reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 11 - RETAIL INSTALLMENT SALES (§§ 47-11-101 — 47-11-111) › Section 47-11-105 - Mail order and telephone sales

(a)
Retail installment contracts and retail charge agreements negotiated and entered into by mail or telephone without personal solicitation by salespersons or other representatives of the seller, where a catalog of the seller or other printed solicitation of business, which is distributed and made available generally to the public, clearly sets forth the cash price and other terms of sales to be made through such medium, may be made as provided in this section.
(b)
(1)
All of the provisions of this chapter apply to such sales, except that the seller shall not be required to deliver a copy of the contract to the buyer as provided in §
47-11-103(e)
and, if the contract when received by the seller contains any blank spaces, the seller may insert in the appropriate blank space the amounts of money and other terms which are set forth in the seller's catalog or other printed solicitation which is then in effect.
(2)
In lieu of sending the buyer a copy of the contract as provided in §
47-11-103(e)
, the seller shall furnish to the buyer a written statement of any items inserted in the blank spaces in the contract received from the buyer.
Acts 1961, ch. 110, § 1; T.C.A., § 47-1905.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 11 - RETAIL INSTALLMENT SALES (§§ 47-11-101 — 47-11-111) › Section 47-11-106 - Transfer of contracts

Any retail seller may assign, pledge, hypothecate, or otherwise transfer a retail installment contract or retail charge agreement to any person, firm, or corporation on such terms and conditions and for such price as may be mutually agreed upon.
Acts 1961, ch. 110, § 1; T.C.A., § 47-1906; Acts 1963, ch. 81, § 1 (10-104).
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 11 - RETAIL INSTALLMENT SALES (§§ 47-11-101 — 47-11-111) › Section 47-11-107 - Penalty for violations - Liquidated damages

(a)
An intentional and willful violation of this chapter is a Class C misdemeanor.
(b)
In case of an intentional failure to comply with this chapter, or in case the seller shall permit the buyer to sign a contract containing blank spaces not permitted by this chapter, the buyer shall have a right to recover from the person committing such violation, or to set off or counterclaim in any action by such person to enforce a contract or agreement, as liquidated damages, an amount equal to the whole of the original time balance in a contract, and all amounts payable under an agreement with respect to the transaction or transactions to which such violation pertains, together with reasonable attorney's fees.
(c)
In case of any other failure to comply with this chapter, the buyer shall have a right to recover from the person committing such violation, or to set off or counterclaim in any action by such person to enforce a contract or agreement, as liquidated damages, an amount equal to two (2) times the time price differential charged to the buyer, together with reasonable attorney's fees.
(d)
Notwithstanding this section, no person shall be subject to any penalty for any failure to comply with any provision of this chapter until the retail buyer has notified such person in writing of such failure and unless within thirty (30) days after such notice such failure is not corrected by such person.
Acts 1961, ch. 110, § 1; T.C.A., § 47-1907; Acts 1989, ch. 591, § 111.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 11 - RETAIL INSTALLMENT SALES (§§ 47-11-101 — 47-11-111) › Section 47-11-108 - Waiver of provisions unenforceable

Any waiver by the retail buyer of any provisions of this chapter or of any remedies granted to the buyer by this chapter shall be unenforceable and void.
Acts 1961, ch. 110, § 1; T.C.A., § 47-1908.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 11 - RETAIL INSTALLMENT SALES (§§ 47-11-101 — 47-11-111) › Section 47-11-110 - Transactions do not constitute loans

(a)
A "retail installment transaction," as defined in §
47-11-102
, or any other conditional sales contract or other agreement covering the time sale of personal property or services, and the assignment thereof, and the business of selling such personal property and services on a time payment basis, and the business of purchasing or acquiring such transactions, contracts, or agreements, whether or not regulated under this chapter, shall not be deemed to be loans or forebearances of money or things of value or the making of same, nor shall they be regulated by or subject to title 45, chapter 5, parts 1-4.
(b)
"Personal property" and "services," as used in this section, include all personal property and services, whether or not purchased for commercial or industrial use, and whether or not such personal property is affixed or to be affixed to real property so as to become a part thereof, whether or not severable from such real property.
Acts 1961, ch. 110, § 1; T.C.A., § 47-1910.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 11 - RETAIL INSTALLMENT SALES (§§ 47-11-101 — 47-11-111) › Section 47-11-111 - Credit life insurance added to retail installment contracts - Authorization required

