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TN Code § 56-9-328 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-328. Claims of Creditors Secured by Undertakings of Other Persons

  Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the undertaking of another person fails to prove and file that claim, the other person may do so in the creditor's name, and shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor's name, to the extent that the other person discharges the undertaking.    In the absence of an agreement with the creditor to the contrary, the other person shall not be entitled to any distribution, however, until the amount paid to the creditor on the undertaking plus the distributions paid on the claim from the insurer's estate to the creditor equals the amount of the entire claim of the creditor.   Any excess received by the creditor shall be held by the creditor in trust for such other person.     “Other person,” as used in this section, is not intended to apply to a guaranty association or foreign guaranty association.
TN Code § 56-9-329 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-329. Valuation of Security Held by Secured Creditors

  The value of any security held by a secured creditor shall be determined in one (1) of the following ways, as the court may direct:  By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to the creditors; or   By agreement, arbitration, compromise or litigation between the creditor and the liquidator.     The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant surrenders the claimant's security to the liquidator, the entire claim shall be allowed as if unsecured.
TN Code § 56-9-331 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-331. Liquidator's Report on Claims — Review of Report by Court — When Liquidator May Treat Claims as Allowed

  The liquidator shall review all claims duly filed in the liquidation and shall make  further investigation as the liquidator deems necessary. The liquidator may compound, compromise or in any other manner negotiate the amount for which claims will be recommended to the court, except where the liquidator is required by law to accept claims as settled by any person or organization, including any guaranty association or foreign guaranty association. Unresolved disputes shall be determined under § 56-9-327. As soon as practicable, the liquidator shall present to the court a report of the claims against the insurer with the liquidator's recommendations. The report shall include the name and address of each claimant and the amount of the claim finally recommended, if any. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed.   The court may approve, disapprove or modify the report on claims by the liquidator. Such reports as are not modified by the court within a period of sixty (60) days following submission by the liquidator shall be treated by the liquidator as allowed claims, subject thereafter to later modification or to rulings made by the court pursuant to § 56-9-327. No claim under a policy of insurance shall be allowed for an amount in excess of the applicable policy limits.
TN Code § 56-9-332 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-332. Payment of Distributions by Liquidator

 Under the direction of the court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, including third party claims. Distribution of assets in kind may be made at valuations set by agreement between the liquidator and the creditor and approved by the court.
TN Code § 56-9-333 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-333. Unclaimed Funds — Disposition

  All unclaimed funds subject to distribution remaining in the liquidator's hands when the liquidator is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member or other person who is unknown or cannot be found, shall be deposited with the state treasurer, and shall be paid without interest to the person entitled thereto or that person's legal representative upon proof satisfactory to the state treasurer of the person's right thereto. Any amount on deposit not claimed within six (6) years from the discharge of the liquidator shall be deemed to have been abandoned and shall be escheated without formal escheat proceedings and be deposited with the general fund. Alternatively, the liquidator may elect to apply to the court for authority to hold the unclaimed funds subject to distribution for a period of two (2) years. Thereafter, any unclaimed funds may be distributed to approved claimants who have previously received a distribution, if it is economically feasible for the liquidator to make the distribution, or the liquidator may apply to the court for permission for the funds to be held by the commissioner for the purpose of defraying the costs and expenses of administration of other insolvent insurers for which there are insufficient assets to fund the costs and expenses of administration. With the approval of the supervising court, the liquidator may deposit unclaimed and withheld funds into a segregated account to be known as the closed estate fund, hereinafter the “fund.” The commissioner may thereafter use moneys held in the account to fund the administrative expenses of proceedings against persons subject to this chapter that lack sufficient assets to fund administration. The commissioner shall maintain complete records with respect to all transactions involving the fund and shall prepare an annual accounting of the fund subject to audit by the comptroller of the treasury. If subsequent to disbursement of moneys from the fund, assets of the person become available to fund administration, the fund shall be reimbursed before other administrative expenses are paid.   All funds withheld under this chapter as a special claim and not distributed shall upon discharge of the liquidator be deposited with the state treasurer and paid in accordance with a priority of distribution of claims established by the liquidator. Any sums remaining that would revert to the undistributed assets of the insurer shall be transferred to the state treasurer and become the property of the state under subsection (a), unless the commissioner in the commissioner's discretion petitions the court to reopen the liquidation.
TN Code § 56-9-334 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-334. Application for Order of Discharge

  When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to transfer any remaining funds that are uneconomic to distribute, as may be deemed appropriate.   Any other person may apply to the court at any time for an order under subsection (a). If the application is denied, the applicant shall pay the costs and expenses of the liquidator in resisting the application, including a reasonable attorney's fee.
TN Code § 56-9-335 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-335. Post-Liquidation and Discharge Proceedings

 After the liquidation proceeding has been terminated and the liquidator discharged, the commissioner or other interested party may at any time petition the chancery court of Davidson County to reopen the proceedings for good cause, including the discovery of additional assets. If the court is satisfied that there is justification for reopening, it shall so order.
TN Code § 56-9-336 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-336. Records of Insurer

