(a) Except as otherwise provided in subsection (b) or (c), this chapter applies to a receivership for an interest in real property and any personal property related to or used in operating the real property.

Terms Used In Tennessee Code 29-40-104

  • Affiliate: means :
    (A) With respect to an individual:
    (i) A companion of the individual. See Tennessee Code 29-40-102
  • Court: means a chancery court in this state. See Tennessee Code 29-40-102
  • Governmental unit: means an office, department, division, bureau, board, commission, or other agency of this state or a subdivision of this state. See Tennessee Code 29-40-102
  • 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.
  • Owner: means the person for whose property a receiver is appointed. See Tennessee Code 29-40-102
  • Person: means an individual. See Tennessee Code 29-40-102
  • Property: includes proceeds, products, offspring, rents, or profits of or from the property. See Tennessee Code 29-40-102
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • Receiver: means a person appointed by the court as the court's agent, and subject to the court's direction, to take possession of, manage, and, if authorized by this chapter or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property. See Tennessee Code 29-40-102
  • Receivership: means a proceeding in which a receiver is appointed. See Tennessee Code 29-40-102
  • Rents: means :
    (A) Sums payable for the right to possess or occupy, or for the actual possession or occupation of, real property of another person. See Tennessee Code 29-40-102
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Tennessee Code 29-40-102
(b) This chapter does not apply to a receivership for an interest in real property improved by one (1) to four (4) dwelling units unless:

(1) The interest is used for agricultural, commercial, industrial, or mineral-extraction purposes, other than incidental uses by an owner occupying the property as the owner’s primary residence;
(2) The interest secures an obligation incurred at a time when the property was used or planned for use for agricultural, commercial, industrial, or mineral-extraction purposes;
(3) The owner planned or is planning to develop the property into one (1) or more dwelling units to be sold or leased in the ordinary course of the owner’s business; or
(4) The owner is collecting or has the right to collect rents or other income from the property from a person other than an affiliate of the owner.
(c) This chapter does not apply to a receivership authorized by the law of this state, other than this chapter, in which the receiver is a governmental unit or an individual acting in an official capacity on behalf of the governmental unit.
(d) This chapter does not limit the authority of a court to appoint a receiver under other state law.
(e) Unless displaced by a particular provision of this chapter, the principles of law and equity supplement this chapter.
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