reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-610 - Borrowing

Any bank may borrow money and issue evidence of indebtedness for a loan.
Acts 1969, ch. 36, § 1 (3.245); T.C.A., § 45-439.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-611 - Pledge of assets

(a)
A bank may pledge its assets only:
(1)
To enable it to act as an agent for the sale of obligations of the United States;
(2)
To secure borrowed funds;
(3)
To secure the public funds of a governmental entity; and
(4)
For other purposes that are approved by the commissioner.
(b)
As used in this section, unless the context otherwise requires:
(1)
"Governmental entity" means:
(A)
(i)
The United States government or any agency thereof; or
(ii)
Any instrumentality of the United States the funds of which are required by law to be secured; and
(B)
The state of Tennessee or any other state, counties, incorporated municipalities and their political subdivisions or any utility district organized under the laws of a state or an interstate compact; and
(2)
"Public funds" means:
(A)
Funds in which the entire beneficial interest is owned by a governmental entity; or
(B)
Funds held in the name of a public official charged with the duty to receive or administer funds and acting in the person's official capacity.
(c)
A financial institution authorized to secure public funds of any governmental entity shall do so in the same manner and under the same conditions as state deposits under title 9, chapter 4, or as provided in a collateral pool as provided in title 9, chapter 4, part 5.
Acts 1969, ch. 36, § 1 (3.246); 1973, ch. 294, § 6; T.C.A., § 45-440; Acts 1990, ch. 1043, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-612 - Endorsement and signature guaranty

(a)
Any bank may assume secondary liability as an endorser of a negotiable or nonnegotiable instrument that it owns or has received for collection or that of the guarantor of the genuineness of a signature.
(b)
A bank may disclaim all or any part of the foregoing obligation in its guaranty; however, nothing in this section shall conflict with the Uniform Commercial Code, compiled in title 47, and the Uniform Commercial Code shall govern.
Acts 1969, ch. 36, § 1 (3.247); T.C.A., § 45-441.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-613 - Exchange charges

(a)
Banks, both state and national, have the right to make an exchange charge for the handling of cash items, and when the cash items are presented to the payer bank for payment through or by any bank, banker, trust company, federal reserve bank, post office, express company, collection agency, or by any other agency whatever, the amount of the charge shall not exceed one-tenth of one percent (.1%) of the total amount of the cash item, so presented and paid at one (1) time, and the minimum charge shall be ten cents (10¢); provided, that the charge shall not be made on checks or drafts given or drawn in settlement of obligations due the state or any subdivision of the state, or of the United States, and that the charge may not be made by banks for the collection of checks deposited with the banks, when the check is drawn on any other bank in the same municipality, city, town or village; and provided further, that nothing in this section shall be deemed mandatory upon the banks to charge exchange on checks or drafts payable to a person in this state, and drawn on a bank, trust company, or persons within or without this state, but it shall be optional with the banks whether they shall so charge exchange.
(b)
No officer shall protest for nonpayment the cash item when the nonpayment is solely on account of the failure or refusal of any of the agencies to pay the exchange, and there shall be no right of action, either at law or in equity, against any bank in this state for a refusal to pay the cash item when the refusal is based alone on the ground of the nonpayment of the exchange.
(c)
If, by any law, rule, regulation or court decision, the national banks in this state are not permitted to charge and collect the exchange, subsections (a) and (b) shall remain in full force and effect as to all other banks in this state; and in the event of the holding by the courts, or the refusal of any national bank in this state to comply with the sections, it shall be optional with state banks located in the same municipality with national banks or state banks that are members of the federal reserve system as to whether the charge shall be made.
Acts 1969, ch. 36, § 1 (3.248); T.C.A., § 45-442.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-616 - Preservation of bank records

