This chapter applies to all loan or credit agreements and mortgages entered into from and after June 30, 1987. No provision herein shall be construed to:

(1) Invalidate a provision of any mortgage or contract entered into prior to June 30, 1987;
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Terms Used In Tennessee Code 47-28-110

  • Contract: A legal written agreement that becomes binding when signed.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage: includes a mortgage, deed of trust, or other conveyance of real property securing obligations, except instruments creating or perfecting a security interest in fixtures which do not include other real property. See Tennessee Code 47-28-101
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(2) Deny or curtail the right to a release of lien where the obligation it secures has been fully paid or satisfied; or
(3) Deny or curtail the right to a partial release except in the case of an open-end mortgage.
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