(a) The deposit liability of an association shall consist only of the aggregate amount of deposit accounts of its depositors, plus interest credited to the accounts, less redemption and withdrawal payments.
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Terms Used In Tennessee Code 45-3-501

  • 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
  • Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
  • Deposit liability: means the aggregate amount of deposit accounts of depositors or members, including interest credited to the accounts, less redemptions and withdrawals. See Tennessee Code 45-3-104
  • Depositor: means the holder of a deposit account in an association. See Tennessee Code 45-3-104
  • Interest: means that part of the net income, retained earnings, or surplus of an association that is payable to or credited to holders of deposit accounts. See Tennessee Code 45-3-104
(b) Except as limited by the board of directors from time to time, a depositor may make additions to the depositor’s deposit accounts in the amounts and at the times that the depositor may elect.
(c) Deposit accounts shall be open for cash.
(d) Interest shall be declared in accordance with this chapter.
(e) No preference between depositors shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of an association.
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