(a)
The seller under any retail installment contract shall have no authority to collect any fees or charges for a policy of credit life insurance issued in connection with property purchased under a retail installment contract unless the consumer has specifically elected, evidenced by the consumer's signature on such contract, to authorize the addition of the policy of credit life insurance.
(b)
If the consumer did not authorize the purchase of such insurance, the consumer shall notify the seller of any unauthorized charges for such insurance that are imposed under the retail installment contract within three (3) months of the initial billing for such insurance.
(c)
If the consumer notifies the seller during the three-month period that such consumer did not authorize the purchase of such insurance and the seller cannot provide proof of authorization by such consumer, the seller shall refund an amount equal to a minimum of three (3) months' charges for such insurance, including a refund of any penalty or interest assessed with respect to such charge, if any.
(d)
If the consumer notifies the seller during the three-month period that such consumer did not authorize the services and the seller is able to prove authorization by such consumer, no refund shall be issued by the seller.
Acts 1999, ch. 376, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 12 - DISCHARGE OF SURETIES (§§ 47-12-101 — 47-12-107) › Section 47-12-101 - Notice requiring creditor to sue - Creditor's inaction

(a)
When any surety by bill, bond, covenant, or nonnegotiable note for the payment of money or note for specific articles, other than the surety of a guardian, executor, administrator, or public officer, or guarantor of negotiable paper, apprehends that the principal is likely to become insolvent, or to migrate from the state, without previously discharging the debt or obligation, the surety may, if the debt or security be due, by notice in writing, require the creditor forthwith to put it to suit.
(b)
Unless, within thirty (30) days thereafter, the creditor commences an action, and proceeds with due diligence in the ordinary course of law to recover judgment for the debt or obligation, and by execution to make the amount due thereon, the creditor shall forfeit the right which the creditor would otherwise have to recover it from the surety.
Code 1858, § 1968 (deriv. Acts 1801, ch. 18, §§ 1, 5); Shan., § 3517; mod. Code 1932, § 7526; T.C.A. (orig. ed.), § 47-701.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 12 - DISCHARGE OF SURETIES (§§ 47-12-101 — 47-12-107) › Section 47-12-102 - Proof of notice

The surety shall prove by two (2) witnesses the service on the creditor of a copy of the notice required by §
47-12-101
.
Code 1858, § 1969 (deriv. Acts 1801, ch. 18, § 4); Shan., §3518; mod. Code 1932, § 7527; T.C.A. (orig. ed.), § 47-702.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 12 - DISCHARGE OF SURETIES (§§ 47-12-101 — 47-12-107) › Section 47-12-103 - Death of parties

Sections
47-12-101
and
47-12-102
shall extend to the representatives of the parties in case of the death of either, or both.
Code 1858, § 1970 (deriv. Acts 1801, ch. 18, § 2); Shan., §3519; mod. Code 1932, § 7528; T.C.A. (orig. ed.), § 47-703.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 12 - DISCHARGE OF SURETIES (§§ 47-12-101 — 47-12-107) › Section 47-12-104 - Assignor or endorser

The assignor or endorser of any such bond, bill, or note, may pursue the same course with like effect in order to discharge such assignor or endorser from liability to the assignee of the bond, bill, or note.
Code 1858, § 1971 (deriv. Acts 1801, ch. 18, § 3); Shan., §3520; mod. Code 1932, § 7529; T.C.A. (orig. ed.), § 47-704.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 12 - DISCHARGE OF SURETIES (§§ 47-12-101 — 47-12-107) › Section 47-12-105 - Creditor's rights against debtor preserved

The rights and remedies of the creditor against the principal debtor shall be in no way affected by this chapter.
Code 1858, § 1972 (deriv. Acts 1801, ch. 18, § 6); Shan., § 3521; Code 1932, §7530; T.C.A. (orig. ed.), § 47-705.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 12 - DISCHARGE OF SURETIES (§§ 47-12-101 — 47-12-107) › Section 47-12-106 - Stay of execution

