(a) Any person acquiring a legal interest in an aircraft under this part shall be the lawful owner of the aircraft and all other legal or equitable interests in that aircraft shall be divested; provided, that the holder of any legal or equitable interest was notified of the intended disposal of the aircraft as required in this part.
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Terms Used In Tennessee Code 66-29-306

  • Airport authority: means an authority created pursuant to title 42, chapter 3, 4, or 5. See Tennessee Code 66-29-301
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
(b) The airport authority may issue documents of disposition to the purchaser or recipient of an aircraft disposed of under this part.
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