Tennessee Code 26-5-115 – Minimum acceptable price for property sold
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 26-5-115
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- 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
The sheriff of each county in the state of Tennessee is hereby authorized to set a minimum acceptable price for every item, of property, both personal and real, to be sold at any sheriff’s sale in the state provided such price shall be equal to or greater than fifty percent (50%) of the fair market value.