When the principal and surety, or endorser, are sued, and the execution is stayed without the request or consent of the surety or endorser, the stayor shall be liable, in default of the principal debtor, to pay the debt and costs of judgment and in priority to the first surety or endorser, unless the first surety or endorser specially and in writing joined with the debtor in procuring the stay.
Code 1858, § 1973 (deriv. Acts 1820, ch. 24, § 1; 1841-1842, ch. 136, §1); Shan., §3522; mod. Code 1932, § 7531; T.C.A. (orig. ed.), § 47-706.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 12 - DISCHARGE OF SURETIES (§§ 47-12-101 — 47-12-107) › Section 47-12-107 - Continuing guaranty or suretyship agreements - Future obligations

(a)
Notwithstanding any law to the contrary, no continuing guaranty or suretyship agreement which guarantees the performance of all present and future obligations shall be enforceable against a surety unless the individual or organization agrees in writing to guarantee the future obligation; provided, that no additional writing or guarantee shall be required, at the time of the advance, for advances which are permitted pursuant to the terms of the guaranty or suretyship agreement.
(b)
This section only applies when the indebtedness of the principal debtor arises from personal obligations, and do not apply when the indebtedness arises from commercial obligations.
Acts 1986, ch. 808, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-101 - Trustees or assignees for creditors, etc. - Bond - Oath

Every trustee or assignee to whom property exceeding the value of five hundred dollars ($500) is conveyed in trust for the benefit of creditors, sureties, or other persons, unless by them released, in writing, from the obligations hereinafter prescribed, before entering upon the discharge of such trustee's or assignee's duty, shall give bond, with two (2) or more good and sufficient sureties, or one (1) corporate surety, in an amount equal to the value of the property mentioned in the deed or assignment, payable to the state of Tennessee, conditioned for the faithful performance of all the duties imposed upon the trustee or assignee by law and by the terms of the deed or assignment, and shall take and subscribe, before the person performing the duties of the county clerk of the county in which the trustee or assignee resides, an oath to the effect that the trustee or assignee will:
(1)
Honestly and faithfully execute and perform all the duties imposed upon such trustee or assignee by law and by the deed or assignment;
(2)
Cause to be made a full, true, and perfect inventory of the goods, chattels, lands, or other assets, all and singular, contained in the trust deed or assignment which have or may come into the trustee's or assignee's hands or into the hands of any other person for such trustee or assignee; and
(3)
Return, or cause to be filed in the office of the person performing the duties of the county clerk, a full and true account of all the sales of the effects, and of all moneys received or securities taken.
Code 1858, § 1974 (deriv. Acts 1855-1856, ch. 113, §§ 9, 10); Shan., § 3523; Code 1932, § 7773; T.C.A. (orig. ed.), § 47-1501; modified.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-102 - Filing of bond and oath

The bond and affidavit shall be filed and preserved by the person performing the duties of the county clerk in such person's office.
Code 1858, § 1975(deriv. Acts 1855-1856, ch. 113, § 10); Shan., §3524; Code 1932, § 7774; T.C.A. (orig. ed.), § 47-1502; modified.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-103 - Settlement by trustee or assignee

Any trustee or assignee to whom property has been conveyed in trust for the benefit of creditors, under the provisions of this chapter, shall be required to make settlement with the person performing the duties of the county clerk of the county in which the deed of trust or assignment was made, as soon after qualification as the nature of the deed or assignment will admit, showing what funds the trustee or assignee has received, how the trustee or assignee has disposed of the trust property, what expenses the trustee or assignee has paid out, and what amount of the funds remain in the trustee's or assignee's hands for payment to beneficiaries under the deed or assignment.
Acts 1899, ch. 371, § 1; Shan., § 3524a1; Code 1932, § 7775; T.C.A. (orig. ed.), § 47-1503; modified.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-104 - Failure to settle - Citation upon application of interested party

Should any such trustee or assignee fail or refuse to make settlement as required by §
47-13-103
, the person performing the duties of the county clerk shall be required, upon application of anyone interested in the trust property, to issue a citation to such trustee or assignee, requiring the trustee or assignee to appear before the person performing the duties of the county clerk on a given day and make settlement as required by §
47-13-103
, a copy of which citation shall be served by the sheriff or any constable of the county at least five (5) days before the day appointed in the citation for such settlement or casting of account.
Acts 1899, ch. 371, § 2; Shan., § 3524a2; Code 1932, § 7776; T.C.A. (orig. ed.), § 47-1504; modified.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-105 - Failure to settle - Citation without application