(a)
Every bank shall retain its business records for the periods that are or may be prescribed by or in accordance with the terms of this section.
(b)
Each bank shall retain for a period of seven (7) years the minute books of meetings of its stockholders and directors, capital stock ledger and capital stock certificates ledger or stubs, general ledger, daily statements of condition, general journal, investment ledger, and copies of bank examination reports.
(c)
All other bank records shall be retained for the periods that the commissioner shall, in accordance with the terms of this section, prescribe.
(d)
The commissioner shall, from time to time, issue regulations classifying all records kept by state banks and prescribing the period for which records of each class shall be retained. The periods may be permanent or for a lesser term of years. The regulations may from time to time be amended or repealed. Prior to issuing the regulations, the commissioner shall consider:
(1)
Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable;
(2)
State and federal statutes of limitation applicable to the actions or proceedings;
(3)
The availability of information contained in bank records from other sources; and
(4)
Other matters that the commissioner deems pertinent, in order that the commissioner's regulations will require banks to retain their records for as short a period as is commensurate with the interests of bank customers and shareholders and of the people of this state in having bank records available.
(e)
Any bank may dispose of any record that has been retained for the period prescribed by or in accordance with the terms of this section for retention of records of its class, and shall thereafter be under no duty to produce the records in any action or proceeding.
(f)
(1)
Any bank may cause any or all records at any time in its custody to be reproduced and/or preserved by itself, or by any other person who agrees in writing to submit its operations to the examination of the commissioner, to the extent that the operations directly affect the recordkeeping, by any:
(A)
Microphotographic process;
(B)
Electronic and/or mechanical data storage technique; or
(C)
Any other means approved by the commissioner.
(2)
A record reproduced and/or preserved by a process, technique or means approved under subdivision (f)(1) shall have the same force and effect as the original record and be admitted into evidence equally with the original.
(g)
To the extent that they are not in contravention of any law of the United States, this section applies to all banks doing business in this state.
Amended by 2020 Tenn. Acts, ch. 605, s 5, eff. 3/20/2020.
Acts 1969, ch. 36, § 1 (3.251); 1973, ch. 294, § 6; T.C.A., § 45-445.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-618 - Notification at maturity of certificate of deposit - Requirement

(a)
Compliance with the requirements of the Truth in Savings Act,
12 U.S.C. § 4301
et seq., contained in the Federal Deposit Insurance Corporation Improvement Act of 1991, (Pub. L. No. 102-242, 105 Stat. 2236, §§ 261-274), and applicable federal regulations shall be deemed compliance with any requirements of the laws and statutes of Tennessee relating to the disclosure of information in connection with deposit accounts.
(b)
Notwithstanding subsection (a), in the case of a nonrenewable certificate of deposit having a term of more than one (1) month but no longer than one (1) year, the bank shall provide a maturity notice that meets those requirements of the Truth in Savings Act, as to both timing and content, that would be applicable to the certificate if its term exceeded one (1) year. The bank's liability for failing to provide the maturity notice shall equal but not exceed that liability the bank would have incurred under the Truth in Savings Act had the certificate's term exceeded one (1) year.
Acts 1979, ch. 163, § 1; T.C.A., § 45-449; Acts 1981, ch. 312, §§ 1, 2; 1993, ch. 77, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-619 - Definitions - Electronic cash dispensing devices

(a)
As used in this section, unless the context otherwise requires:
(1)
(A)
"Depository institution" means:
(i)
An insured bank as defined in § 3 of the Federal Deposit Insurance Act (
12 U.S.C. § 1813
);
(ii)
A mutual savings bank as defined in § 3 of the Federal Deposit Insurance Act;
(iii)
An insured credit union as defined in § 101 of the Federal Credit Union Act (
12 U.S.C. § 1752
);
(iv)
A member as defined in § 2 of the Federal Home Loan Bank Act (
12 U.S.C. § 1422
); a savings association as defined in § 3 of the Federal Deposit Insurance Act that is an insured depository institution as defined in the act; or
(v)
An association or entity that is wholly owned by or that consists only of institutions referred to in subdivisions (a)(1)(A)(i)-(iv); and
(B)
That:
(i)
Is domiciled in Tennessee;
(ii)
Has a branch lawfully doing business in Tennessee pursuant to this part;
(iii)
Is a federally chartered institution described in (a)(1)(A)(i)-(v); or
(iv)
Is a state chartered institution described in (a)(1)(A)(i)-(v); provided, that the home state of the institution does not prevent or limit a Tennessee chartered institution's ability to own or operate similar devices in the home state. If the home state has those restrictions, then out-of-state institutions from the home state may own or operate to the same extent and under the same terms and conditions that would apply to a Tennessee institution in the home state; and
(2)
"Electronic cash dispensing device" means an electronic device other than a telephone operated by a consumer, through which a consumer may obtain cash by means of initiating an electronic fund transfer instruction to the consumer's depository institution to debit the consumer's deposit account. For purposes of this part, "electronic cash dispensing device" includes, but is not limited to, automated teller machines.
(b)
A person other than a depository institution may own or operate, alone or in combination with other persons, one (1) or more electronic cash dispensing devices located or to be located in this state; provided, that the electronic cash dispensing device does not receive money on deposit.
Amended by 2014 Tenn. Acts, ch. 540, s 1, eff. 3/17/2014.
Acts 1995, ch. 165, § 5; 2001, ch. 54, § 16.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 6 - GENERAL POWERS OF BANKS (§§ 45-2-601 — 45-2-620) › Section 45-2-620 - Acceptance of deposits or placement in federally insured institutions - Deposits by state or other governmental entities

