reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 1 - GENERAL PROVISIONS (§§ 45-3-101 — 45-3-120) › Section 45-3-113 - Mutual associations - Expense fund requirements

(a)
The incorporators of a mutual association, in addition to their subscriptions to deposit accounts, shall create an expense fund in an amount not less than fifty percent (50%) of the minimum capital required by this chapter for the association to commence business.
(b)
Any organization and operating expenses may be paid from the fund until such time as the net income of the association is sufficient to pay the interest that is declared and paid or credited to deposit account holders from sources available for the payment of interest.
Acts 1978, ch. 708, § 1.13; T.C.A., § 45-1313.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 1 - GENERAL PROVISIONS (§§ 45-3-101 — 45-3-120) › Section 45-3-114 - Mutual associations - Repayment of contributions to expense fund

(a)
Contributions made by the incorporators and others to the expense fund and to the undivided profits account, if so required by the commissioner, may be repaid pro rata to the contributors from the net income of the association after provision for required loss reserves and declaration of interest of not less than two percent (2%) on deposit accounts.
(b)
In case of the liquidation of an association before contributions to the expense fund and to the undivided profits account have been repaid, any contributions to the expense fund and to the undivided profits account remaining unexpended, after payment of expenses of liquidation, all creditors and the withdrawal value of all deposit accounts, shall be paid to the contributors pro rata.
(c)
The books of the association shall reflect the expense fund and undivided profits account.
(d)
Contributors to the expense fund and to the undivided profits account shall be paid interest on the amounts paid in by them and for that purpose the contributions shall in all respects be considered as deposit accounts of the association.
(e)
Except as otherwise provided by this chapter or by rules and regulations prescribed by the commissioner, the amounts contributed to the expense fund and to the undivided profits account shall not constitute a liability to the association.
Acts 1978, ch. 708, § 1.14; T.C.A., § 45-1314.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 1 - GENERAL PROVISIONS (§§ 45-3-101 — 45-3-120) › Section 45-3-115 - Change of office or name

No association shall, without the prior approval of the commissioner:
(1)
Establish any branch or satellite office other than the home office stated in its charter;
(2)
Move any home, branch, or satellite office of the association from its immediate vicinity; or
(3)
Change the name of any association.
Acts 1978, ch. 708, § 1.24; T.C.A., § 45-1324.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 1 - GENERAL PROVISIONS (§§ 45-3-101 — 45-3-120) › Section 45-3-116 - Exemption from securities laws

All associations subject to this chapter and all federal associations, the directors, officers, agents, or employees of the associations, deposit accounts and capital stock of the associations and the sale, issuance, or offering for sale of deposit accounts and capital stock of the associations are exempted from all provisions of law of this state, other than this chapter, that provide for supervision, registration, or regulation in connection with the sale, issuance, or offering for sale of securities, and the sale, issuance, or offering for sale of the accounts or stock shall not require any action or approval whatsoever by any official authorized to license, regulate, or supervise the sale, issuance, or offering for sale of securities.
Acts 1978, ch. 708, § 5.23; T.C.A., § 45-1723.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 1 - GENERAL PROVISIONS (§§ 45-3-101 — 45-3-120) › Section 45-3-117 - Acknowledgments by stockholders, members, and employees

No public officer qualified to take acknowledgments or proofs of any instrument in writing in which an association is interested shall be disqualified by reason of the officer's status as a stockholder, member, or employee of the association so interested, and the acknowledgments or proofs previously taken are validated.
Acts 1978, ch. 708, § 5.24; T.C.A., § 45-1724.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 1 - GENERAL PROVISIONS (§§ 45-3-101 — 45-3-120) › Section 45-3-118 - References to "building and loan association."

