Tennessee Code 45-3-1103 – Sale of assets
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 45-3-1103
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means a capital stock or mutual savings and loan association. See Tennessee Code 45-3-104
- Federal association: means a savings and loan association operating under the laws and regulations of the United States. See Tennessee Code 45-3-104
An association, in one (1) transaction not in the ordinary course of its business, may sell all or substantially all of its assets, with or without its name and good will, to another association or to a federal association, in consideration of money, stock, or obligations of the purchasing association.