(a)
A state or national bank or savings institution or savings bank may accept funds for deposit or placement in federally insured institutions, within or without the state; provided, that the bank has entered into a deposit agreement or deposit placement agreement with the depositor.
(b)
The depository may also enter into a custodial agreement with the customer to maintain any certificate of deposit or other evidences of the deposits so received or placed. Depositors for these purposes shall include the state or any governmental entity.
Acts 2005, ch. 432, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 7 - DEPOSITS IN BANKS (§§ 45-2-701 — 45-2-712) › Section 45-2-701 - Interest on accounts

Banks shall be invested with the right and power to receive money on deposit, allowing therefor to the depositor, if the corporation chooses so to contract, interest at a rate not in excess of the maximum rate of interest authorized by the laws of the United States or by regulations issued under authority of these laws to be paid on deposits by member banks of the federal reserve system or by nonmember banks whose deposits are insured by the federal deposit insurance corporation, whichever is lower.
Acts 1969, ch. 36, § 1 (3.201); T.C.A., § 45-404.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 7 - DEPOSITS IN BANKS (§§ 45-2-701 — 45-2-712) › Section 45-2-702 - Deposit of minor

A bank may operate a deposit account in the name of a minor or in the name of two (2) or more persons, one (1) or more of whom are minors, with the same effect upon its liability as if the minors were of full age.
Acts 1969, ch. 36, § 1 (3.203); T.C.A., § 45-406.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 7 - DEPOSITS IN BANKS (§§ 45-2-701 — 45-2-712) › Section 45-2-705 - Final adjustment of statements of account

(a)
When a statement of account has been rendered by a bank to a depositor or has been mailed to the depositor's last known address, showing the condition of the depositor's account, the account shall, after the period of six (6) years from the date of the rendition of the statement, in the event no objection to the statement in writing has been theretofore made by the depositor or suit brought to correct same, be deemed finally adjusted and settled and its correctness conclusively presumed, and the depositor shall thereafter be barred from questioning the account for any cause. Banks shall accordingly not be required to preserve or keep their records or files relating thereto for a longer period than six (6) years.
(b)
Nothing herein shall be construed to relieve the depositor from the duty now imposed by law of exercising due diligence in the examination of the account and vouchers, if any, accompanying the statement, when rendered by the bank and of immediate notification to the bank upon discovery of any error therein, nor from the legal consequences of neglect of that duty.
Acts 1969, ch. 36, § 1 (3.206); T.C.A., § 45-409.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 7 - DEPOSITS IN BANKS (§§ 45-2-701 — 45-2-712) › Section 45-2-706 - Adverse claim to bank deposit

Notice to any bank of an adverse claim to a deposit standing on its books to the credit of any person shall not be effectual to cause the bank to recognize the adverse claimant unless the adverse claimant shall procure a restraining order, injunction or other appropriate process against the bank from a court of competent jurisdiction.
Acts 1969, ch. 36, § 1 (3.207); T.C.A., § 45-410.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 7 - DEPOSITS IN BANKS (§§ 45-2-701 — 45-2-712) › Section 45-2-707 - Powers of attorney

(a)
A bank, which for the purposes of this section also includes a lessor, as defined in §
45-2-901
, may recognize the authority of a power of attorney authorizing in writing an attorney-in-fact to operate, in whole or in part, the account of a depositor, or to access a customer's safe deposit box, until the bank receives written notice of the revocation of this authority.
(b)
Written notice of the death or adjudication of incompetency of the depositor or customer shall constitute written 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, part 1, is applicable. Until the bank receives written notice of adjudication of incompetency of the depositor, the bank's authority to recognize a power of attorney shall not be rendered ineffective by the incompetency, whether existing at the time the power of attorney is granted or at the time the bank acts upon it.
(c)
Notwithstanding that a bank has received written notice of revocation of the authority of the attorney-in-fact, it may, until ten (10) days after receipt of notice, pay any item made, drawn, accepted or endorsed by the attorney-in-fact prior to the revocation; provided, that the item is otherwise properly payable.
(d)
No bank shall be liable for damages, penalty or tax by reason of any payment made or property withdrawn pursuant to this section.
Acts 1969, ch. 36, § 1 (3.208); T.C.A., § 45-411; Acts 1983, ch. 299, § 9; 1988, ch. 926, § 3.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 7 - DEPOSITS IN BANKS (§§ 45-2-701 — 45-2-712) › Section 45-2-708 - 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 qualifications to the bank, the bank may, in its discretion, and at any time after thirty (30) days from the death of the depositor, pay out of all accounts, 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 bank; or
(B)
In the absence of knowledge of a 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)
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 or 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 banking institutions, shall be a good and sufficient acquittance for payment or transfer and shall constitute a valid defense in favor of the banks against the demands or claims of all parties.
(c)
No bank 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 2, eff. 4/14/2016.
Acts 1969, ch. 36, § 1 (3.209); T.C.A., § 45-412; Acts 1980, ch. 615, § 1; 1988, ch. 926, § 4; 1991, ch. 136, § 1; 1995, ch. 103, § 1; 1997, ch. 426, § 22; 2000, ch. 570, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 7 - DEPOSITS IN BANKS (§§ 45-2-701 — 45-2-712) › Section 45-2-709 - Reserve against deposits

