(a) In acquiring lands and waters for wildlife preserves and in executing contracts for the purchase, sale, or lease of such state wildlife preserves, as provided for in §§ 70-1-302(a) and (b), 70-5-102 and 70-5-103, the agency is authorized to acquire and pay for such lands and waters in the name of the state over a period of years, and is authorized to execute promissory notes as evidence of the deferred payments, such notes in no event to bear interest in excess of three percent (3%) per annum, but shall incur no personal liability by reason of the execution of such deferred purchase money notes.
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Terms Used In Tennessee Code 70-5-104

  • Agency: means the wildlife resources agency. See Tennessee Code 70-1-101
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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.
  • Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • 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
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • 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
  • Wildlife: means wild vertebrates, mollusks, crustaceans, and fish. See Tennessee Code 70-1-101
(b) In the event the state defaults in the payment of such purchase money notes, the holder or holders of vendors’ liens to secure the payment of the purchase price shall have a right to bring a proceeding in rem in a court of competent jurisdiction for the purpose of enforcing such vendors’ liens and acquiring title to the property, but in no event shall the holder of such vendors’ liens or deferred notes have a right to obtain a deficiency judgment against the state or any state official.
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