Tennessee Code 56-9-410 – Ancillary receiver – Failure to transfer assets
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Terms Used In Tennessee Code 56-9-410
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Foreign: when used without limitation, includes all companies formed by authority of any other state or government. See Tennessee Code 56-1-102
- Receiver: means receiver, liquidator, rehabilitator or conservator as the context requires. See Tennessee Code 56-9-103
- State: means any state, district or territory of the United States and the Panama Canal Zone. See Tennessee Code 56-9-103
- Transfer: includes the sale and every other and different mode, direct or indirect, of disposing of or of parting with property or with an interest therein, or with the possession thereof or of fixing a lien upon property or upon an interest therein, absolutely or conditionally, voluntarily, by or without judicial proceedings. See Tennessee Code 56-9-103
If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within the ancillary receiver’s control, other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other than special deposit claims or secured claims, shall be placed in the class of claims under § 56-9-330(7).