Tennessee Code 11-7-107 – Acquisitions and disposals of interests in real property
Terms Used In Tennessee Code 11-7-107
- Nonprofit organization: means an entity that is exempt from federal income taxation under §. See Tennessee Code 11-7-102
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- Trust fund: means the Tennessee heritage conservation trust fund. See Tennessee Code 11-7-102
Acquisitions and disposals of any interest in real property, other than the acquisition of conservation easements and reversionary interests, acquired for the state by the trust fund, or the nonprofit organization created under § 11-7-103(f), shall be subject to the requirements of § 4-15-102(d) and § 12-2-112. Notwithstanding any other law to the contrary, the acquisition of conservation easements and reversionary interests by the trust fund and the acquisition of any interest in real property by a non-state public agency, or a nonprofit organization using grant funds received from the trust fund, shall only require that such real property interest be promptly reported to the state building commission, and shall not be subject to § 4-15-102(d) or § 12-2-112, or any other approval otherwise required by state law.