 Whenever it appears to the commissioner that the records of any insurer in process of liquidation, or completely liquidated, are no longer useful, the commissioner may recommend to the court, and the court shall direct, what records should be retained for future reference and what should be destroyed.
TN Code § 56-9-337 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 3 - Formal Proceedings|§ 56-9-337. Books of Receivership — Audit

 The chancery court of Davidson County may, as it deems desirable, cause audits to be made of the books of the commissioner relating to any receivership established under this chapter, and a report of each audit shall be filed with the commissioner and with the court. The books, records and other documents of the receivership shall be made available to the auditor at any time without notice. The expense of each audit shall be considered a cost of administration of the receivership.
TN Code § 56-9-402 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 4 - Interstate Relations|§ 56-9-402. Application by Commissioner to Liquidate Assets of Foreign or Alien Insurer — Grounds — Notice to Insurer — Issuance of Order by Court — Receiver — Payment of Claims After Liquidation

  If no domiciliary receiver has been appointed, the commissioner may apply to the chancery court of Davidson County by verified petition for an order directing the commissioner to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following grounds:  Any of the grounds in § 56-9-301 or § 56-9-306; or   Any of the grounds specified in § 56-9-401(a)(2)-(4).     When an order is sought under subsection (a), the court shall cause the insurer to be given the notice and time to respond thereto as is reasonable under the circumstances.   If it appears to the court that the best interests of creditors, policyholders and the public so require, the court may issue an order to liquidate in whatever terms it deems appropriate. The filing or recording of the order with the clerk of the chancery court of Davidson County, or the recorder of deeds of the county in which the principal business of the company is located or the county in which its principal office or place of business is located, shall impart the same notice as a deed, bill of sale or other evidence of title duly filed or recorded with that recorder of deeds would have imparted.    If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall thereafter act as ancillary receiver under § 56-9-404.   If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under § 56-9-404.     On the same grounds as are specified in subsection (a), the commissioner may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer's assets and business over which the court will exercise jurisdiction, or any lesser part that the commissioner deems desirable for the protection of the policyholders and creditors in this state.   The court may order the commissioner, when the commissioner has liquidated the assets of a foreign or alien insurer under this section, to pay claims of residents of this state against the insurer under such rules as to the liquidation of insurers under this chapter as are otherwise compatible with this section.
TN Code § 56-9-403 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 4 - Interstate Relations|§ 56-9-403. Title to Insurer's Property — When Title Vests — Claims

   The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under § 56-9-404(c), be vested by operation of law with the title to all of the assets, property, contracts and rights of action, agents, balances, and all of the books, accounts and other records of the insurer located in this state.   The date of vesting is the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting is the date of entry of the order directing possession to be taken.   The domiciliary liquidator has the immediate right to recover balances due from agents and to obtain possession of the books, accounts and other records of the insurer located in this state. The domiciliary liquidator also has the right to recover all other assets of the insurer located in this state, subject to § 56-9-404.      If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the commissioner of this state shall be vested by operation of law with the title to all of the property, contracts and right of action, and all of the books, accounts and other records of the insurer located in this state, at the same time that the domiciliary liquidator is vested with title in the domicile.   The commissioner of this state may petition for a conservation or liquidation order under § 56-9-401 or § 56-9-402, or for an ancillary receivership under § 56-9-404, or, after approval by the chancery court of Davidson County, may transfer title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.     Claimants residing in this state may file claims with the liquidator or ancillary receiver, if any, in this state or with the domiciliary liquidator, if the domiciliary law permits. The claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceedings.
TN Code § 56-9-404 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 4 - Interstate Relations|§ 56-9-404. Ancillary Receivers — Duties and Powers

  If a domiciliary liquidator has been appointed for an insurer not domiciled in this state, the commissioner may file a petition with the chancery court of Davidson County requesting appointment as ancillary receiver in this state:  If the commissioner finds that there are sufficient assets of the insurer located in this state to justify the appointment of an ancillary receiver; and   If the protection of creditors or policyholders in this state so requires.     The court may issue an order appointing an ancillary receiver in whatever terms it deems appropriate. The filing or recording of the order with the recorder of deeds in this state imparts the same notice as a deed, bill of sale or other evidence of title duly filed or recorded with that recorder of deeds.    When a domiciliary liquidator has been appointed in a reciprocal state, then the ancillary receiver appointed in this state may, whenever necessary, aid and assist the domiciliary liquidator in recovering assets of the insurer located in this state.   The ancillary receiver shall, as soon as practicable, liquidate from their respective securities those special deposit claims and secured claims that are proved and allowed in the ancillary proceedings in this state, and shall pay the necessary expenses of the proceedings. The ancillary receiver shall promptly transfer all remaining assets, books, accounts and records to the domiciliary liquidator.   Subject to this section, the ancillary receiver and the ancillary receiver's deputies have the same powers and are subject to the same duties with respect to the administration of assets as a liquidator of an insurer domiciled in this state.     When a domiciliary liquidator has been appointed in this state, ancillary receivers appointed in reciprocal states have, as to assets and books, accounts, and other records in their respective states, rights, duties and powers corresponding to those provided in subsection (c) for ancillary receivers appointed in this state.
TN Code § 56-9-405 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 4 - Interstate Relations|§ 56-9-405. Institution of Proceedings by Commissioner Upon Request From Officials of Other States

