and the individual will be able to meet the payment obligations under the plan; and
(C) Believes that each creditor of the individual listed as a participating creditor in the plan will accept payment of the individual's debts as provided in the plan.
(c) Before an individual assents to an agreement to engage in a plan, a provider shall: (1) Provide the individual with a copy of the analysis and plan required by subsection (b) in a record that identifies the provider and that the individual may keep whether or not the individual assents to the agreement; (2) Inform the individual of the availability, at the individual's option, of assistance by a toll-free communication system or in person to discuss the financial analysis and plan required by subsection (b); and (3) If a plan contemplates that creditors will reduce finance charges or fees for late payment, default or delinquency, or if the provider's business practices involve holding, accessing or directing the funds of an individual, with respect to all creditors identified by the individual or otherwise known by the provider to be creditors of the individual, provide the individual with a list of: (A) Creditors that the provider expects to participate in the plan and grant concessions; (B) Creditors that the provider expects to participate in the plan but not grant concessions; (C) Creditors that the provider expects not to participate in the plan; and (D) All other creditors.
(1) Provide the individual with a copy of the analysis and plan required by subsection (b) in a record that identifies the provider and that the individual may keep whether or not the individual assents to the agreement;
(2) Inform the individual of the availability, at the individual's option, of assistance by a toll-free communication system or in person to discuss the financial analysis and plan required by subsection (b); and
(3) If a plan contemplates that creditors will reduce finance charges or fees for late payment, default or delinquency, or if the provider's business practices involve holding, accessing or directing the funds of an individual, with respect to all creditors identified by the individual or otherwise known by the provider to be creditors of the individual, provide the individual with a list of: (A) Creditors that the provider expects to participate in the plan and grant concessions; (B) Creditors that the provider expects to participate in the plan but not grant concessions; (C) Creditors that the provider expects not to participate in the plan; and (D) All other creditors.
(A) Creditors that the provider expects to participate in the plan and grant concessions;
(B) Creditors that the provider expects to participate in the plan but not grant concessions;
(C) Creditors that the provider expects not to participate in the plan; and
(D) All other creditors.
(d) Before an individual assents to an agreement, the provider shall inform the individual, in a separate record that the individual may keep whether or not the individual assents to the agreement: (1) Of the name and business address of the provider; (2) That plans are not suitable for all individuals and the individual may ask the provider about other ways, including bankruptcy, to deal with indebtedness; (3) That establishment of a plan may adversely affect the individual's credit rating or credit scores; (4) That nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation; (5) Unless it is not true, that the provider may receive compensation from the creditors of the individual; and (6) That, unless the individual is insolvent, if a creditor settles for less than the full amount of the debt, the plan may result in the creation of taxable income to the individual, even though the individual does not receive any money.
(1) Of the name and business address of the provider;
(2) That plans are not suitable for all individuals and the individual may ask the provider about other ways, including bankruptcy, to deal with indebtedness;
(3) That establishment of a plan may adversely affect the individual's credit rating or credit scores;
(4) That nonpayment of debt may lead creditors to increase finance and other charges or undertake collection activity, including litigation;
(5) Unless it is not true, that the provider may receive compensation from the creditors of the individual; and
(6) That, unless the individual is insolvent, if a creditor settles for less than the full amount of the debt, the plan may result in the creation of taxable income to the individual, even though the individual does not receive any money.
(e) If a provider may receive payments from an individual's creditors and the plan contemplates that the individual's creditors will reduce finance charges or fees for late payment, default or delinquency, the provider may comply with subsection (d) by providing the following disclosure, surrounded by black lines: IMPORTANT INFORMATION FOR YOU TO CONSIDER (1) Debt-management plans are not right for all individuals, and you may ask us to provide information about other ways, including bankruptcy, to deal with your debts. (2) Using a debt-management plan may make it harder for you to obtain credit. (3) We may receive compensation for our services from your creditors. ____________________ Name and business address of provider
IMPORTANT INFORMATION FOR YOU TO CONSIDER
(1) Debt-management plans are not right for all individuals, and you may ask us to provide information about other ways, including bankruptcy, to deal with your debts.
(2) Using a debt-management plan may make it harder for you to obtain credit.
