(a) A person directing or participating in the direction of a financial institution commits an offense who receives or permits the receipt of a deposit, premium payment or investment in the institution knowing that, due to the financial condition of the institution:

Attorney's Note

Under the Tennessee Code, punishments for crimes depend on the classification. In the case of this section:
ClassPrisonFine
class E felony1 to 6 yearsup to $3,000
For details, see Tenn. Code § 40-35-111
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Terms Used In Tennessee Code 45-2-1702

  • Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
  • Person: means an individual, corporation, firm, trust, estate, partnership, joint venture, or association. See Tennessee Code 45-1-103
(1) It is or will be unable to make payment of the deposit on demand, if it is a deposit ordinarily payable on demand; or
(2) It is about to suspend operations or go into receivership.
(b) It is a defense to prosecution under this section that the person making the deposit, premium payment or investment was adequately informed of the financial condition of the institution.
(c) An offense under this section is a Class E felony.
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