Any and all references in any provision of the laws of this state to the term "building and loan association" are deemed to refer to the term "savings and loan association."
Acts 1978, ch. 708, § 5.25; T.C.A., § 45-1725.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 1 - GENERAL PROVISIONS (§§ 45-3-101 — 45-3-120) › Section 45-3-119 - References to federal savings and loan associations

Any and all references in any provision of the laws of this state to "federal savings and loan associations" are deemed to refer to "savings and loan associations operating under the laws of this state and federal savings and loan associations."
Acts 1978, ch. 708, § 5.26; T.C.A., § 45-1726.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 1 - GENERAL PROVISIONS (§§ 45-3-101 — 45-3-120) › Section 45-3-120 - Liberal construction

This chapter shall be liberally construed to promote and foster a sound and efficient system of savings and loan associations.
Acts 1978, ch. 708, § 5.27; T.C.A., § 45-1727.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 2 - ORGANIZATION (§§ 45-3-201 — 45-3-209) › Section 45-3-201 - Application to organize

Any five (5) or more individuals, referred to as the incorporators, who are residents of this state, may form a capital stock or mutual savings and loan association subject to the commissioner's approval as hereinafter provided, by filing a written application for authority to organize with the commissioner in a form and manner prescribed by the commissioner. The application shall be signed by each of the incorporators and shall include:
(1)
Home Office.
The name and the proposed location of the home office of the proposed association;
(2)
Incorporators.
The name and address of each incorporator;
(3)
Capital.
In the case of a capital stock association, the total amount of capital stock proposed and subscribed, if any has then been subscribed, and in the case of a mutual association, the total amount of subscribed deposit accounts, if any, together with the name and address of each subscriber; and
(4)
Other Information.
Detailed financial and biographical information for each incorporator and subscriber that the commissioner may require, and economic data, projections of business volume, income, expense, and other information that the commissioner may require.
Acts 1978, ch. 708, § 1.15; T.C.A., § 45-1315.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 2 - ORGANIZATION (§§ 45-3-201 — 45-3-209) › Section 45-3-203 - Denial of application

(a)
The commissioner, if unable to make the findings as required by the preceding section, shall endorse upon each copy of the application the word "denied" with the date of the endorsement and attach a written statement of the grounds for the denial.
(b)
One (1) copy of the proposed application and attached grounds of refusal shall be promptly mailed to at least one (1) of the incorporators by registered or certified mail.
Acts 1978, ch. 708, § 1.17; T.C.A., § 45-1317.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 2 - ORGANIZATION (§§ 45-3-201 — 45-3-209) › Section 45-3-204 - Subscription to capital and interim organization

(a)
If the commissioner approves the application for authority to organize, the incorporators shall perfect an interim organization by electing a chair, vice chair, and secretary, who shall act as the interim officers of the association until their successors are duly elected and qualified.
(b)
The interim officers shall have the following, and only the following, duties during the period after approval of the application by the commissioner and before issuance of a certificate of authority as provided in this chapter:
(1)
Subscriptions.
They shall secure subscriptions for payments of the required amount of capital and, as the case may be, the required amount for paid-in surplus or for the expense fund, in the form and manner approved by the commissioner; and
(2)
Adoption of Charter and Bylaws.
They shall call a meeting of subscribers, who shall adopt a charter and bylaws for the proposed association and elect directors to serve upon the issuance of the certificates of authority until the first annual meeting of the association and until their successors are elected and qualified.
Acts 1978, ch. 708, § 1.18; T.C.A., § 45-1318.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 2 - ORGANIZATION (§§ 45-3-201 — 45-3-209) › Section 45-3-205 - Requirements for charter and bylaws

The proposed charter and bylaws of the association adopted at the meeting of subscribers shall contain those provisions required of charters and bylaws under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27, as well as other information that the commissioner may, by regulation, prescribe, including, but not limited to, a statement in the charter that the association is organized under this chapter.
Acts 1978, ch. 708, § 1.19; T.C.A., § 45-1319; Acts 1994, ch. 551, § 19.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 2 - ORGANIZATION (§§ 45-3-201 — 45-3-209) › Section 45-3-206 - Certificate of authority

