Title 47, Commercial Instruments And Transactions

Should any such trustee or assignee fail or refuse to make settlement as required by § 47-13-103, the person performing the duties of the county clerk shall be required, upon application of anyone interested in the trust property, to issue a citation to such trustee or assignee, …

The person performing the duties of the county clerk, after the expiration of two (2) years from the qualification of such trustee or assignee, shall have power, without application from anyone interested in the trust property, to compel such trustee or assignee to make settlemen…

Any such trustee or assignee, who fails or refuses to settle, as above required, after such citation or notice, commits a Class A misdemeanor, and shall be liable to indictment or presentment in the same manner as administrators who fail or refuse to settle as required of them by…

(a) In addition to the foregoing penalties for failure to settle, the court having the jurisdiction of the monthly county court has the power, and it is its duty, upon application, by petition, unless satisfactory reasons be shown why the same shall not be done, to revoke the app…

Nothing in §§ 47-13-103 — 47-13-109 shall be construed to exempt trustees or assignees from qualifying, giving bond, and returning inventories, as prescribed by law, nor shall these sections be construed to make them applicable to deeds or mortgages given purely as security for m…

The person performing the duties of the county clerk, and the sheriff or constable, for the services performed by them under §§ 47-13-103 — 47-13-108, shall be entitled to and be allowed the same fees as are allowed them by law for like services in other cases.

The court having the jurisdiction of the monthly county court, upon application, or the chancery court, if the trust is administered in the chancery court, may allow a trustee or assignee compensation exceeding the compensation of clerks and masters, if the character of the servi…

If any trustee or assignee fails or refuses to comply with this chapter, the court having the jurisdiction of the monthly county court, upon application of any person interested, shall, in lieu of the delinquent, appoint a trustee or receiver who, upon executing the bond and taki…

The chancery court or the court having the jurisdiction of the monthly county court is empowered, upon suggestion and proof of the death, resignation, or removal beyond the limits of this state, of any trustee named as such in any deed of trust conveying realty or personalty as s…

Any trustee so appointed and qualified shall be vested with all the power and authority given in the deed of trust to the original trustee and be subject to all the conditions and limitations therein imposed upon the original trustee.

The sureties of a trustee or assignee for the benefit of creditors may be released in the manner prescribed in title 29, chapter 33.

(a) Preference of creditors in general assignments of all a debtor's property for the benefit of creditors shall be illegal and voidable, and all general assignments shall operate for the benefit of all the debtor's creditors pro rata, whether all the creditors are named in the a…

Any mortgage, deed of trust, security interest under the Uniform Commercial Code, or any other conveyance of a portion of a debtor's property for the benefit of any particular creditor or creditors, made within three (3) months preceding a general assignment and in contemplation …

Any confession of judgment by a debtor, or permitting judgment to be taken by default, or by collusion, within three (3) months preceding a general assignment, and in contemplation of such assignment, shall be void, in the event a general assignment is made within three (3) month…

The debtor making a general assignment shall annex thereto a full and complete inventory or schedule under oath of all the debtor's property of every description, and the trustee or assignee shall be entitled to any other property of the debtor not embraced in the assignment, and…

This chapter shall not prevent any person from making a mortgage, deed of trust, or security agreement under the Uniform Commercial Code to secure the payment for property bought or money lent, or for necessary advancements of supplies, stock, or farming implements to be made, to…

(a) A trustee under a general assignment made for the benefit of creditors shall give notice for a reasonable time by advertisement for four (4) consecutive issues in the nearest newspaper to or within the county in which the trustee is qualified, and by posting at the courthouse…

All verdicts and judgments shall be rendered in dollars and cents, or such parts thereof as the nature of the case may require. Executions thereon, and all bills of costs, shall be issued accordingly.

(1) The following terms have the following meanings, subject to additional definitions, specifications and limitations contained in other statutes relating to particular categories of lenders or of transactions:(1) “Account purchase transaction” means an agreement under which a c…

(1) Except as otherwise expressly provided by this chapter or by other statutes, the maximum effective rates of interest are as follows:(1) For all transactions in which other statutes fix a maximum effective rate of interest for particular categories of creditors, lenders, or tr…

(a) Notwithstanding this or other statutes, for all single payment loans for a term of one (1) year or less, in an original principal amount of one thousand dollars ($1,000) or less:(1) The maximum effective rate of interest shall be that rate fixed, from time to time, as fair an…

(a) Upon the publication by the board of governors of the Federal Reserve System of the average prime loan rate, as described in § 47-14-102, the commissioner of financial institutions shall:(1) Promptly make an official announcement of the formula rate;(2) Cause the disseminatio…

(1) Contracts to which the applicable formula rate provided in § 47-14-103(2) applies may provide for the payment of a fixed rate of interest, a variable rate of interest or any combination of fixed and variable rates in any sequence, subject to this section.(1) A contract may pr…