(3) We may receive compensation for our services from your creditors. ____________________ Name and business address of provider
____________________
Name and business address of provider
(f) If a provider will not receive payments from an individual's creditors and the plan contemplates that the individual's creditors will reduce finance charges or fees for late payment, default or delinquency, a provider may comply with subsection (d) by providing the following disclosure, surrounded by black lines: IMPORTANT INFORMATION FOR YOU TO CONSIDER (1) Debt-management plans are not right for all individuals, and you may ask us to provide information about other ways, including bankruptcy, to deal with your debts. (2) Using a debt-management plan may make it harder for you to obtain credit. ____________________ Name and business address of provider
IMPORTANT INFORMATION FOR YOU TO CONSIDER
(1) Debt-management plans are not right for all individuals, and you may ask us to provide information about other ways, including bankruptcy, to deal with your debts.
(2) Using a debt-management plan may make it harder for you to obtain credit. ____________________ Name and business address of provider
____________________
Name and business address of provider
(g) If an agreement contemplates that creditors will settle debts for less than the full principal amount of debt owed, a provider may comply with subsection (d) by providing the following disclosure, surrounded by black lines: IMPORTANT INFORMATION FOR YOU TO CONSIDER (1) Our program is not right for all individuals, and you may ask us to provide information about bankruptcy and other ways to deal with your debts. (2) Nonpayment of your debts under our program may: (A) Hurt your credit rating or credit scores; (B) Lead your creditors to increase finance and other charges; and (C) Lead your creditors to undertake activity, including lawsuits, to collect the debts. (3) Reduction of debt under our program may result in taxable income to you, even though you will not actually receive any money. ____________________ Name and business address of provider
IMPORTANT INFORMATION FOR YOU TO CONSIDER
(1) Our program is not right for all individuals, and you may ask us to provide information about bankruptcy and other ways to deal with your debts.
(2) Nonpayment of your debts under our program may: (A) Hurt your credit rating or credit scores; (B) Lead your creditors to increase finance and other charges; and (C) Lead your creditors to undertake activity, including lawsuits, to collect the debts.
(A) Hurt your credit rating or credit scores;
(B) Lead your creditors to increase finance and other charges; and
(C) Lead your creditors to undertake activity, including lawsuits, to collect the debts.
(3) Reduction of debt under our program may result in taxable income to you, even though you will not actually receive any money. ____________________ Name and business address of provider
____________________
Name and business address of provider
Acts 2009 , ch. 469, § 1.
Tenn. Code Ann. § 47-18-2403 — TN Code / Title 47 / Chapter 18 / Section 47-18-2403
Violation of part constituting unfair or deceptive trade practice
Status: in_force

A violation of this part constitutes a violation of the Tennessee Consumer Protection Act of 1977, compiled in part 1 of this chapter. For the purposes of the application of the Tennessee Consumer Protection Act of 1977, any violation of this part shall be construed to constitute an unfair or deceptive act or practice affecting the conduct of any trade or commerce and shall be subject to the penalties and remedies as provided in that act. Acts 1999, ch. 395, § 4.
A violation of this part constitutes a violation of the Tennessee Consumer Protection Act of 1977, compiled in part 1 of this chapter. For the purposes of the application of the Tennessee Consumer Protection Act of 1977, any violation of this part shall be construed to constitute an unfair or deceptive act or practice affecting the conduct of any trade or commerce and shall be subject to the penalties and remedies as provided in that act.
Acts 1999, ch. 395, § 4.
Tenn. Code Ann. § 47-4-504 — TN Code / Title 47 / Chapter 4 / Section 47-4-504
Privilege of presenting bank to deal with goods - Security interest for expenses
Status: in_force

(a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner. (b) For its reasonable expenses incurred by action under subsection (a), the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller's lien. Acts 1963, ch. 81, § 1 (4-504); 1995, ch. 397, § 3.
(a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner.
(b) For its reasonable expenses incurred by action under subsection (a), the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller's lien.
Acts 1963, ch. 81, § 1 (4-504); 1995, ch. 397, § 3.
Tenn. Code Ann. § 47-2a-502 — TN Code / Title 47 / Chapter 2a / Section 47-2a-502
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) A. IN GENERAL (§§ 47-2A-501 — 47-2A-507) Section 47-2A-502 - Notice after default
Status: in_force

Except as otherwise provided in this chapter or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement. Acts 1993, ch. 398, § 1.
Except as otherwise provided in this chapter or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement.
Acts 1993, ch. 398, § 1.
