Tennessee Code 55-27-104 – Funds held in trust by a distributor
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 55-27-104
- Dealer: means every person engaged in the business of buying, selling or exchanging vehicles of a type required to be registered and who has an established place of business for that purpose in this state. See Tennessee Code 55-8-101
- Manufacturer: means every person engaged in the business of constructing or assembling vehicles of a type required to be registered at an established place of business in this state. See Tennessee Code 55-8-101
- 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.
Funds held by a manufacturer‘s distributor of motor vehicles that are described in one (1) or more of § 55-27-103(1)-(10), as to which the distributor is obligated to a dealer or customer, are trust funds held in trust by the manufacturer’s distributor for the benefit of any dealer or customer to whom the obligation is owed.