Tennessee Code 9-21-314 – Sale of assets by receiver prohibited
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Terms Used In Tennessee Code 9-21-314
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Local government: means any county, municipality or metropolitan government in this state. See Tennessee Code 9-21-105
- Local government instrumentality: means any authority created by law on behalf of a county, metropolitan government, municipality or any combination thereof. See Tennessee Code 9-21-105
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Public works project: includes any one (1) or any combination of the following: acquisitions of land for the purpose of providing or preserving open land. See Tennessee Code 9-21-105
Notwithstanding § 9-21-313, the receiver shall have no power to sell, assign, mortgage or otherwise dispose of any assets of whatever kind or character belonging to the local government or any local government instrumentality and useful for the public works project. The authority of any receiver shall be limited to the operation and maintenance of the public works project, and no court shall have jurisdiction to enter any order or decree requiring or permitting the receiver to sell, mortgage, or otherwise dispose of any such assets.