The person performing the duties of the county clerk, after the expiration of two (2) years from the qualification of such trustee or assignee, shall have power, without application from anyone interested in the trust property, to compel such trustee or assignee to make settlement by citation, as prescribed in §
47-13-104
.
Acts 1899, ch. 371, § 3; Shan., § 3524a3; Code 1932, § 7777; T.C.A. (orig. ed.), § 47-1505; modified.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-106 - Failure to settle - Penalty

Any such trustee or assignee, who fails or refuses to settle, as above required, after such citation or notice, commits a Class A misdemeanor, and shall be liable to indictment or presentment in the same manner as administrators who fail or refuse to settle as required of them by law.
Acts 1899, ch. 371, § 4; Shan., § 3524a4; Code 1932, § 7778; T.C.A. (orig. ed.), § 47-1506; Acts 1989, ch. 591, §§ 1, 6.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-107 - Failure to settle - Removal of trustee

(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.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-108 - Applicability of Sections 47-13-103 - 47-13-109

Nothing in §§
47-13-103
- 47-13-109 shall be construed to exempt trustees or assignees from qualifying, giving bond, and returning inventories, as prescribed by law, nor shall these sections be construed to make them applicable to deeds or mortgages given purely as security for money lent or advanced, but the sections apply only to conveyances made for the benefit of creditors.
Acts 1899, ch. 371, § 6; Shan., § 3524a6; Code 1932, § 7780; T.C.A. (orig. ed.), § 47-1508.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-109 - Fees for services under sections 47-13-103 - 47-13-108

The person performing the duties of the county clerk, and the sheriff or constable, for the services performed by them under §§
47-13-103
- 47-13-108, shall be entitled to and be allowed the same fees as are allowed them by law for like services in other cases.
Acts 1899, ch. 371, § 7; Shan., § 3524a7; Code 1932, § 7781; T.C.A. (orig. ed.), § 47-1509; modified.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-110 - Compensation of trustees

The court having the jurisdiction of the monthly county court, upon application, or the chancery court, if the trust is administered in the chancery court, may allow a trustee or assignee compensation exceeding the compensation of clerks and masters, if the character of the services rendered entitle the trustee or assignee to such compensation in the opinion of such court, but such compensation in no case shall exceed five percent (5%).
Acts 1859-1860, ch. 34, § 1; Shan., § 3525; Code 1932, §7782; T.C.A. (orig. ed.), § 47-1510; modified.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-111 - Noncompliance by trustee - Appointment of receiver

If any trustee or assignee fails or refuses to comply with this chapter, the court having the jurisdiction of the monthly county court, upon application of any person interested, shall, in lieu of the delinquent, appoint a trustee or receiver who, upon executing the bond and taking the oath aforementioned, may execute the trust or assignment.
Code 1858, § 1977 (deriv. Acts 1855-1856, ch. 113, § 11); Shan., §3526; Code 1932, § 7783; T.C.A. (orig. ed.), § 47-1511; modified.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-112 - Death, resignation, or removal of trustee

The chancery court or the court having the jurisdiction of the monthly county court is empowered, upon suggestion and proof of the death, resignation, or removal beyond the limits of this state, of any trustee named as such in any deed of trust conveying realty or personalty as security for the payment of debts or other obligations, to appoint and qualify a trustee in lieu of the trustee dead, resigned, or removed as aforementioned.
Acts 1903, ch. 309, § 1; Shan., § 3526a1; mod. Code 1932, §7784; T.C.A. (orig. ed.), § 47-1512; modified.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-113 - Powers of successor trustee

Any trustee so appointed and qualified shall be vested with all the power and authority given in the deed of trust to the original trustee and be subject to all the conditions and limitations therein imposed upon the original trustee.
Acts 1903, ch. 309, § 2; Shan., § 3526a2; Code 1932, § 7785; T.C.A. (orig. ed.), § 47-1513.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-114 - Release of sureties

The sureties of a trustee or assignee for the benefit of creditors may be released in the manner prescribed in title 29, chapter 33.
Code 1858, §1978; Shan., § 3527; Code 1932, § 7786; T.C.A. (orig. ed.), § 47-1514.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-115 - General assignments - Preference of creditors