A state bank shall maintain a reserve against deposits in the form and manner that the commissioner prescribes by regulation. In promulgating regulations hereunder, the commissioner shall consider the reserve requirements of the federal Monetary Control Act of 1980, 94 Stat. 132, and the liquidity needs of state banks.
Acts 1969, ch. 36, § 1 (3.249); 1973, ch. 294, § 6; T.C.A., § 45-427; Acts 1981, ch. 226, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 7 - DEPOSITS IN BANKS (§§ 45-2-701 — 45-2-712) › Section 45-2-710 - Statute of limitations

An action to enforce the obligation of a bank to pay all or part of the balance of a deposit account or certificate of deposit, collectively a deposit, must be commenced within six (6) years of the earlier of the following:
(1)
The time that the six-year statute of limitations period begins to run under §
47-3-118(e)(1)
, if the deposit is a certificate of deposit subject to title 47, chapter 3; or
(2)
The later of:
(A)
The maturity date of the deposit, as set forth in the applicable original contract of deposit;
(B)
The due date of the deposit indicated in the bank's last written notice of renewal sent pursuant to §
45-2-618
;
(C)
The date of the last written communication from the bank recognizing the bank's obligation with respect to the deposit; or
(D)
The last day of the taxable year for which the owner of the deposit last reported interest income earned on the deposit on either a federal or state income tax return.
Acts 2005, ch. 30, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 7 - DEPOSITS IN BANKS (§§ 45-2-701 — 45-2-712) › Section 45-2-711 - Payment and negotiation of check when no estate has been opened or the estate has been closed

(a)
(1)
Notwithstanding §
30-2-317
, where no executor or administrator of a decedent has qualified and given notice of the person's qualifications to the bank, or where the qualified executor or administrator of a decedent has been discharged and a check or checks made payable to the decedent or the decedent's estate is presented to the bank for payment or collection, the bank may, in its discretion, and at any time after ninety (90) days from the death of the deceased, negotiate or send for collection and pay out the proceeds of one (1) or more checks made payable to the decedent or the decedent's estate, whether written or electronic, all sums that do not exceed ten thousand dollars ($10,000) in the aggregate:
(A)
To the executor named in any will known to the bank whether probated or not;
(B)
To any personal representative appointed by a court whether active or discharged; or
(C)
In the absence of knowledge of a purported will naming a surviving executor or an administrator to the:
(i)
Surviving spouse; or
(ii)
Next of kin.
(2)
In the case of conflicting claims, the order of priority shall be that set out in subdivision (a)(1).
(b)
The receipt of any guardian, administrator or executor, duly appointed or qualified by the courts of this state, or any other state, or of any spouse or next of kin acknowledging the negotiation, payment or transfer of funds of a check, standing in the name of the person whose estate the fiduciary represents, shall be a good and sufficient acquittance for payment or transfer and shall constitute a valid defense in favor of the bank against the demands or claims of all parties.
(c)
The negotiation or payment of a check under this section without an endorsement of the payee or with the endorsement of a person authorized by this section to negotiate the check shall not be a violation of or give rise to any claim under title 47, chapter 3 or 4.
(d)
No bank 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,Secs.s3, s4, s5 eff. 4/14/2016.
Acts 2014, ch. 597, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 7 - DEPOSITS IN BANKS (§§ 45-2-701 — 45-2-712) › Section 45-2-712 - Acknowledgement or affidavit - Guarantee

