Tennessee Code 66-21-110 – Tolling of limitations period for perfection or enforcement of liens against debtor in bankruptcy
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Notwithstanding any other law to the contrary, if due to the filing of a bankruptcy petition under title 11 of the United States Code (11 U.S.C.), a creditor is stayed from filing the necessary documents to create or enforce a lien or security interest against the debtor’s property, then any statute of limitations created or established by law for the perfection or enforcement of a lien or security interest shall be tolled until ninety (90) days after any of the following actions occur with respect to the filing of the bankruptcy petition:
Terms Used In Tennessee Code 66-21-110
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105