(a)
Preference of creditors in general assignments of all a debtor's property for the benefit of creditors shall be illegal and voidable, and all general assignments shall operate for the benefit of all the debtor's creditors pro rata, whether all the creditors are named in the assignment or not.
(b)
The insertion of a clause in the assignment giving a preference shall not render the assignment itself invalid, but the clause only shall be nugatory, and all the debtor's creditors shall share ratably in property assigned.
Acts 1881, ch. 121, § 1; Shan., § 3527a1; mod. Code 1932, §7787; T.C.A. (orig. ed.), § 47-1515.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-116 - General assignments - Prior conveyance for benefit of particular creditor

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).
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-117 - General assignments - Prior judgment by confession or default

Any confession of judgment by a debtor, or permitting judgment to be taken by default, or by collusion, within three (3) months preceding a general assignment, and in contemplation of such assignment, shall be void, in the event a general assignment is made within three (3) months after the judgment.
Acts 1881, ch. 121, § 3; Shan., § 3527a3; Code 1932, § 7789; T.C.A. (orig. ed.), § 47-1517.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-118 - General assignments - Inventory - Trustee's rights to property

The debtor making a general assignment shall annex thereto a full and complete inventory or schedule under oath of all the debtor's property of every description, and the trustee or assignee shall be entitled to any other property of the debtor not embraced in the assignment, and not exempt from execution, and also to property conveyed in violation of §
47-13-116
, and to the property or its proceeds assigned to satisfy judgments rendered in violation of §
47-13-117
.
Acts 1881, ch. 121, § 4; Shan., § 3527a4; Code 1932, § 7790; T.C.A. (orig. ed.), § 47-1518.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-119 - Mortgages, deeds of trust or security agreements

This chapter shall not prevent any person from making a mortgage, deed of trust, or security agreement under the Uniform Commercial Code to secure the payment for property bought or money lent, or for necessary advancements of supplies, stock, or farming implements to be made, to enable the owner of crops to make and save the same; provided, that the mortgage, deed of trust, or security agreement is executed at the time of buying the property, or borrowing the money, or making the contract for the advancements to be made, if the mortgage, deed of trust, or security agreement fixes the amount of advancement to be made under the contract.
Acts 1881, ch. 121, § 5; 1883, ch. 25, § 1; Shan., § 3527a5; mod. Code 1932, §7791; T.C.A. (orig. ed.), § 47-1519; Acts 1963, ch. 81, § 1 (10-104).
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 13 - ASSIGNMENTS FOR BENEFIT OF CREDITORS (§§ 47-13-101 — 47-13-120) › Section 47-13-120 - Time for presenting claims - Notice

(a)
A trustee under a general assignment made for the benefit of creditors shall give notice for a reasonable time by advertisement for four (4) consecutive issues in the nearest newspaper to or within the county in which the trustee is qualified, and by posting at the courthouse door of the county, for all persons having claims secured by the assignment to present the claims to the trustee, taking the trustee's receipt therefor, on or before a day fixed in such notice, which day shall not be less than twelve (12) months after the day of notice.
(b)
Any claims not presented to the trustee on or before the day so fixed, or before an appropriation of the trust funds, shall be forever barred, both in law and equity.
Acts 1891, ch. 184, § 1; Shan., § 3528; mod. Code 1932, § 7792; T.C.A. (orig. ed.), § 47-1520.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-101 - Judgments rendered in dollars and cents

All verdicts and judgments shall be rendered in dollars and cents, or such parts thereof as the nature of the case may require. Executions thereon, and all bills of costs, shall be issued accordingly.
Code 1858, § 1942 (deriv. Acts 1798-1799, ch. 19, § 1); Shan., § 3491; mod. Code 1932, § 7299; T.C.A. (orig. ed.), § 47-1601; Acts 1976, ch. 737, § 1; 1979, ch. 203, § 25.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-103 - Maximum effective rates generally

