There is a newer version
of
this Section
2019 Tennessee Code
Title 45 - Banks and Financial Institutions
Chapter 3 - Savings and Loan Associations
Part 5 - Accounts
§ 45-3-501. Deposit liability.
Universal Citation: TN Code § 45-3-501 (2019)
(a) The deposit liability of an association shall consist only of the aggregate amount of deposit accounts of its depositors, plus interest credited to the accounts, less redemption and withdrawal payments.
(b) Except as limited by the board of directors from time to time, a depositor may make additions to the depositor's deposit accounts in the amounts and at the times that the depositor may elect.
(c) Deposit accounts shall be open for cash.
(d) Interest shall be declared in accordance with this chapter.
(e) No preference between depositors shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of an association.
Disclaimer: These codes may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
