Terms Used In Tennessee Code > Title 43 > Chapter 38 > Part 7 - Derivative Proceedings

• board of directors: means the board of directors of a cooperative. See Tennessee Code 43-38-103
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Cooperative: means an association organized under this title conducting business on a cooperative plan as provided under this chapter. See Tennessee Code 43-38-103
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Financial rights: means a member's right to:
  (A) Share in profits and losses as provided in §. See Tennessee Code 43-38-103
• Member: means a person or entity reflected on the books of the cooperative as the owner of governance rights of a membership interest of the cooperative and includes patron and nonpatron members. See Tennessee Code 43-38-103
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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
• Termination: means the end of a cooperative's existence as a legal entity and occurs when the articles of termination are filed with the secretary of state under §. See Tennessee Code 43-38-103