(a)
Filing of Required Information.
After approval by the commissioner of the application for authority to organize, the proposed association shall:
(1)
File with the commissioner its charter and bylaws for approval; and
(2)
File with the commissioner a statement in a form and with supporting data and proof that the commissioner may require, showing that the entire capital including paid-in surplus or expense fund has been fully paid in lawful money unconditionally and that the funds representing the capital and, as the case may be, paid-in surplus or expense fund less sums spent with the approval of the commissioner for organization are on hand, and that it has acquired a commitment for the insurance of deposit accounts as provided in this chapter.
(b)
Issuance of Certificate of Authority.
If the commissioner finds that the proposed association has in good faith complied with all the requirements of law, the commissioner shall approve the issuance of a certificate of authority and shall within thirty (30) days after the filing of the statement specified in this section, issue, in triplicate, a certificate of authority to transact a general savings and loan business. The commissioner shall then transmit a copy of the charter and the certificate of authority, together with all required supporting documents, to the secretary of state for filing as provided under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27. Upon filing by the secretary of state, the existence of the association shall begin. Until that time, and except for the limited activities of incorporators and officers during the period of interim organization under this chapter, any proposed association shall not engage in any savings and loan business.
(c)
Opportunity to Answer Objections.
If the commissioner does not approve the issuance of a certificate of authority, the commissioner shall state any objections in writing and give an opportunity to the proposed association to obviate the objections.
Acts 1978, ch. 708, § 1.20; T.C.A., § 45-1320; Acts 1994, ch. 551, § 19.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 2 - ORGANIZATION (§§ 45-3-201 — 45-3-209) › Section 45-3-207 - Completion of organization

Upon filing by the secretary of state, the directors elected during the period of interim organization shall proceed to:
(1)
Approve and adopt the charter and bylaws;
(2)
Elect officers pursuant to the bylaws;
(3)
Take action necessary to effect the insurance of the deposit accounts of the association; and
(4)
Take other action that may be necessary to complete the organization.
Acts 1978, ch. 708, § 1.21; T.C.A., § 45-1321.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 2 - ORGANIZATION (§§ 45-3-201 — 45-3-209) › Section 45-3-208 - Forfeiture of certificate of authority and charter for nonuse

(a)
Any association that does not commence business within one (1) year after the date upon which its corporate existence begins, or, in the case of any association existing on July 1, 1978, within one (1) year after July 1, 1978, shall forfeit its corporate existence, unless the commissioner, before the expiration of the one-year period, approved in writing the extension of time within which it may commence business, upon a written application stating the reasons for the delay; provided, that the foregoing one-year provision shall not apply to existing associations that are engaged in litigation or that are in the process of having their insurance of accounts finalized.
(b)
Upon forfeiture, the certificate of authority and the charter shall expire, and all action taken in connection with the incorporation thereof except the payment of the incorporation fee shall then be void.
(c)
Amounts credited on deposit accounts, less expenditures authorized by law, shall be returned pro rata to the respective holders of the accounts.
Acts 1978, ch. 708, § 1.22; T.C.A., § 45-1322.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 2 - ORGANIZATION (§§ 45-3-201 — 45-3-209) › Section 45-3-209 - Corporate name - Exclusive use by associations

(a)
The name of every association shall include the words "savings and loan association" and "savings bank." These words shall be preceded or followed by an appropriate descriptive word or words approved by the commissioner. An ordinal number may not be used as a single descriptive word preceding the words "savings and loan association" unless the words are followed by the name of the town, city, or county in which the association has its home office.
(b)
No certificate of authority of a proposed association having the same name as any other financial institution authorized to do business in this state under this chapter or a name so nearly resembling it as to be calculated to deceive shall be issued by the commissioner, except to an association formed by the reincorporation, reorganization, merger, consolidation, or conversion of other associations, or upon the sale of the property or franchise of an association.
(c)
Except as otherwise provided by §
45-5-203
, no person, either domestic or foreign, unless authorized to do business in this state under this chapter, shall do business under any name or title that indicates or reasonably implies that the business is of the character or kind of business carried on or transacted by an association or that is calculated to lead any person to believe that the business is that of an association.
(d)
Upon application by the commissioner or by any association, a court of competent jurisdiction may issue an injunction to restrain an entity violating or continuing to violate any of the provisions of subsections (a)-(c).
Acts 1978, ch. 708, § 1.23; T.C.A., § 45-1323; Acts 1985, ch. 330, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 3 - BRANCH OR SATELLITE OFFICES (§§ 45-3-301 — 45-3-303) › Section 45-3-301 - Location - Effect of de novo branches

