Tennessee Code 29-12-108 – Receiver for corporate property
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Terms Used In Tennessee Code 29-12-108
- 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.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
In such cases the court may appoint a receiver, take an account of the affairs of the corporation, and apply the property and effects to the payment of debts pro rata, and divide the surplus, if any, among the stockholders.