As used in this part:

(1)

Terms Used In Tennessee Code 56-3-902

  • Clearing corporation: means :
    (i) A corporation as defined in §. See Tennessee Code 56-3-902
  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-3-902
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Foreign: when used without limitation, includes all companies formed by authority of any other state or government. See Tennessee Code 56-1-102
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Securities: means instruments as defined in §. See Tennessee Code 56-3-902
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(A) “Clearing corporation” means:

(i) A corporation as defined in § 8-102(a) of the Uniform Commercial Code, codified in § 47-8-102(a), as adopted by the Uniform Law Commission and the American Law Institute, as amended from time to time; and
(ii) “Treasury/reserve automated debt entry securities system” and “treasury direct” book-entry securities systems established pursuant to 5 U.S.C. Part 301 , 12 U.S.C. Part 391 and 31 U.S.C. § 3100 et seq.;
(B) With respect to securities issued by institutions organized or existing under the laws of any foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business therein, “clearing corporation” also means a corporation which is organized or existing under the laws of any foreign country and is legally qualified under such laws to effect transactions in securities by computerized book-entry;
(2) “Commissioner” means the commissioner of commerce and insurance;
(3) “Custodian” means a national bank, state bank, federal home loan bank, trust company or broker/dealer that participates in a clearing corporation; and
(4) “Securities” means instruments as defined in § 8-102(a) of the Uniform Commercial Code, codified in § 47-8-102(a), as adopted by the Uniform Law Commission and the American Law Institute, as amended from time to time.
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