Terms Used In Tennessee Code > Title 43 > Chapter 38 > Part 9 - Contribution and Distribution

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bylaws: means a written agreement described in §. See Tennessee Code 43-38-103
• Cooperative: means an association organized under this title conducting business on a cooperative plan as provided under this chapter. See Tennessee Code 43-38-103
• Distribution: means a direct or indirect transfer of money or other property, except its own membership interests, with or without consideration, or an incurrence or issuance of indebtedness, whether directly or indirectly, including through a guaranty, by a cooperative to or for the benefit of any of its members in respect of membership interests. See Tennessee Code 43-38-103
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Member: means a person or entity reflected on the books of the cooperative as the owner of governance rights of a membership interest of the cooperative and includes patron and nonpatron members. See Tennessee Code 43-38-103
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Patron: means a person or entity who conducts patronage business with the cooperative. See Tennessee Code 43-38-103
• Patronage: means business, transactions, or services done for or with the cooperative as defined by the cooperative. See Tennessee Code 43-38-103
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105