(a) No interest of the authority in any property, real or personal, shall be subject to sale by the foreclosure of a mortgage thereon, either through judicial proceedings or the exercise of a power of sale contained in such mortgage, except in the case of the mortgages provided for in § 13-20-604.

Terms Used In Tennessee Code 13-20-608

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage: includes deeds of trust, mortgages, building and loan contracts or other instruments conveying real or personal property as security for bonds and conferring a right to foreclose and cause a sale thereof. See Tennessee Code 13-20-102
  • obligee: includes any bondholder, trustee or trustees for any bondholders, any lessor demising property to the authority used in connection with a housing project or any assignee or assignees of the lessor's interest or any part thereof, and the United States, when it is a party to any contract with the authority. See Tennessee Code 13-20-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
(b) All property of the authority shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against same.
(c) No judgment against the authority shall be a charge or lien upon its property, real or personal.
(d) This section shall not apply to or limit the right of an obligee to foreclose any mortgage of the authority provided for in § 13-20-604, and, in case of a foreclosure sale thereunder, to obtain a judgment or decree for any deficiency due on the indebtedness secured thereby and issued on the credit of the authority. Such deficiency judgment or decree shall be a lien and charge upon the property of the authority which may be levied on and sold by virtue of an execution or other judicial process for the purpose of satisfying such deficiency judgment or decree.
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