Tennessee Code 45-2-1019 – Pledge of assets

(a) A state trust company may not pledge or create a lien on any of its assets except:

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Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Contract: A legal written agreement that becomes binding when signed.
Deed: The legal instrument used to transfer title in real property from one person to another.
Lien: A claim against real or personal property in satisfaction of a debt.
State trust company: means a corporation or limited liability company organized or reorganized under the Tennessee Banking Act, compiled in this chapter and chapter 2 of this title, whose purposes and powers are limited to fiduciary purposes and power, including a trust company previously organized under the laws of this state. See Tennessee Code 45-1-103

(1) To secure the repayment of money borrowed;

(2) As specifically authorized or required by § 45-2-611; or

(3) By rules adopted under this chapter.

(b) An act, deed, conveyance, pledge, or contract in violation of this section is void.

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