Tenn. Code Ann. § 47-33-103 — TN Code / Title 47 / Chapter 33 / Section 47-33-103
Recommended benchmark replacement for certain contracts, securities, or instruments - Fallback provisions
Status: in_force

(a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, is the benchmark replacement for a contract, security, or instrument that uses LIBOR as a benchmark and: (1) Contains no fallback provisions; or (2) Contains fallback provisions that result in a benchmark replacement, other than a recommended benchmark replacement, that is based in any way on a LIBOR value. (b) Following the effective date of this act, fallback provisions in a contract, security, or instrument that provide for a benchmark replacement based on or otherwise involving a poll, survey, or inquiries for quotes or information concerning interbank lending rates or an interest rate or dividend rate based on LIBOR must be disregarded as if not included in the contract, security, or instrument and are void. (c) (1) This subsection (c) applies to a contract, security, or instrument that uses LIBOR as a benchmark and contains fallback provisions that permit or require the selection of a benchmark replacement that: (A) Is based in any way on a LIBOR value; or (B) Is the substantive equivalent of § 47-33-104(a)(1), (a)(2), or (a)(3) . (2) A determining person has the authority under this chapter, but is not required, to select the recommended benchmark replacement as the benchmark replacement. The selection of the recommended benchmark replacement: (A) Is irrevocable; (B) Must be made by the earlier of either the LIBOR replacement date, or the latest date for selecting a benchmark replacement according to the contract, security, or instrument; and (C) Must be used in determinations of the benchmark under or with respect to the contract, security, or instrument occurring on and after the LIBOR replacement date. (d) If a recommended benchmark replacement becomes the benchmark replacement for a contract, security, or instrument pursuant to this section, then all benchmark replacement conforming changes that are applicable to the recommended benchmark replacement become an integral part of the contract, security, or instrument by operation of law. (e) This chapter does not alter or impair the following: (1) A written agreement by all requisite parties that, retrospectively or prospectively, provides, without necessarily referring specifically to this chapter, that a contract, security, or instrument is not subject to this chapter. For purposes of this subdivision (e)(1), "requisite parties" means all parties required to amend the terms and provisions of a contract, security, or instrument that otherwise would be altered or affected by this chapter; (2) A contract, security, or instrument that contains fallback provisions that would result in a benchmark replacement that is not based on LIBOR, including, but not limited to, the prime rate or the federal funds rate, except that the contract, security, or instrument is subject to subsection (b); (3) A contract, security, or instrument subject to subsection (c) as to which a determining person does not elect to use a recommended benchmark replacement or as to which a determining person elects to use a recommended benchmark replacement prior to the effective date of this act, except that the contract, security, or instrument is subject to subsection (b); and (4) The application to a recommended benchmark replacement of a cap, floor, modifier, or spread adjustment to which LIBOR had been subject pursuant to the terms of a contract, security, or instrument. (f) Notwithstanding the uniform commercial code or another law of this state, this chapter applies to all contracts, securities, and instruments, including contracts with respect to commercial transactions and is not displaced by another law of this state. Added by 2022 Tenn. Acts, ch. 651, s 1, eff. 3/15/2022.
(a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, is the benchmark replacement for a contract, security, or instrument that uses LIBOR as a benchmark and: (1) Contains no fallback provisions; or (2) Contains fallback provisions that result in a benchmark replacement, other than a recommended benchmark replacement, that is based in any way on a LIBOR value.
(1) Contains no fallback provisions; or
(2) Contains fallback provisions that result in a benchmark replacement, other than a recommended benchmark replacement, that is based in any way on a LIBOR value.
(b) Following the effective date of this act, fallback provisions in a contract, security, or instrument that provide for a benchmark replacement based on or otherwise involving a poll, survey, or inquiries for quotes or information concerning interbank lending rates or an interest rate or dividend rate based on LIBOR must be disregarded as if not included in the contract, security, or instrument and are void.
(c) (1) This subsection (c) applies to a contract, security, or instrument that uses LIBOR as a benchmark and contains fallback provisions that permit or require the selection of a benchmark replacement that: (A) Is based in any way on a LIBOR value; or (B) Is the substantive equivalent of § 47-33-104(a)(1), (a)(2), or (a)(3) . (2) A determining person has the authority under this chapter, but is not required, to select the recommended benchmark replacement as the benchmark replacement. The selection of the recommended benchmark replacement: (A) Is irrevocable; (B) Must be made by the earlier of either the LIBOR replacement date, or the latest date for selecting a benchmark replacement according to the contract, security, or instrument; and (C) Must be used in determinations of the benchmark under or with respect to the contract, security, or instrument occurring on and after the LIBOR replacement date.