(a) This chapter does not limit or restrict the manner or method of contracting for interest, whether by way of add-on, discount, or otherwise, so long as the maximum effective rate of interest does not exceed that authorized by statute. (b) For installment loans, the maximum eff…

(a) Except as limited by statutory provisions expressly applicable thereto, the privilege of prepayment of a loan, in whole or in part, and any refunds or premiums with respect thereto, shall be governed by contract between the parties. (b) (1) Any contract for a consumer loan th…

(a) Interest on negotiable and nonnegotiable instruments shall accrue according to the terms of the instrument; otherwise, interest on the instrument shall accrue as provided in § 47-3-112. (b) Liquidated and settled accounts, signed by the debtor, shall bear interest from the ti…

(a) A defendant sued for money may avoid the excess over lawful interest by pleading usury, setting forth the amount of such excess. (b) In order to sustain a defense of usury, the burden is on the party claiming usury.

If usury has been paid, it may be recovered by action brought by the party from whom it was taken, or that party's representative, or it may be subjected by any judgment creditor of such party to the satisfaction of that party's debt.

The willful collection of usury is a Class A misdemeanor.

(a) For all loans in which a provision of this chapter or another statute authorizes or allows loan charges, commitment fees, or brokerage commissions for particular categories of lenders or transactions, the collection of such charges, fees, and commissions shall be limited to t…

If loan charges, commitment fees, or brokerage commissions in excess of those authorized have been paid, the amount of such excess charges, fees, or commissions, may be recovered by action brought by the person paying such excess amounts.

(a) The chancery court has jurisdiction, concurrent with courts of law, for the abatement and recovery of usury or excess loan charges. (b) No person shall be entitled to an equitable remedy with respect to usury or excess loan charges unless the person seeking such remedy does e…

A claim or defense based on usury or excessive loan charges, commitment fees, or brokerage commissions will not be sustained where the person against whom the claim or defense is made, in computing and making such charges, fees, or commissions, has relied on a statute, or a rule …

(a) Any contract which on its face requires the payment of usury or excess loan charges, commitment fees, or brokerage commissions shall not be enforceable; but the original lender or creditor may sue to recover the principal actually advanced, plus lawful interest, loan charges,…

(a) No action shall be brought on any claim for usury after three (3) years from the date of last payment of the same or foreclosure or court action, whichever ensues first. (b) No action shall be brought on any claim for excessive loan charges, commitment fees, or brokerage comm…

In any transaction otherwise subject to this chapter which is not subject to the disclosure requirements of the federal Consumer Credit Protection Act, where the transaction bears a reasonable relationship to this state and also to another state or nation, the parties may agree i…

(a) The charging of a time-price differential shall not be deemed to bring a transaction within any regulation of interest, loans or loan charges, commitment fees, or brokerage commissions, regardless of whether the seller disposes of the contract containing the time-price differ…

(a) Except as set forth in subsection (c), the interest rate on judgments per annum in all courts, including decrees, shall:(1) For any judgment entered between July 1 and December 31, be equal to two percent (2%) less than the formula rate per annum published by the commissioner…

Interest shall be computed on every judgment from the day on which the jury or the court, sitting without a jury, returned the verdict without regard to a motion for a new trial.

Prejudgment interest, i.e., interest as an element of, or in the nature of, damages, as permitted by the statutory and common laws of the state as of April 1, 1979, may be awarded by courts or juries in accordance with the principles of equity at any rate not in excess of a maxim…

Where any existing statute of this state fixes a rate of interest, but does not do so in terms of a maximum effective rate, the rate so fixed shall be the maximum effective rate for obligations covered thereby.

(a) Compliance with the requirements of the Consumer Credit Protection Act, being Public Law 90-321; 82 Stat. 146 et seq., commonly referred to as the federal Truth in Lending Act, shall be deemed compliance with any requirements of the statutes of Tennessee relating to the discl…

(1) As used in this chapter, unless the context otherwise requires:(1) “Home loan” means a loan which is:(A) Secured by real estate owned and occupied by the borrower for family residential purposes and which may include not more than three (3) additional residential units; and(B…

(a) Except as provided in subsection (b), the maximum effective rate of interest per annum for home loans shall be set at an amount equal to four (4) percentage points above the average prime offer rate, as defined in 12 CFR 1026.35, that applies to a thirty-year fixed loan, as p…

(a) (1) The rate set in § 47-15-102 shall be determined by the commissioner of financial institutions on or before the twentieth day of each month and shall be in effect during the following calendar month.(2) The commissioner, upon making such determination, shall promptly make …

(a) Home loan contracts to which this chapter applies may provide for the payment of a fixed rate of interest, a variable rate of interest, or any combination of fixed and variable rates in any sequence, subject to subsection (b). (b) (1) A contract may provide for a fixed rate o…