Tennessee Code 9-4-308 – Transfer of funds through federal reserve banking system
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Terms Used In Tennessee Code 9-4-308
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- 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
The state treasurer, in the exercise of the state treasurer’s official duties, is hereby authorized to enter into agreements with any federal reserve bank as the state treasurer deems necessary or advisable, for the purpose of transferring funds through the facilities of the federal reserve banking system. Such agreements may contain terms and conditions determined by the state treasurer to be advisable, including, but not limited to, provisions relative to indemnification, hold harmless, and choice of law.