(1) This subsection (c) applies to a contract, security, or instrument that uses LIBOR as a benchmark and contains fallback provisions that permit or require the selection of a benchmark replacement that: (A) Is based in any way on a LIBOR value; or (B) Is the substantive equivalent of § 47-33-104(a)(1), (a)(2), or (a)(3) .
(A) Is based in any way on a LIBOR value; or
(B) Is the substantive equivalent of § 47-33-104(a)(1), (a)(2), or (a)(3) .
(2) A determining person has the authority under this chapter, but is not required, to select the recommended benchmark replacement as the benchmark replacement. The selection of the recommended benchmark replacement: (A) Is irrevocable; (B) Must be made by the earlier of either the LIBOR replacement date, or the latest date for selecting a benchmark replacement according to the contract, security, or instrument; and (C) Must be used in determinations of the benchmark under or with respect to the contract, security, or instrument occurring on and after the LIBOR replacement date.
(A) Is irrevocable;
(B) Must be made by the earlier of either the LIBOR replacement date, or the latest date for selecting a benchmark replacement according to the contract, security, or instrument; and
(C) Must be used in determinations of the benchmark under or with respect to the contract, security, or instrument occurring on and after the LIBOR replacement date.
(d) If a recommended benchmark replacement becomes the benchmark replacement for a contract, security, or instrument pursuant to this section, then all benchmark replacement conforming changes that are applicable to the recommended benchmark replacement become an integral part of the contract, security, or instrument by operation of law.
(e) This chapter does not alter or impair the following: (1) A written agreement by all requisite parties that, retrospectively or prospectively, provides, without necessarily referring specifically to this chapter, that a contract, security, or instrument is not subject to this chapter. For purposes of this subdivision (e)(1), "requisite parties" means all parties required to amend the terms and provisions of a contract, security, or instrument that otherwise would be altered or affected by this chapter; (2) A contract, security, or instrument that contains fallback provisions that would result in a benchmark replacement that is not based on LIBOR, including, but not limited to, the prime rate or the federal funds rate, except that the contract, security, or instrument is subject to subsection (b); (3) A contract, security, or instrument subject to subsection (c) as to which a determining person does not elect to use a recommended benchmark replacement or as to which a determining person elects to use a recommended benchmark replacement prior to the effective date of this act, except that the contract, security, or instrument is subject to subsection (b); and (4) The application to a recommended benchmark replacement of a cap, floor, modifier, or spread adjustment to which LIBOR had been subject pursuant to the terms of a contract, security, or instrument.
(1) A written agreement by all requisite parties that, retrospectively or prospectively, provides, without necessarily referring specifically to this chapter, that a contract, security, or instrument is not subject to this chapter. For purposes of this subdivision (e)(1), "requisite parties" means all parties required to amend the terms and provisions of a contract, security, or instrument that otherwise would be altered or affected by this chapter;
(2) A contract, security, or instrument that contains fallback provisions that would result in a benchmark replacement that is not based on LIBOR, including, but not limited to, the prime rate or the federal funds rate, except that the contract, security, or instrument is subject to subsection (b);
(3) A contract, security, or instrument subject to subsection (c) as to which a determining person does not elect to use a recommended benchmark replacement or as to which a determining person elects to use a recommended benchmark replacement prior to the effective date of this act, except that the contract, security, or instrument is subject to subsection (b); and
(4) The application to a recommended benchmark replacement of a cap, floor, modifier, or spread adjustment to which LIBOR had been subject pursuant to the terms of a contract, security, or instrument.
(f) Notwithstanding the uniform commercial code or another law of this state, this chapter applies to all contracts, securities, and instruments, including contracts with respect to commercial transactions and is not displaced by another law of this state.
Added by 2022 Tenn. Acts, ch. 651, s 1, eff. 3/15/2022.
Tenn. Code Ann. § 47-8-210 — TN Code / Title 47 / Chapter 8 / Section 47-8-210
Overissue
Status: in_force

(a) In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue. (b) Except as otherwise provided in subsections (c) and (d), the provisions of this chapter which validate a security or compel its issue or reissue do not apply to the extent that validation, issue, or reissue would result in overissue. (c) If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds. (d) If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person's demand. Acts 1997, ch. 79, § 1.
(a) In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue.
(b) Except as otherwise provided in subsections (c) and (d), the provisions of this chapter which validate a security or compel its issue or reissue do not apply to the extent that validation, issue, or reissue would result in overissue.