(a)
A bank shall require any persons seeking to cash checks payable to a decedent as provided in §
45-2-711
to deliver to the bank an affidavit, given under the penalty of perjury, in a form acceptable to the bank that, at the minimum, contains the following:
(1)
The name of the decedent;
(2)
The decedent's date of death;
(3)
The amount and payor of any checks, if the funds are from checks or electronic payments;
(4)
The identity of the creditor or creditors to whom the funds are to be paid, if the funds are to be paid directly to a creditor of the decedent or the decedent's estate; and
(5)
If the funds are to be paid other than to a creditor of the decedent or the decedent's estate, the affiant shall:
(A)
Identify the decedent's surviving spouse and heirs at law, and provide their residence addresses; and
(B)
Affirmatively state that:
(i)
There are no unpaid creditors of the decedent;
(ii)
There are no unpaid income, gift, estate, inheritance or other transfer taxes owed by the decedent or the estate of the decedent; and
(iii)
The funds distributed to the affiant will be distributed by the affiant as provided in any will or testamentary document or in appropriate shares to the decedent's heirs at law.
(b)
A bank may, in its discretion, require any persons seeking to collect monies from a deceased depositor's account or accounts, as provided in §
45-2-708
, to deliver to the bank an affidavit, given under penalty of perjury in a form acceptable to the bank as provided in subsection (a).
(c)
A bank may require any person who obtains funds from a deposit account pursuant to §
45-2-708
or to negotiate checks pursuant to §
45-2-711
to provide an indemnity and guarantee to the bank in the amount of the funds obtained.
Acts 2014, ch. 597, § 2.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 8 - DEPOSIT INSURANCE (§§ 45-2-801 — 45-2-806) › Section 45-2-801 - Membership in federal deposit insurance corporation authorized

Any state bank is empowered, on the authority of its board of directors or the majority of the board, and with the approval of the commissioner, to enter into contracts, incur obligations and generally to do and perform any and all acts and things whatsoever necessary or appropriate in order to take advantage of any and all memberships, loans, subscriptions, contracts, grants, rights or privileges that may at any time be available or inure to banking institutions or to their depositors, creditors, stockholders, conservators, receivers or liquidators, by virtue of those provisions of § 8 of the Federal Banking Act of 1933, § 12B of the Federal Reserve Act, which established the federal deposit insurance corporation, and in order to provide for the insurance of deposits or to take advantage of any other provisions of that or any other act or resolution of congress to aid, regulate or safeguard banking institutions or their depositors, including any amendments or substitutions; and to subscribe for and acquire any stock debentures or other types of insurance of the federal deposit insurance corporation and to comply with all lawful regulations and requirements from time to time issued or made by that corporation.
Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-501.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 8 - DEPOSIT INSURANCE (§§ 45-2-801 — 45-2-806) › Section 45-2-802 - Appointment of federal deposit insurance corporation as receiver of state bank - Powers and duties

(a)
The federal deposit insurance corporation may be appointed receiver of any state bank, the deposits in which are to any extent insured by that corporation and that has been closed on account of inability to meet the demands of its depositors, or otherwise by the law of Tennessee.
(b)
The commissioner, after taking possession of a state bank, shall have the right to appoint the federal deposit insurance corporation as receiver.
(c)
Upon acceptance of the appointment as receiver, the federal deposit insurance corporation shall not be required to post bond or security.
(d)
If the corporation accepts the appointment, it shall have and possess all of the duties, powers, and privileges provided by the laws of this state with respect to receivers of closed banks, except insofar as the duties, powers, and privileges are in conflict with the Federal Deposit Insurance Act. In addition, the federal deposit insurance corporation as receiver shall have the right to make an emergency sale of assets of a closed bank, as provided in part 15 of this chapter.
Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-502; Acts 1980, ch. 510, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 8 - DEPOSIT INSURANCE (§§ 45-2-801 — 45-2-806) › Section 45-2-803 - Subrogation rights of federal deposit insurance corporation on payment of insured deposits

Whenever any state bank is closed and the federal deposit insurance corporation has paid or made available for payment the insured deposit liabilities of the closed institution, the corporation, regardless of whether it has become liquidating agent, shall be and become subrogated to all rights against the closed bank of the owners of the deposits in the same manner and to the same extent as subrogation of the corporation is provided for in subsection (1) of § 12B of the Federal Reserve Act, § 8 of the Banking Act of 1933, in the case of the closing of a national bank, and shall be generally subrogated to all rights of the depositors as provided by the laws of Tennessee; provided, that the rights of depositors and other creditors of the closed institution shall be determined in accordance with the applicable provisions of the laws of this state.
Acts 1969, ch. 36, § 1 (3.322); T.C.A., § 45-503.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 8 - DEPOSIT INSURANCE (§§ 45-2-801 — 45-2-806) › Section 45-2-804 - Commissioner to furnish deposit insurance corporation copies of examinations and other information