Except as otherwise expressly provided by this chapter or by other statutes, the maximum effective rates of interest are as follows:
(1)
For all transactions in which other statutes fix a maximum effective rate of interest for particular categories of creditors, lenders, or transactions, the rate so fixed;
(2)
For all written contracts, including obligations issued by or on behalf of the state of Tennessee, any county, municipality, or district in the state, or any agency, authority, branch, bureau, commission, corporation, department, or instrumentality thereof, signed by the party to be charged, and not subject to subdivision (1), the applicable formula rate; and
(3)
For all other transactions, ten percent (10%) per annum.
Acts 1979, ch. 203, § 2; 1980, ch. 601, § 26; 1983, ch. 464, § 2.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-104 - Single payment loans

(a)
Notwithstanding this or other statutes, for all single payment loans for a term of one (1) year or less, in an original principal amount of one thousand dollars ($1,000) or less:
(1)
The maximum effective rate of interest shall be that rate fixed, from time to time, as fair and reasonable, by rule adopted by the commissioner of financial institutions, but in no event to exceed ten percent (10%) per annum; and
(2)
A loan charge may be exacted at a rate not to exceed seven dollars and fifty cents ($7.50) on the first one hundred dollars ($100) of principal and one dollar and fifty cents ($1.50) per one hundred dollars ($100) of principal thereafter, up to a maximum of twenty dollars ($20.00) for any loan; provided, that no such loan charge may be assessed upon the renewal of any such loan.
(b)
The commissioner shall adopt reasonable rules and regulations to prevent abuses in the collection of interest, loan charges, and any other charges made in connection with or in relation to such single payment loans.
Acts 1979, ch. 203, § 3.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-105 - Announcement and publication of formula rates - Reliance thereon

(a)
Upon the publication by the board of governors of the Federal Reserve System of the average prime loan rate, as described in §
47-14-102
, the commissioner of financial institutions shall:
(1)
Promptly make an official announcement of the formula rate;
(2)
Cause the dissemination of such announcement to the news media in such manner as the commissioner deems appropriate; and
(3)
Cause to be published in the Tennessee Administrative Register the formula rate as determined by the average prime loan rate first published during each calendar month.
(b)
In contracting for interest pursuant to §
47-14-103(2)
, any person shall be entitled to rely upon the formula rate thus announced or published by the commissioner; provided, that a formula rate shall not be deemed to have been published until seven (7) days have elapsed following the publication date stated in the issue of the Tennessee Administrative Register containing the announcement of such formula rate.
(c)
The determination by the commissioner as provided for herein, for the sole purpose of an announcement under this section, shall not be deemed a "rule" within the meaning of §
4-5-102
, and such action of the commissioner shall be exempt from the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Acts 1979, ch. 203, § 4; 1983, ch. 464, § 3.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-106 - Contracts for applicable formula rates of interest

Contracts to which the applicable formula rate provided in §
47-14-103(2)
applies may provide for the payment of a fixed rate of interest, a variable rate of interest or any combination of fixed and variable rates in any sequence, subject to this section.
(1)
A contract may provide for a fixed rate of interest:
(A)
Permissible at the time the contract to make the loan is executed;
(B)
Permissible at the time the loan is made;
(C)
Permissible at the time the interest rate on the loan is converted from a variable to a fixed rate, or from one fixed rate to another fixed rate, whether such conversion is by terms of the contract or by renewal, modification, extension or otherwise; or
(D)
Permissible at the time of any renewal or extension of the loan or any note evidencing the loan; or
(E)
Permissible by virtue of any combination of any of the foregoing.
(2)
A contract may provide for a rate of interest that may vary from time to time at such regular or irregular intervals as may be agreed by the parties; provided, that such variable rate shall not exceed the greater of:
(A)
That authorized by statute at the agreed time of each variance; or
(B)
That authorized at the time of execution of the contract or note evidencing the indebtedness upon which such variable rate is or is to be charged;
(3)
The parties may agree to a minimum fixed rate of interest to be applicable to a rate which is or may become otherwise variable; provided, that such agreed minimum fixed rate of interest does not exceed the rate permitted at the time the contract to make the loan is executed, or at the time the note is executed, or at the time of any renewal or extension thereof, whichever is greater.
Acts 1979, ch. 203, § 5; 1992, ch. 629, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-107 - Computation of interest - Installment loans

