Tennessee Code 12-2-303 – Municipality’s liability under lease – Actions by not-for-profit corporations as lessors
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 12-2-303
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Municipality: includes any county, city or town of the state. See Tennessee Code 12-2-301
- Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
The municipality shall be liable for accrued rentals and for any other default under any lease or sublease made under § 12-2-302(3), and may be sued therefor on contract as in other contract actions, except that it shall not be necessary for the not-for-profit corporation, as lessor, under any such lease or sublease or any assignee of such lessor or any person or legal entity proceeding on behalf of such lessor to file any claim or take any other action or proceeding prior to the commencement of any such action.