(a)
Any state association, as defined in §
45-3-1402
, may establish and maintain branch or satellite offices or other facilities for the conduct of its business at any location in any county in this state.
(b)
No branch of an out-of-state savings and loan association or savings bank, or savings institution, may be established through the establishment of a de novo branch, unless the laws of the home state of the out-of-state savings institution permit Tennessee savings institutions to establish and maintain branches in that state through the establishment of de novo branches under substantially the same terms and conditions as set forth in this title.
(c)
For purposes of this section, "de novo branch" means a branch of a savings institution that:
(1)
Is originally established by the savings institution as a branch; and
(2)
Does not become a branch of the savings institution as a result of:
(A)
The acquisition by the savings institution of an insured depository institution or a branch of an insured depository institution; or
(B)
The conversion, merger, or consolidation of the institution or branch.
Acts 1990, ch. 624, § 1; 2001, ch. 140, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 3 - BRANCH OR SATELLITE OFFICES (§§ 45-3-301 — 45-3-303) › Section 45-3-302 - Approval by commissioner

(a)
No branch or satellite office, or other facility at which deposits may be accepted shall be established until approved by the commissioner.
(b)
In the event the application to open a branch or satellite office is disapproved and the applicants feel aggrieved, they may have a review by certiorari as provided in title 27, chapter 9.
(c)
Should the commissioner fail to approve or disapprove an application to open a branch or satellite office within ninety (90) calendar days after the submission of the application, the application shall be deemed to have been approved by the commissioner.
Acts 1990, ch. 624, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 3 - BRANCH OR SATELLITE OFFICES (§§ 45-3-301 — 45-3-303) › Section 45-3-303 - Rules and regulations

With respect to the matters contained in this part, the commissioner has full power and authority to promulgate rules and regulations in accordance with applicable law.
Acts 1990, ch. 624, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 4 - GENERAL POWERS AND DUTIES (§§ 45-3-401 — 45-3-407) › Section 45-3-401 - Required liquidity

No association shall invest in any security, other than in liquid assets, or in any real estate or other loan at any time when its liquid assets are less than a minimum percentage of its deposit liability, which percentage shall be set by the commissioner.
Acts 1978, ch. 708, § 2.22; T.C.A., § 45-1422.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 4 - GENERAL POWERS AND DUTIES (§§ 45-3-401 — 45-3-407) › Section 45-3-402 - Regulation of loans and investments

The commissioner shall, from time to time, promulgate rules and regulations in respect to all loans and investments authorized under this chapter that may be reasonably necessary to assure that the loans and investments are in keeping with sound lending practices and promote the purposes of this chapter.
Acts 1978, ch. 708, § 2.29; T.C.A., § 45-1429.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 4 - GENERAL POWERS AND DUTIES (§§ 45-3-401 — 45-3-407) › Section 45-3-403 - Right to act to avoid loss

Nothing in this chapter or in the laws of this state shall be construed as denying to an association the right to invest its funds, operate its business, manage or deal in property, or take any other action over whatever period of time as may reasonably be necessary to avoid loss on a loan or investment theretofore made or an obligation created in good faith.
Acts 1978, ch. 708, § 2.32; T.C.A., § 45-1432.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 4 - GENERAL POWERS AND DUTIES (§§ 45-3-401 — 45-3-407) › Section 45-3-404 - Computation of net income

Every association shall close its books on the last business day of its fiscal year, and at other times that its charter or bylaws provide, or as the commissioner requires, for the purpose of determining the gross income of the association for its fiscal year or for the period since the date of the last closing of its books, and from which shall be deducted the expenses of operating the association for that period, the balance remaining being the net income for the period.
Acts 1978, ch. 708, § 2.33; T.C.A., § 45-1433.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 4 - GENERAL POWERS AND DUTIES (§§ 45-3-401 — 45-3-407) › Section 45-3-405 - Reserves - Liquid assets

Every association shall set up and maintain reserves for the purpose of absorbing losses and shall maintain such portion of its assets in cash and other liquid assets as required by the commissioner. If an association has obtained insurance of accounts by the federal savings and loan insurance corporation, or by any other insurer approved by the commissioner, any portion of the loss reserves of the association may be considered as constituting a portion of the insurance reserves required by the insurer and may be set up as an insurance reserve account on the books of the association.
Acts 1978, ch. 708, § 2.34; T.C.A., § 45-1434.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 4 - GENERAL POWERS AND DUTIES (§§ 45-3-401 — 45-3-407) › Section 45-3-406 - Transfers to loss reserves

