Tennessee Code 45-2-1311 – Nonconforming assets or business
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Terms Used In Tennessee Code 45-2-1311
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means a state or a national bank. See Tennessee Code 45-2-1301
- Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-1-103
- 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
- State bank: means a bank chartered by this state. See Tennessee Code 45-2-1301
If a merging or converting bank has assets that do not conform to the requirements of state law for the resulting state bank, or carries on business activities that are not permitted for the resulting state bank, the commissioner may permit a reasonable time to conform with state law.