(a)
This chapter does not limit or restrict the manner or method of contracting for interest, whether by way of add-on, discount, or otherwise, so long as the maximum effective rate of interest does not exceed that authorized by statute.
(b)
For installment loans, the maximum effective rate of interest shall:
(1)
Be determined in accordance with the actuarial method;
(2)
Be calculated, in the case of a precomputed loan, on the assumption that all scheduled payments will be made as contracted; and
(3)
Not be affected by the prepayment of the loan, in whole or in part.
Acts 1979, ch. 203, § 6.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-108 - Prepayment of loans - Contracts restricting prepayment of loans

(a)
Except as limited by statutory provisions expressly applicable thereto, the privilege of prepayment of a loan, in whole or in part, and any refunds or premiums with respect thereto, shall be governed by contract between the parties.
(b)
(1)
Any contract for a consumer loan that:
(A)
Either prohibits prepayment or imposes a penalty for prepayment; and
(B)
Is not subject to the federal Truth in Lending Act, compiled in
15 U.S.C. § 1601
et seq. and its implementing Regulation Z, compiled in
12 CFR 226
et seq.
shall state on its face in at least ten (10) point bold type in language separated from the other language in the contract by bold print dividing lines that it cannot be prepaid or that there is a penalty for prepayment.
(2)
If such contract does not comply with subdivision (b)(1), the provision prohibiting prepayment or imposing the prepayment penalty shall be unenforceable.
(3)
For purposes of this subsection (b), "consumer loan" means an extension of credit:
(A)
To one (1) or more natural persons;
(B)
Primarily for personal, family or household purposes; and
(C)
Secured by real property or secured by personal property used or expected to be used as the principal dwelling of the consumer.
Acts 1979, ch. 203, § 7; 2000, ch. 629, § 1; 2000, ch. 846, § 41.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-109 - When interest accrues

(a)
Interest on negotiable and nonnegotiable instruments shall accrue according to the terms of the instrument; otherwise, interest on the instrument shall accrue as provided in §
47-3-112
.
(b)
Liquidated and settled accounts, signed by the debtor, shall bear interest from the time they become due, unless it is expressed that interest is not to accrue until a specific time therein mentioned.
(c)
In all other cases, the time from which interest is to be computed shall be the day when the debt is payable, unless another day be fixed in the contract itself.
Acts 1979, ch. 203, § 8.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-110 - Usury as a defense

(a)
A defendant sued for money may avoid the excess over lawful interest by pleading usury, setting forth the amount of such excess.
(b)
In order to sustain a defense of usury, the burden is on the party claiming usury.
Acts 1979, ch. 203, § 9.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-111 - Actions to recover usury

If usury has been paid, it may be recovered by action brought by the party from whom it was taken, or that party's representative, or it may be subjected by any judgment creditor of such party to the satisfaction of that party's debt.
Acts 1979, ch. 203, § 10.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-112 - Usury a misdemeanor - Penalty

The willful collection of usury is a Class A misdemeanor.
Acts 1979, ch. 203, § 11; 1989, ch. 591, § 111.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-113 - Limitations on loan charges, commitment fees and brokerage commissions

(a)
For all loans in which a provision of this chapter or another statute authorizes or allows loan charges, commitment fees, or brokerage commissions for particular categories of lenders or transactions, the collection of such charges, fees, and commissions shall be limited to the charges, fees, or commissions so authorized or allowed.
(b)
For any written contract, signed by the party to be charged, the collection of commitment fees shall be limited to compensation which is fair and reasonable for the detriment suffered or the commitment made by the lender, considering the condition of the money market, the interest rates then prevailing, the credit worthiness of the borrower, the likelihood of the loan being made, and the interest rate and other terms contained in the loan commitment.
(c)
The collection of brokerage commissions shall be limited to compensation which is fair and reasonable for the services performed, considering the condition of the money market, the credit worthiness of the borrower, the custom in the market place, the interest rate to be paid, the nature and value of the security, and other relevant factors.
(d)
For any written contract, signed by the party to be charged, and not subject to subsection (a), the collection of loan charges shall be limited to those loan charges agreed to in that contract; provided, that no such charges may validly be agreed to in such a contract other than those which are fair and reasonable compensation for some expense incurred or to be incurred, or some service rendered or to be rendered, to or on behalf of the borrower, in connection with a particular loan. In any event, no such loan or contract shall include, except as a part of interest, charges for costs indirectly related to that loan or contract, including, but not limited to, overhead of the lender, loan losses, and charges for services performed by officers or employees of the lender unless such services are rendered directly for:
(1)
Inspecting and verifying collateral prior to the loan being made;
(2)
Servicing and verifying the collateral securing the loan; and
(3)
Collection of the loan.
(e)
For all other loans, no such charges or fees may validly be imposed.
Acts 1979, ch. 203, § 12.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-114 - Actions to recover excess loan charges, commitment fees, or brokerage commissions