(a)
If, at the date of any closing of its books, the loss reserves of an association equal an aggregate amount of a percentage as the commissioner may prescribe, then an amount necessary to increase its loss reserves to the required amount shall be transferred from the net income of the association to its loss reserves.
(b)
In the event that any credit to the loss reserves of an association is made following July 1, 1978, in excess of the minimum percentage required herein, the dollar amount of the excess may be carried over as a credit toward the minimum requirement for any subsequent accounting period.
Acts 1978, ch. 708, § 2.35; T.C.A., § 45-1435.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 4 - GENERAL POWERS AND DUTIES (§§ 45-3-401 — 45-3-407) › Section 45-3-407 - Dividends on capital stock

In the case of a capital stock association, the balance of net income of the association, if any, after providing for all expenses of operation, allocation to loss reserves, and payment of interest, may be credited to a retained earnings or surplus account, from which the board of directors may, at its discretion, and at such times as it may determine, declare, and pay dividends in cash or additional stock to the holders of record of the stock outstanding at the date the dividends are declared.
Acts 1978, ch. 708, § 2.36; T.C.A., § 45-1436.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-501 - Deposit liability

(a)
The deposit liability of an association shall consist only of the aggregate amount of deposit accounts of its depositors, plus interest credited to the accounts, less redemption and withdrawal payments.
(b)
Except as limited by the board of directors from time to time, a depositor may make additions to the depositor's deposit accounts in the amounts and at the times that the depositor may elect.
(c)
Deposit accounts shall be open for cash.
(d)
Interest shall be declared in accordance with this chapter.
(e)
No preference between depositors shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of an association.
Acts 1978, ch. 708, § 2.01; T.C.A., § 45-1401.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-502 - Authorization of deposit accounts

(a)
Acceptance of Deposit Accounts.
An association may accept deposit accounts of any type and in any form not prohibited by this chapter or by other applicable law or by rules and regulations of the commissioner. An association shall not accept accounts other than deposit accounts; provided, that in the event of a conversion of a federal association to a state association, savings accounts in the federal association, existing at the time it so converts shall remain savings accounts unless and until they are exchanged for deposit accounts. Exchanges of savings accounts shall be governed by rules and regulations promulgated by the commissioner.
(b)
Priority of Deposit Accounts.
In any situation in which the priority of deposit accounts is to be determined or is in controversy, deposit accounts shall be debts of the association having the same priority as the claims of general creditors of the association not having priority, other than any priority arising or resulting from consensual, or, if so determined by a court, equitable, subordination, over other general creditors of the association.
Acts 1978, ch. 708, § 2.02; T.C.A., § 45-1402.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-503 - Nature of deposit accounts

(a)
Ownership.
Deposit accounts may be opened by any person and held solely and absolutely in the person's own right, or jointly by, or in trust or other fiduciary capacity for, any person or persons, including, but not limited to, an adult or minor individual, male, female, single or married, partnership, association, fiduciary, corporation, political subdivision or any governmental, public or quasi-public entity specifically referred to in §
9-1-107
.
(b)
Transfer of Accounts.
Deposit accounts shall be represented only by the account of each depositor on the books of the association, and the accounts or any interest in the accounts shall be transferable only on the books of the association upon proper application by the transferor or transferee and upon acceptance by the association of the transferee as a depositor upon terms approved by the board of directors. The association may treat the holder of record of a deposit account as the owner of the account for all purposes without being affected by any notice to the contrary unless the association has acknowledged, in writing, notice of a pledge or other transfer of the deposit account.
(c)
Deposit Account Contract.
Subject to the prior approval by the commissioner of the form of each type of deposit account contract, each depositor shall execute a deposit account contract setting forth any special terms and provisions applicable to the deposit account and the ownership of the account and the conditions upon which withdrawals may be made. The contracts shall be held by the association as part of its records pertaining to the account, and a copy of the contract shall be furnished to the depositor.
(d)
Evidence of Ownership.
An association shall issue evidence of accounts that the commissioner may authorize.
(e)
Inducements.
For the opening or increasing of any deposit account, no association shall, directly or indirectly, give, sell, dispose of, or otherwise advertise or permit the giving, selling, or disposition of, for any one (1) opening or increase, anything having a cost or value in excess of amounts permitted with respect to federal associations by applicable federal law and regulation, but inducement shall be allowed to the extent permitted to federal associations under the applicable federal law and regulation.
Acts 1978, ch. 708, § 2.03; T.C.A., § 45-1403.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-504 - Prohibited transactions

