Go to Other Versions of The
Tennessee Code
2024 Tennessee Code
Title 48 - CORPORATIONS AND ASSOCIATIONS (§§ 48-1-101 — 48-250-115)
FOR-PROFIT BUSINESS CORPORATIONS (§§ 48-11-101 — 48-28-109)
Chapter 22 - SALE OF ASSETS (§§ 48-22-101 — 48-22-102)
Section 48-22-101 - Sale of assets in regular course of business and mortgage of assets
Universal Citation:
TN Code § 48-22-101 (2024)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
- (a) A corporation may, on the terms and conditions and for the consideration determined by the board of directors:
- (1) Sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property in the usual and regular course of business;
- (2) Mortgage, pledge, dedicate to the repayment of indebtedness (whether with or without recourse), or otherwise encumber any or all of its property whether or not in the usual and regular course of business; or
- (3) Transfer any or all of the corporation's assets to one (1) or more corporations or other entities all of the shares or interests of which are owned by the corporation.
- (b) Unless the charter requires it, approval by the shareholders of a transaction described in subsection (a) is not required.
Acts 1986, ch. 887, § 12.01; 2012, ch. 1051, § 40.
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.
