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).
State and public depositors not liable — Exception
Tenn. Code Ann. § 9-4-520, under Collateral Pool for Public Deposits Act of 1990.
Tenn. Code Ann. § 9-4-520