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Terms Used In Tennessee Code 45-2-107

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bank: means any person, as hereinafter defined, doing a banking business subject to the laws of this or any other jurisdiction and, for the purposes of supervision, examination and liquidation, includes industrial investment companies and industrial banks authorized by chapter 5 of this title. See Tennessee Code 45-1-103
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-1-103
  • 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.
  • Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
  • 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
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Person: means an individual, corporation, firm, trust, estate, partnership, joint venture, or association. See Tennessee Code 45-1-103
  • Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the [former] federal savings and loan insurance corporation (FSLIC) or any successor [repealed] of such corporation. 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
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) As used in this subsection (a), unless the context otherwise requires:

(A) “Bank” means a company that accepts deposits in this state that are eligible for insurance under the Federal Deposit Insurance Act (12 U.S.C. § 1811 et seq.);
(B) “Bank holding company” means a company that is a bank holding company as defined in 12 U.S.C. § 1841;
(C) “Banking institution” means an institution organized under this title, or under 12 U.S.C. §§ 21-220, as amended;
(D) “Company” has the meaning set forth in subsection 2(b) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841(b)); and
(E) “Control” has the meaning as set forth in subdivisions 2(a)(2) and (3) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841(a)(2) and (3)).
(2) A bank holding company or other banking institution shall not acquire, form, or control a bank, as defined in this subsection (a), unless the bank:

(A) Accepts deposits in this state that the depositor has a legal right to withdraw on demand; and
(B) Engages in the business of making commercial loans in this state.
(3) A company that is not a bank holding company shall not acquire, form, or control a bank.
(4) A bank chartered by the state may, with the approval of the commissioner, sell or transfer all, or substantially all, of its assets and liabilities to another bank, banking institution, or entity, in a transaction approved by the shareholders in the manner set forth in § 45-2-1305; provided, that the buyer or transferee is a financial institution insured by the federal deposit insurance corporation. This subdivision (a)(4) does not apply to a transaction arising out of an agreement that was originally executed prior to January 1, 2024, or to any subsequent amendment or modification to such agreement.
(5) If a person has engaged or proposes to engage in a transaction that is not permitted under this section, then the commissioner must apply, and any other interested person, which includes, but is not limited to, a bank in this state or bank holding company in this state, may apply for equitable relief, including, but not limited to, a permanent or temporary injunction or restraining order, to the chancery court of Davidson County, or another chancery court having jurisdiction or a court of the United States having jurisdiction.
(6) This section does not prohibit the ownership or control of a bank by an entity that is not a bank holding company, if:

(A) The bank received a charter under this chapter, or its predecessor, prior to January 1, 1920; and
(B) The ownership or control of the bank by the entity that is not a bank holding company existed prior to July 1, 1983.
(b)

(1) As used in this subsection (b), as distinguished from subsection (a) relating to banks, unless the context otherwise requires:

(A) “Company” has the meaning set forth in subdivision (a)(1)(C) of the Savings and Loan Holding Company Amendments of 1967 ( 12 U.S.C. § 1730a et seq.);
(B) “Control” has the meaning set forth in subdivision (a)(2) of the Savings and Loan Holding Company Amendments of 1967;
(C) “Savings and loan holding company” means any company that is a savings and loan holding company under the Savings and Loan Holding Company Amendments of 1967; and
(D) “Savings institutions” means:

(i) Any institution organized under chapter 3 of this title, or under 12 U.S.C. §§ 1461–1470, as amended; and
(ii) A savings and loan association or a savings bank, state or federal, eligible for insurance under the Federal Savings and Loan Insurance Act ( 12 U.S.C. § 1724 et seq.).
(2) A savings and loan holding company or other savings institution shall not acquire, form, or control a savings institution unless the savings institution:

(A) Accepts deposits in this state that the depositor has a legal right to withdraw on demand; and
(B) Engages in the business of making commercial loans in this state.
(3) A company that is not a savings and loan holding company shall not acquire, form, or control a savings institution.
(4) A savings institution chartered by the state may, with the approval of the commissioner, sell or transfer all or substantially all, of its assets and liabilities to another savings institution or other entity, in a transaction approved by the shareholders or members in the manner set forth in § 45-3-1104; provided, that the buyer or transferee is a financial institution insured by the federal deposit insurance corporation. This subdivision (b)(4) does not apply to a transaction arising out of an agreement that was originally executed prior to January 1, 2024, or to any subsequent amendment or modification to such agreement.
(5) If a person has or proposes to engage in a transaction that is not permitted under this section, then the commissioner must apply, and any other interested person, which includes, but is not limited to, savings institutions in this state or savings and loan holding companies in this state, may apply for equitable relief, including, but not limited to, a permanent or temporary injunction or restraining order, to the chancery court of Davidson County or another chancery court having jurisdiction, or a court of the United States having jurisdiction.
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