Tennessee Code 56-35-125 – Cessation of business – Procedure
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Terms Used In Tennessee Code 56-35-125
- Commissioner: means the commissioner of commerce and insurance, and includes all deputies legally appointed and constituted to act in the commissioner's place and stead by other applicable law of the state. See Tennessee Code 56-35-102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Policy: means any instrument, contract or agreement whereby and whereunder title insurance companies insure or guarantee titles to real property, or interests therein, or liens or encumbrances on the property, as defined in subdivision (11). See Tennessee Code 56-35-102
- Title insurance business: means the insuring or guaranteeing of titles to real property, or interests in real property, or the validity, accuracy or sufficiency of liens or encumbrances on real property. See Tennessee Code 56-35-102
- Title insurance company: means any corporation, foreign or domestic, authorized by its charter to conduct a "title insurance business" as defined by this chapter and is sometimes referred to as "insurer" or "insurers. See Tennessee Code 56-35-102
Any title insurance company desiring to retire from business in Tennessee shall furnish the commissioner satisfactory evidence that it no longer has any liability outstanding upon any title insurance policy made by it in the conduct of its business in Tennessee, or that it has reinsured its outstanding policies in a solvent corporation, or corporations authorized to do a title insurance business in Tennessee, and the commissioner shall, thereupon, return to the title insurance company all deposits made by it under this chapter.