(c) If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds.
(d) If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person's demand.
Acts 1997, ch. 79, § 1.
Tenn. Code Ann. § 47-15-102 — TN Code / Title 47 / Chapter 15 / Section 47-15-102
Maximum rates
Status: in_force

(a) The maximum effective rate of interest per annum for home loans is hereby set at an amount equal to two (2) percentage points above the most recent weighted average yield of the accepted offers of the Federal National Mortgage Association's current free market system auction for commitments to purchase conventional home mortgages (FNMA Auction) as determined pursuant to § 47-15-103 . (b) In the event the Federal National Mortgage Association discontinues the conduct of the auction, the maximum effective rate of interest per annum for home loans shall be set at an amount equal to four (4) percentage points above the index of market yields of long term government bonds adjusted to a thirty (30) year maturity by the department of the treasury. (c) The maximum effective rate of interest per annum for home loans shall not, in any event, exceed eighteen percent (18%) per annum. Acts 1979, ch. 208, § 2; T.C.A., § 47-14-202; Acts 1987, ch. 291, § 1.
(a) The maximum effective rate of interest per annum for home loans is hereby set at an amount equal to two (2) percentage points above the most recent weighted average yield of the accepted offers of the Federal National Mortgage Association's current free market system auction for commitments to purchase conventional home mortgages (FNMA Auction) as determined pursuant to § 47-15-103 .
(b) In the event the Federal National Mortgage Association discontinues the conduct of the auction, the maximum effective rate of interest per annum for home loans shall be set at an amount equal to four (4) percentage points above the index of market yields of long term government bonds adjusted to a thirty (30) year maturity by the department of the treasury.
(c) The maximum effective rate of interest per annum for home loans shall not, in any event, exceed eighteen percent (18%) per annum.
Acts 1979, ch. 208, § 2; T.C.A., § 47-14-202; Acts 1987, ch. 291, § 1.
Tenn. Code Ann. § 47-18-1302 — TN Code / Title 47 / Chapter 18 / Section 47-18-1302
Legislative intent
Status: in_force

It is the intent of the general assembly, through this enactment, to promote and protect the public health, safety and welfare by ensuring that kerosene and motor fuels: (1) Are adequately labeled and posted; and (2) Meet or exceed certain minimum standards of quality. Acts 1989, ch. 397, § 2.
It is the intent of the general assembly, through this enactment, to promote and protect the public health, safety and welfare by ensuring that kerosene and motor fuels:
(1) Are adequately labeled and posted; and
(2) Meet or exceed certain minimum standards of quality.
Acts 1989, ch. 397, § 2.
Tenn. Code Ann. § 47-4-202 — TN Code / Title 47 / Chapter 4 / Section 47-4-202
Responsibility for collection or return - When action timely
Status: in_force

(a) A collecting bank must exercise ordinary care in: (1) presenting an item or sending it for presentment; (2) sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank's transferor after learning that the item has not been paid or accepted, as the case may be; (3) settling for an item when the bank receives final settlement; and (4) notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof. (b) A collecting bank exercises ordinary care under subsection (a) by taking proper action before its midnight (12:00 midnight) deadline following receipt of an item, notice, or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishing timeliness. (c) Subject to subdivision (a)(1), a bank is not liable for the insolvency, neglect, misconduct, mistake, or default of another bank or person or for loss or destruction of an item in the possession of others or in transit. Acts 1963, ch. 81, § 1 (4-202); 1995, ch. 397, § 3.
(a) A collecting bank must exercise ordinary care in: (1) presenting an item or sending it for presentment; (2) sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank's transferor after learning that the item has not been paid or accepted, as the case may be; (3) settling for an item when the bank receives final settlement; and (4) notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof.
(1) presenting an item or sending it for presentment;
(2) sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank's transferor after learning that the item has not been paid or accepted, as the case may be;
(3) settling for an item when the bank receives final settlement; and
(4) notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof.
(b) A collecting bank exercises ordinary care under subsection (a) by taking proper action before its midnight (12:00 midnight) deadline following receipt of an item, notice, or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishing timeliness.
(c) Subject to subdivision (a)(1), a bank is not liable for the insolvency, neglect, misconduct, mistake, or default of another bank or person or for loss or destruction of an item in the possession of others or in transit.
Acts 1963, ch. 81, § 1 (4-202); 1995, ch. 397, § 3.