If loan charges, commitment fees, or brokerage commissions in excess of those authorized have been paid, the amount of such excess charges, fees, or commissions, may be recovered by action brought by the person paying such excess amounts.
Acts 1979, ch. 203, § 13.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-115 - Usury or excess charges - Equitable remedies

(a)
The chancery court has jurisdiction, concurrent with courts of law, for the abatement and recovery of usury or excess loan charges.
(b)
No person shall be entitled to an equitable remedy with respect to usury or excess loan charges unless the person seeking such remedy does equity by paying, or tendering into court, the principal plus lawful interest and loan charges then due; provided, that any contract may be reformed by suit brought in equity with respect to any regulated loan charges, brokerage commissions, or commitment fees in excess of those authorized by law upon cost bond or, in appropriate cases, on pauper's oath.
(c)
Where successful in the reformation of the instrument, the complaining party shall be awarded reasonable attorneys' fees.
Acts 1979, ch. 203, § 14.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-116 - Usury or excessive charges - Reliance on statute, rule, or order

A claim or defense based on usury or excessive loan charges, commitment fees, or brokerage commissions will not be sustained where the person against whom the claim or defense is made, in computing and making such charges, fees, or commissions, has relied on a statute, or a rule or regulation promulgated by an administrative agency, or on the final order of any such administrative agency in a proceeding involving such person.
Acts 1979, ch. 203, § 15.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-117 - Usury or excessive charges - Contracts

(a)
Any contract which on its face requires the payment of usury or excess loan charges, commitment fees, or brokerage commissions shall not be enforceable; but the original lender or creditor may sue to recover the principal actually advanced, plus lawful interest, loan charges, commitment fees, and brokerage commissions.
(b)
Where usury or excess loan charges, commitment fees or brokerage commissions do not appear on the face of the contract, but are proved, only the principal, plus lawful interest, loan charges, commitment fees, and brokerage commissions may be recovered.
(c)
(1)
Where, however, the court finds that the lender or creditor has been guilty of unconscionable conduct in a transaction by taking interest, loan charges, commitment fees, or brokerage commissions in excess of the limitations fixed by statute, that lender or creditor shall not be entitled to recover any interest, loan charges, commitment fees, or brokerage commissions with respect to that transaction, and shall be required to refund to the borrower or debtor any loan charges, commitment fees, or brokerage commissions, and twice the amount of any interest collected with respect to that transaction, and the borrower shall be entitled to recover reasonable attorneys' fees from the lender.
(2)
As used in this subsection (c), "unconscionable conduct" includes, but is not limited to, any calculated violation of statutory limitations on interest, loan charges, commitment fees, or brokerage commissions with full awareness of those limitations.
Acts 1979, ch. 203, § 16.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-118 - Usury or excessive charges - Statute of limitations

(a)
No action shall be brought on any claim for usury after three (3) years from the date of last payment of the same or foreclosure or court action, whichever ensues first.
(b)
No action shall be brought on any claim for excessive loan charges, commitment fees, or brokerage commissions after three (3) years from the date of payment of the charges, fees or commissions.
Acts 1979, ch. 203, § 17.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 14 - INTEREST RATES GENERALLY (§§ 47-14-101 — 47-14-125) › Part 1 - GENERAL PROVISIONS (§§ 47-14-101 — 47-14-125) › Section 47-14-119 - Choice of laws

In any transaction otherwise subject to this chapter which is not subject to the disclosure requirements of the federal Consumer Credit Protection Act, where the transaction bears a reasonable relationship to this state and also to another state or nation, the parties may agree in the written contract evidencing such transaction that the laws of this state or of any other such state or nation shall govern their rights and duties with respect to interest, loan charges, commitment fees, and brokerage commissions.
Acts 1979, ch. 203, § 18.