Tennessee Code 56-24-101 – Insolvent domestic corporations – Action by attorney general – Application for restraining order
Terms Used In Tennessee Code 56-24-101
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Tennessee Code 56-16-102
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-1-102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
When the commissioner of commerce and insurance, on investigation, is satisfied that any corporation organized under the laws of this state and doing business as a life and casualty insurance company is insolvent because of matured death claims or other obligations due and unpaid exceeding its assets and death assessments or periodical payments called or in process of collection, or has exceeded its powers, has failed to comply with any provision of law, or is not carrying out its contracts with members in good faith, the commissioner shall report the facts to the attorney general and reporter, who, if of the opinion that the facts require the action, may apply to any court having jurisdiction for an order requiring the officers of the corporation to show cause within a reasonable time why the corporation should not be restrained from continuing to transact business.