(a) Every new and unused property merchant shall maintain receipts for the acquisition of new and unused property which must contain all of the following information:

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Terms Used In Tennessee Code 47-25-1602

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • New and unused property: means tangible personal property that was acquired by the new and unused property merchant directly from the producer, manufacturer, wholesaler or retailer in the ordinary course of business which has never been used since its production or manufacturing or which is in its original and unopened package or container, if such personal property was so packaged when originally produced or manufactured. See Tennessee Code 47-25-1601
  • New and unused property merchant: means a person who engages in the retail sale of personal property at a wholesale/retail outlet in this state and some of such property offered for sale is new and unused. See Tennessee Code 47-25-1601
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
(1) The date of the transaction on which the property was acquired;
(2) The name and address of the person, corporation, or entity from whom the property was acquired;
(3) An identification and description of the property acquired;
(4) The price paid for such property; and
(5) The signatures of the person selling the property and the new and unused property merchant only if the new and unused property merchant acquires the property vis-á-vis the person selling the property if such person is not regularly engaged in the normal course of business of selling such property.
(b) If a new and unused property merchant makes a single purchase of five hundred dollars ($500) or more from an individual or corporation, the bill of sale from such purchase shall be sufficient to satisfy the recordkeeping requirements of this subsection (a).
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