Any other provision of the law to the contrary notwithstanding, no association shall have the authority to receive demand deposit accounts or offer checking accounts, negotiable orders of withdrawal, or share accounts until federal associations in Tennessee are authorized to do so by federal law or regulation.
Acts 1978, ch. 708, § 2.04; T.C.A., § 45-1404.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-505 - Contracts for savings programs

(a)
Payroll Savings Programs.
An association may contract with any employer with respect to the solicitations, collection, and receipt of savings by payroll deduction to be credited to a designated account or accounts of the employer's employee or employees who voluntarily may participate.
(b)
Other Savings Programs.
Subject to rules and regulations of the commissioner, an association may contract with any other person or persons, including, but not limited to, educational or charitable institutions, for the participation by the association in any savings plan with the person or persons.
(c)
Federally Approved Savings Programs.
Any association insured by the federal savings and loan insurance corporation may contract with or enter into any savings program approved by the federal savings and loan insurance corporation.
Acts 1978, ch. 708, § 2.05; T.C.A., § 45-1405.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-506 - Power of attorney on accounts

(a)
Any association may continue to recognize the authority of a power of attorney authorizing in writing as attorney-in-fact to operate, in whole or in part, the account of a depositor, unless and until it receives actual notice of the revocation of authority.
(b)
Actual notice of the death, adjudication of incompetency, or adjudication of bankruptcy of the depositor shall constitute actual notice of revocation of the authority of the attorney-in-fact, except where the Uniform Durable Power of Attorney Act, compiled in title 34, chapter 6, is applicable.
(c)
No association shall be liable for damages, penalty, or tax by reason of any payment made pursuant to this section.
Acts 1978, ch. 708, § 2.06; T.C.A., § 45-1406; Acts 1983, ch. 299, § 10.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-507 - Accounts of minors

(a)
Any association may accept deposit accounts from any minor as the sole and absolute owner of the account, and receive payments on the accounts by or for the owner, and pay withdrawals, accept pledges to the association, and act in any other manner with respect to the accounts on the order of the minor.
(b)
Any payment or delivery of rights to any minor, or a receipt of acquittance signed by a minor who holds an account, shall be a valid and sufficient release and discharge of the association for any payment so made or delivery of rights to the minor. The receipt of acquittance signed by a minor who holds an account shall be a valid and sufficient release and discharge of the association for any payment so made or delivery of rights to the minor. The receipt, acquittance, pledge, or other action required by the association to be taken by a minor shall be binding upon the minor with like effect as if the minor were of full age and legal capacity.
(c)
The parent or guardian of the minor shall not, in the person's capacity as parent or guardian, have the power to attach or in any manner to transfer any account issued to or in the name of the minor; provided, that in the event of the death of the minor, the receipt or acquittance of either parent or guardian of the minor shall be a valid and sufficient discharge of the association for any sum or sums not exceeding in the aggregate one thousand dollars ($1,000), unless the minor has given written notice not to accept the signature of the parent or guardian.
Acts 1978, ch. 708, § 2.07; T.C.A, § 45-1407.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-508 - Accounts in two or more names

Deposit accounts and certificates of deposit maintained in any association in the names of two (2) or more persons shall be governed by §
45-2-703
.
Acts 1978, ch. 708, § 2.08; T.C.A., § 45-1408; Acts 1988, ch. 926, § 7.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-509 - Pledge to association of an account in joint tenancy

The pledge or hypothecation to any association of all or part of an account in joint tenancy signed by any tenant or tenants whether minor or adult, upon whose signature or signatures withdrawals may be made from the account, shall, unless the terms of the account provide specifically to the contrary, be a valid pledge and transfer to the association of that part of the account pledged or hypothecated, and shall not operate to sever or terminate the joint and survivorship ownership of all or any part of the account.
Acts 1978, ch. 708, § 2.09; T.C.A., § 45-1409.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-510 - Incompetency of a joint tenant