The commissioner may furnish to the corporation, or to any official or examiner of the corporation, a copy or copies of any or all examinations made of the bank, and of any or all reports made by same, and shall give access and disclose to the corporation, or any official or examiner of the corporation, any and all information possessed by the office of the commissioner with reference to the conditions or affairs to the insured institution.
Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-504.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 8 - DEPOSIT INSURANCE (§§ 45-2-801 — 45-2-806) › Section 45-2-805 - Loans to closed banks - Security - Sale of assets

(a)
With respect to any bank that is now or may hereafter be closed on account of inability to meet the demands of its depositors, or by action of the commissioner or of a court, or by action of its directors, or in the event of its insolvency or suspension, the commissioner and/or the receiver or liquidator of the institution, with the permission of the commissioner, may borrow from the federal deposit insurance corporation and pledge or mortgage any part or all of the assets of the institution to the corporation as security for a loan by it; provided, that where the corporation is acting as the receiver or liquidator, the order of a court of record of competent jurisdiction shall be obtained first approving the loan. The commissioner, upon the order of a court of record of competent jurisdiction, and upon a like order and with the permission of the commissioner, the receiver or liquidator of the institution may sell to the corporation any part or all of the assets of the institution.
(b)
This section shall not be construed to limit the power of any bank, the commissioner or receivers or liquidators to pledge or sell assets in accordance with any existing law.
Acts 1969, ch. 36, § 1 (3.322); 1973, ch. 294, § 6; T.C.A., § 45-505.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 8 - DEPOSIT INSURANCE (§§ 45-2-801 — 45-2-806) › Section 45-2-806 - Depositories of public funds exempt from security requirements to extent of deposit insurance

Notwithstanding any provisions of the existing laws of this state that may require security for the deposit of the public funds of the state or of any political subdivision of the state or of any municipality created under the laws of the state, in the form of a surety bond, deposit of collateral or otherwise, hereafter no bank receiving the deposits shall be required to furnish any security for the deposits, to the extent that the deposits are now insured under § 8 of the Banking Act of 1933 (
12 U.S.C. §§ 1811
et seq.).
Acts 1969, ch. 36, § 1 (3.322); T.C.A., § 45-506.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 9 - SAFE DEPOSIT AND SAFEKEEPING (§§ 45-2-901 — 45-2-907) › Section 45-2-901 - Part definitions

As used in this part, unless the context otherwise requires:
(1)
"Agent" means any person duly authorized in writing by a lessee to enter a safe deposit box rented by the lessee, whether the person be denominated as "agent," "deputy," "attorney-in-fact," or otherwise. The agent's authority shall be established and shall continue until revoked, both in accordance with §
45-2-707
;
(2)
"Fiduciary" means trustee, agent, executor, administrator, committee, guardian or conservator for a minor or other incompetent person, receiver, trustee in bankruptcy, assignee for creditors or any holders of a similar position of trust;
(3)
"Lessee" means a person contracting with a lessor for the use of a safe deposit box;
(4)
"Lessor" means a bank or subsidiary corporation of a bank renting safe deposit facilities, and includes a safe deposit company organized and operating under the jurisdiction of the department solely for the purpose of leasing safe deposit facilities; and
(5)
"Safe deposit box" means a safe deposit box, vault, or other safe deposit receptacle maintained by a lessor and the rules relating thereto apply to property or documents kept in safekeeping in the bank's vault.
Acts 1969, ch. 36, § 1 (3.220); T.C.A., § 45-415; Acts 1984, ch. 624, § 1; 1988, ch. 926, § 5.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 9 - SAFE DEPOSIT AND SAFEKEEPING (§§ 45-2-901 — 45-2-907) › Section 45-2-902 - Authority to engage in leasing safe deposit facilities - Liability of lessor

Any bank has the right to construct a vault on its real estate, or on premises leased by it, or to rent any vault that, in the judgment of the directors, will provide reasonable means of safety against loss by theft, fire or other cause, in which vault may be placed safes, boxes, or receptacles, for the keeping of jewelry, diamonds, gold, bank notes, bonds, notes, and other valuables, and that may be rented by the bank to other persons on the terms agreed to by the parties, but it is understood that in no event shall the bank be liable for any loss of the jewelry, diamonds, gold, bank notes, bonds, notes, or other valuables by theft, robbery, fire, or other cause, the bank not being the insurer of the safety of the property, nor in any manner liable for the safety of the property. The bank is not required to take any note of property thus deposited, as the person who rents a safe, box, or receptacle is, for the term of the lease, the owner thereof.
Acts 1969, ch. 36, § 1 (3.221); T.C.A., § 45-416.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 9 - SAFE DEPOSIT AND SAFEKEEPING (§§ 45-2-901 — 45-2-907) › Section 45-2-903 - Access by fiduciaries

