As used in this chapter, unless the context otherwise requires:

(1) “Administering agency” or “agency” means that organization that has been designated pursuant to the terms of this chapter to administer the Tennessee homestead program;
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Terms Used In Tennessee Code 7-66-102

  • agency: means that organization that has been designated pursuant to the terms of this chapter to administer the Tennessee homestead program. See Tennessee Code 7-66-102
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Homesteader: means that person, corporation, partnership, or joint venture that has been designated pursuant to this chapter to receive, lease, occupy, rehabilitate or renovate real properties declared to be held for the program as provided in this chapter. See Tennessee Code 7-66-102
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Tennessee homestead program: means the plan of procedure as provided in this chapter by the Tennessee Homestead Act. See Tennessee Code 7-66-102
(2) “Conveyance property” means that real property that shall be subject to conveyance by sale or by lease upon compliance with certain conditions and terms;
(3) “Homestead agreement” or “agreement” means that contract between the homesteader and the administering agency relative to participation in the homestead program;
(4) “Homesteader” means that person, corporation, partnership, or joint venture that has been designated pursuant to this chapter to receive, lease, occupy, rehabilitate or renovate real properties declared to be held for the program as provided in this chapter; and
(5) “Program,” “homestead program,” or “Tennessee homestead program” means the plan of procedure as provided in this chapter by the Tennessee Homestead Act.
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