 The commissioner, in the commissioner's sole discretion, may institute proceedings under §§ 56-9-201 and 56-9-202, at the request of the commissioner or other appropriate insurance official of the domiciliary state of any foreign or alien insurer having property located in this state.
TN Code § 56-9-406 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 4 - Interstate Relations|§ 56-9-406. Liquidation Proceedings Begun in Tennessee — Where Claims Filed and Proved — Effect of Ancillary Proceedings

  In a liquidation proceeding begun in this state against an insurer domiciled in this state, claimants residing in foreign countries or in states not reciprocal states must file claims in this state, and claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary liquidator. Claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceeding.   Claims belonging to claimants residing in reciprocal states may be proved either in the liquidation proceeding in this state as provided in this chapter, or in ancillary proceedings, if any, in the reciprocal states. If notice of the claims and opportunity to appear and be heard is afforded the domiciliary liquidator of this state as provided in § 56-9-407(b), with respect to ancillary proceedings, the final allowance of claims by the courts in ancillary proceedings in reciprocal states shall be conclusive as to amount and as to priority against special deposits or other security located in the ancillary states, but shall not be conclusive with respect to priorities against general assets under § 56-9-330.
TN Code § 56-9-407 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 4 - Interstate Relations|§ 56-9-407. Liquidation Proceedings in Reciprocal State Against Insurer Domiciled Therein — Where Claims Filed and Proved

  In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within this state may file claims either with the ancillary receiver, if any, in this state, or with the domiciliary liquidator. Claims must be filed on or before the last dates fixed for the filing of claims in the domiciliary liquidation proceeding.   Claims belonging to claimants residing in this state may be proved either in the domiciliary state under the law of that state, or in ancillary proceedings, if any, in this state. If a claimant elects to prove the claimant's claim in this state, the claimant shall file the claimant's claim with the liquidator in the manner provided in §§ 56-9-323 and 56-9-324. The ancillary receiver shall make the ancillary receiver's recommendation to the court as under § 56-9-331. The ancillary receiver shall also arrange a date for hearing if necessary under § 56-9-327, and shall give notice to the liquidator in the domiciliary state, either by certified mail or by personal service at least forty (40) days prior to the date set for hearing. If the domiciliary liquidator, within thirty (30) days after the giving of the notice, gives notice in writing to the ancillary receiver and to the claimant, either by certified mail or by personal service, of the domiciliary liquidator's intention to contest the claim, the domiciliary liquidator shall be entitled to appear or to be represented in any proceeding in this state involving the adjudication of the claim.   The final allowance of the claim by the courts of this state shall be accepted as conclusive as to amount and as to priority against special deposits or other security located in this state.
TN Code § 56-9-408 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 4 - Interstate Relations|§ 56-9-408. Attachment, Garnishment or Levy of Execution

 During the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, no action or proceeding in the nature of an attachment, garnishment or levy of execution shall be commenced or maintained in this state against the delinquent insurer or its assets.
TN Code § 56-9-409 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 4 - Interstate Relations|§ 56-9-409. Liquidation in This State Involving Reciprocal State — Order of Distribution — Priority Among Owners of Special Deposit Claims — Owners of Secure Claims

  In a liquidation proceeding in this state involving one (1) or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and reciprocal states. All claims of residents of reciprocal states shall be given equal priority of payment from general assets regardless of where the assets are located.    The owners of special deposit claims against an insurer for which a liquidator is appointed in this or any other state shall be given priority against the special deposits in accordance with the statutes governing the creation and maintenance of the deposits.   If there is a deficiency in any deposit, so that the claims secured by it are not fully discharged from it, the claimants may share in the general assets, but the sharing shall be deferred until general creditors, and also claimants against other special deposits who have received smaller percentages from their respective special deposits, have been paid percentages of their claims equal to the percentage paid from the special deposit.     The owner of a secure claim against an insurer for which a liquidator has been appointed in this or any other state may surrender the owner's security and file the owner's claim as a general creditor, or the claim may be discharged by resort to the security in accordance with § 56-9-328, in which case the deficiency, if any, shall be treated as a claim against the general assets of the insurer on the same basis as claims of unsecured creditors.
TN Code § 56-9-410 (2021)
2021 Tennessee Code|Title 56 - Insurance|Chapter 9 - Insurers Rehabilitation and Liquidation Act|Part 4 - Interstate Relations|§ 56-9-410. Ancillary Receiver — Failure to Transfer Assets

 If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within the ancillary receiver's control, other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other than special deposit claims or secured claims, shall be placed in the class of claims under § 56-9-330(7).