(a)
Where a safe deposit box is made available by a lessor to one (1) or more fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which the fiduciaries are acting, allow access thereto to any one (1) or more of the fiduciaries or to any agent authorized in writing by any one (1) or more of the fiduciaries.
(b)
The lessee, the lessee's estate or any successor fiduciary is bound by any dealings between the agent and the lessor pursuant to a power granting the agent access to a safe deposit box until the lessor has written notice of revocation of that power.
Acts 1969, ch. 36, § 1 (3.222); T.C.A., § 45-417.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 9 - SAFE DEPOSIT AND SAFEKEEPING (§§ 45-2-901 — 45-2-907) › Section 45-2-904 - Lease to minor

A bank may lease a safe deposit box to and in connection therewith deal with a minor with the same effect as if leasing to and dealing with a person of full legal capacity.
Acts 1969, ch. 36, § 1 (3.223); T.C.A., § 45-418.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 9 - SAFE DEPOSIT AND SAFEKEEPING (§§ 45-2-901 — 45-2-907) › Section 45-2-906 - Adverse claims to contents of safe deposit box

(a)
An adverse claim to the contents of a safe deposit box, or to property held in safekeeping, is not sufficient to require the lessor to deny access to its lessee unless:
(1)
The lessor is directed to do so by order of a court of competent jurisdiction; or
(2)
The safe deposit box is leased or the property is held in the name of the lessee with the addition of words indicating that the contents or property are held in a fiduciary capacity, and the adverse claim is supported by a written statement of facts disclosing that it is made by or on behalf of a beneficiary and that there is reason to know that the fiduciary will misappropriate the trust property.
(b)
A claim is also an adverse claim where one (1) of several lessees claims, contrary to the terms of the lease, an exclusive right of access, or where one (1) or more persons claim a right of access as agents or officers of a lessee to the exclusion of others as agents or officers, or where it is claimed that a lessee is the same person as one using another name.
Acts 1969, ch. 36, § 1 (3.225); T.C.A., § 45-420.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 10 - FIDUCIARY POWERS (§§ 45-2-1001 — 45-2-1021) › Section 45-2-1001 - Company authorized to act as fiduciary

(a)
No company shall act as a fiduciary in this state except:
(1)
A state trust company;
(2)
A state bank authorized to act as a fiduciary;
(3)
A savings association or savings bank organized under the laws of this state and authorized to act as a fiduciary;
(4)
A national bank having its principal office in this state and authorized by the comptroller of the currency to act as a fiduciary pursuant to
12 U.S.C. § 92a
;
(5)
A federally chartered savings association or savings bank having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
(6)
An out-of-state bank with a branch in this state established or maintained pursuant to this chapter, or a trust office authorized by the commissioner pursuant to this chapter;
(7)
An out-of-state trust company with a trust office authorized by the commissioner pursuant to this chapter;
(8)
A foreign bank with a trust office authorized by the commissioner pursuant to this chapter; or
(9)
A private trust company to the extent authorized by the commissioner pursuant to this chapter.
(b)
No company shall engage in an unauthorized trust activity. No company shall be deemed to be subject to this chapter and chapter 1 of this title, regulating fiduciary activities to the extent that the company's activities are permitted by existing statutory authority or are customarily performed as a traditional incident to the company's regular business activities.
(c)
(1)
A bank authorized to act as a fiduciary, which includes a trust company for the purposes of this section and §§
45-2-1002
- 45-2-1006, having and maintaining paid-in capital and surplus of five hundred thousand dollars ($500,000), may be appointed a fiduciary or cofiduciary by any person or any court having jurisdiction and authority to appoint fiduciaries.
(2)
When appointed as a fiduciary for a minor or other incompetent person, a bank shall have only the custody, control, management and administration of the property or estate of the person.
(3)
The personal care and custody of any minor or other incompetent person shall be committed and confided to those individuals who would otherwise be entitled by law to the guardianship or care and custody of the person of the minor or incompetent person.
Acts 1969, ch. 36, § 1 (3.230); T.C.A., § 45-422; 1999, ch. 112, §§ 7, 9.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 10 - FIDUCIARY POWERS (§§ 45-2-1001 — 45-2-1021) › Section 45-2-1002 - Fiduciary powers