(a)
The adjudication of incompetency of any one (1) or more of the joint tenants shall not operate to sever or terminate the joint tenancy ownership of all or any part of the account, and the account may be withdrawn or pledged by any one (1) or more of the joint owners in the same manner as though the adjudication of incompetency had not been made, except that any withdrawal or pledge on behalf of the incompetent joint owner shall be by guardian or conservator.
(b)
Payment of any or all of the moneys in the account shall discharge the association from liability with respect to the moneys so paid.
Acts 1978, ch. 708, § 2.10; T.C.A., § 45-1410.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-511 - Accounts of administrators, executors, guardians, custodians, trustees, and other fiduciaries

(a)
Any association may accept accounts in the name of any administrator, executor, custodian, conservator, guardian, trustee, or other fiduciary for a named beneficiary or beneficiaries.
(b)
(1)
A fiduciary shall have power to vote as a member in a mutual association as if the membership were held absolutely, and shall have power to open and to make additions to, and to withdraw the account in whole or in part from, any association governed by this chapter.
(2)
The withdrawal value of the account, and interest on the account, or other rights relating to the account may be paid or delivered, in whole or in part, to the fiduciary without regard to any notice to the contrary as long as the fiduciary is living.
(3)
The payment or delivery to the fiduciary to whom the payment or the delivery of right is made shall be a valid and sufficient release and discharge of an association for the payment or delivery so made.
(c)
Whenever a person holding an account in a fiduciary capacity dies and no written or actual notice of the revocation or termination of the fiduciary relationship has been given to an association, and the association has no written or actual notice of any other disposition of the beneficial estate, either to a successor fiduciary or otherwise, the withdrawal value of the account, and interest on the account, or other rights relating to the account may, at the option of an association, be paid or delivered, in whole or in part, to the beneficiary or beneficiaries.
(d)
Whenever an account is opened by any person, describing the person in opening the account as trustee for another and no other or further notice of the existence and terms of a legal and valid trust than the description has been given in writing and to the association, in the event of the death of the person so described as trustee, the withdrawal value of the account or any part of the account, together with the interest on the account, may be paid to the person for whom the account was thus described to have been opened.
(e)
The payment or delivery to the beneficiary, beneficiaries, or designated person, or a receipt or acquittance signed by the beneficiary, beneficiaries, or designated person for payment or delivery shall be a valid and sufficient release and discharge of an association for the payment or delivery so made.
(f)
No association paying the fiduciary, beneficiary, or designated person in accordance with this section shall be liable for any estate, inheritance, or succession taxes that may be due this state.
Acts 1978, ch. 708, § 2.11; T.C.A., § 45-1411.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-512 - Accounts of incompetents

When an account is held in any association by a person who becomes incompetent and an adjudication of incompetency has been made by a court of competent jurisdiction, the association may pay or deliver the withdrawal value of the account and any interest that may have accrued on the account to the guardian or conservator for the person upon proof of the appointment and qualification of the guardian or conservator; provided, that if the association has received no written notice and is not on actual notice that the depositor has been adjudicated incompetent, it may pay or deliver the funds to the depositor in accordance with the account contract, and the receipt or acquittance of the depositor shall be a valid and sufficient release and discharge of the association for the payment or delivery so made.
Acts 1978, ch. 708, § 2.12; T.C.A., § 45-1412.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-513 - Accounts of deceased nonresidents

(a)
When an account is held in any association by a person residing in another state or country, in the event of the death of the depositor, the account, together with additions to the account, or any part of the account, shall be exempt from any taxation otherwise imposed by this state and may be paid to the administrator or executor appointed in the state or country where the holder resided at the time of death; provided, that the administrator or executor has furnished the association with:
(1)
Authenticated copies of the letters of the administrator or executor and of the order of the court that issued the letters to the person authorizing the person to collect, receive, and remove the personal estate; and
(2)
An affidavit by the administrator or executor that, to the administrator's or executor's knowledge, no letters then are outstanding in this state and no petition for letters by an heir, legatee, devisee, or creditor of the decedent is pending on the estate in this state, and that there are no creditors of the estate in this state.
(b)
Upon payment or delivery to the representative after receipt of the affidavit and authenticated copies, the association is released and discharged to the same extent as if the payment or delivery had been made to a legally qualified resident executor or administrator and is not required to see to the application or disposition of the property.
(c)
No action at law or in equity shall be maintained against the association for payment made in accordance with this section.
Acts 1978, ch. 708, § 2.13; T.C.A., § 45-1413.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-514 - Payment when no executor or administrator qualifies

