Tennessee Code 9-4-520 – State and public depositors not liable – Exception
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 9-4-520
- Loss: includes , but is not limited to:
(A) The principal amount of the public deposit. See Tennessee Code 9-4-502 - Public depositor: means the state of Tennessee, or any of its agencies, or any Tennessee county, Tennessee incorporated municipality and their political subdivisions, or any utility district organized under the laws of the state or any interstate compact to which the state is a party. See Tennessee Code 9-4-502
- Public depository: means :
(i) Any savings and loan association, or savings bank (collectively referred to as savings institutions), or any bank chartered by the state of Tennessee. See Tennessee Code 9-4-502 - 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
Under no circumstance is the state, or any state agency, or public depositor, liable for all or any portion of any loss resulting from the default or insolvency of a qualified public depository except as provided in § 9-4-519(b).