Tennessee Code 66-2-304 – Divesting of right, title, and interest upon status change
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 66-2-304
- Devise: To gift property by will.
- Fiduciary: A trustee, executor, or administrator.
- Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: means one (1) or more defined parcels or tracts of land or interests, benefits, and rights inherent in the ownership of real estate, including easements, water rights, agricultural land, or any other interest in real property. See Tennessee Code 66-2-301
- Sanctioned foreign business: means :
(A) A corporation incorporated under the laws of a foreign country of a sanctioned foreign government. See Tennessee Code 66-2-301 - Sanctioned foreign government: means a government other than the government of the United States, its states, its territories, or its possessions, that is identified by the office of foreign assets control of the U. See Tennessee Code 66-2-301
- Sanctioned nonresident alien: means an individual who is either:
(i) A citizen of a sanctioned foreign government. See Tennessee Code 66-2-301 - 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
- Trustee: A person or institution holding and administering property in trust.
A person, business, or other entity who purchases or otherwise acquires real property in this state except by devise or descent, after July 1, 2023, and whose status changes so that it becomes a sanctioned nonresident alien, sanctioned foreign business, or sanctioned foreign government, or an agent, trustee, or fiduciary thereof, subject to this part, shall divest itself of all right, title, and interest in the real property within two (2) years from the date that its status changed.