(a)
Unless otherwise expressly provided by statute, a bank acting as a fiduciary shall have, alone or with others, all of the rights, powers, privileges and immunities, and be subject to the same liabilities and duties as an individual fiduciary under like circumstances. The fiduciary powers include, but are not limited to, the power to act as:
(1)
Fiduciary as defined in §
35-2-102
;
(2)
Custodian of property;
(3)
Agent or attorney-in-fact;
(4)
Registrar or transfer agent of securities;
(5)
Fiscal agent or any political entity, public body, corporation, unincorporated association or individual;
(6)
Investment advisor;
(7)
Insurer of titles to, mortgages on, and other interests in any real estate; and
(8)
Guarantor of the payment of bonds owned by other persons.
(b)
A bank acting as fiduciary shall have the same investment powers as an individual fiduciary under like circumstances and other investment powers that are provided by law. In exercising the powers, a bank shall, unless otherwise authorized by law or by the instrument creating the relationship, exercise the judgment and care, under the circumstances then prevailing, or as related to the specific purposes for which the fiduciary relationship was created, that persons of prudence, discretion, and intelligence exercise in the management of their own affairs under like circumstances. Within the limitation of the foregoing standard, a bank, as fiduciary, is authorized to acquire and retain interests in every kind of property, real, personal or mixed, and every kind of investment, specifically including, but not by way of limitation, bonds, debentures, and other corporate and governmental obligations, insurance policies, stocks, rights, warrants, and securities of any open or closed-end management fund that persons of prudence, discretion, and intelligence acquire for their own account; and within the limitations of the same foregoing standard, the bank may retain property properly acquired, without limitation as to time and without regard to its suitability for original purchase.
(c)
A bank, acting as fiduciary in any capacity for which an annual or periodic court accounting is required, shall not be required to exhibit to the court or the clerk thereof the originals or copies of receipts and cancelled checks for disbursements or distributions made by the fiduciary to support the accounting; provided, that the accounting consists of the bank's computer prepared statements showing all income and principal transactions for the accounting period, but the court may require that receipts and cancelled checks be exhibited for the final distribution of assets on termination or transfer of the account to a successor.
Acts 1969, ch. 36, § 1 (3.231); T.C.A., § 45-423; Acts 1987, ch. 300, § 1.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 10 - FIDUCIARY POWERS (§§ 45-2-1001 — 45-2-1021) › Section 45-2-1004 - Investment in undivided interest in property

(a)
A bank may, subject to the limitations of this section, create undivided interests in property of any nature for the purpose of sale from time to time to accounts held by the bank in any fiduciary capacity. The bank may retain a portion of the undivided interests for its own account if the property is one that it would be authorized to acquire pursuant to this chapter wholly for its own account.
(b)
The limitations on the undivided interest shall be:
(1)
The interest shall be one that:
(A)
The bank would be authorized to acquire pursuant to this chapter and chapter 1 of this title wholly for its own account, and, in the absence of broader investment powers under the terms upon which it was designated as fiduciary, would also be authorized to acquire as a legal investment for funds held by fiduciaries; or
(B)
The bank would be authorized to acquire as an investment by the terms upon which it was designated as fiduciary of each account in which it acquires an undivided interest;
(2)
Interests not retained by the bank may be sold only to a fiduciary account.
(c)
The bank shall exercise all rights of ownership in respect of an interest in which undivided interests have been sold pursuant to this section, and in respect of any property acquired by foreclosure or otherwise in connection with the interest, in its own name but for the benefit of itself and all other owners of the undivided interests in the property.
(d)
The bank shall at all times maintain records of all undivided interests created pursuant to this section showing the extent of the undivided interest of each owner of the interest.
(e)
The bank may issue a certificate evidencing each undivided interest created pursuant to this section, keep records showing the holders of the certificates, provide for transfer of a certificate by the registered holder of the certificate upon surrender of the certificate and deal with the registered holder of a certificate as the owner of the undivided interest represented by the certificate. Each certificate shall contain a summary of the rights of an owner of the undivided interest represented thereby and expressly disclaim any guarantee by the bank of payment of any amount.
Acts 1969, ch. 36, § 1 (3.233); T.C.A., § 45-425.
2023 Tennessee Code › Title 45 - BANKS AND FINANCIAL INSTITUTIONS (§§ 45-1-101 — 45-20-111) › Chapter 2 - BANKING INSTITUTIONS (§§ 45-2-101 — 45-2-2204) › Part 10 - FIDUCIARY POWERS (§§ 45-2-1001 — 45-2-1021) › Section 45-2-1005 - Fiduciary bond or oath excused

No oath or bond shall be required of a bank to qualify upon appointment as a fiduciary, unless the instrument creating a fiduciary position expressly provides otherwise.
Acts 1969, ch. 36, § 1 (3.234); T.C.A., § 45-426.