(a)
(1)
Notwithstanding §
30-2-317
, where no executor or administrator of a deceased depositor has qualified and given notice of the person's qualification to the association, it may in its discretion and at any time after thirty (30) days from the death of the depositor pay out of all accounts or contents of safe deposit boxes maintained with it by the depositor in an individual capacity all sums that do not exceed fifteen thousand dollars ($15,000) in the aggregate:
(A)
To the executor named in any will known to the association; or
(B)
In the absence of knowledge of any purported will naming a surviving executor to:
(i)
A creditor for expenses of the funeral;
(ii)
A creditor for the expenses of the last illness;
(iii)
The surviving spouse; and
(iv)
To the next of kin.
(2)
In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(1)(B).
(b)
The receipt of any guardian, administrator or executor, duly appointed and qualified by the courts of this state or any other state, acknowledging the payment or transfer of funds, standing in the name of the person whose estate the fiduciary represents, in the form of deposits in associations shall be good and sufficient acquittance for the payment or transfer and shall constitute a valid defense in favor of the associations against the demands or claims of all parties.
(c)
No association shall be liable for damages, penalty or tax by reason of any payment made pursuant to this section.
Amended by 2016 Tenn. Acts, ch. 804,s 6, eff. 4/14/2016.
Acts 1978, ch. 708, § 2.14; T.C.A., § 45-1414; Acts 1983, ch. 191, § 3; 1988, ch. 926, § 8; 1995, ch. 177, § 13; 1997, ch. 426, § 22.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-515 - Account payable on death

An association may accept deposits made by any person in trust for another or may contract for deposits that may be made payable on the death of the last surviving owner under the same terms and conditions provided by §
45-2-704
.
Acts 1978, ch. 708, § 2.15; T.C.A., § 45-1415; Acts 1993, ch. 39, § 10.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 3 - SAVINGS AND LOAN ASSOCIATIONS (§§ 45-3-101 — 45-3-1508) › Part 5 - ACCOUNTS (§§ 45-3-501 — 45-3-525) › Section 45-3-516 - Accounts as legal investments and as security

(a)
Legal Investments.
(1)
In addition to investments in savings and loan associations as authorized by other law, administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, trust companies, savings and loan associations, credit unions, and other types of similar financial institutions, charitable, educational, eleemosynary corporations, funds and organizations, cemeteries, perpetual care funds, state and local governmental agencies and municipal and other public corporations and bodies, and public officials, including, but not limited to, all officials, boards, agencies, and entities described in §§
9-1-107
and
35-3-117
, and all other legal entities are specifically authorized and empowered to invest or deposit funds held by them, without any order of any court, in accounts of associations covered by this chapter and in accounts of federal associations organized under the laws of the United States and under federal supervision, and the investments shall be deemed and held to be legal investments for the funds.
(2)
With respect to investments by custodians, associations are deemed to be "banks" within the meaning of that term as used in [former] §
35-7-102
.
(3)
The commissioner may by regulation provide that accounts in associations shall be legal investments for any persons, firms, corporations, or entities not herein specifically referred to.
(b)
Security.
Whenever, under the laws of this state or otherwise, a deposit of securities is required for any purpose, the accounts made legal investments by this section shall be acceptable for deposits, and whenever under the laws of this state or otherwise, a bond is required with security, the bond may be furnished, and the accounts made legal investments by this section in the amount of the bond, when deposited therewith, shall be acceptable as security for the bond without other security.
(c)
Provisions Supplemental.
This section is supplemental to any and all other laws relating to and declaring what shall be legal investments for the persons, fiduciaries, corporations, organizations and officials referred to in this section, and the laws relating to the deposit of securities and the making and filing of bonds for any purpose.
Acts 1978, ch. 708, § 2.16; T.C.A., § 45-1416.