Tennessee Code 43-16-140 – Warehousing corporations issuing warehouse receipts to association or its members – Discrimination prohibited
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 43-16-140
- Association: means any corporation organized under this chapter. See Tennessee Code 43-16-103
- Person: includes an individual, firm, partnership, corporation, and association. See Tennessee Code 43-16-103
- 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
- United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
If those corporations are warehousing corporations, they may issue legal warehouse receipts to the association against the commodities delivered by it or to any other person, and the legal warehouse receipts shall be considered as adequate collateral to the extent of the usual and current value of the commodity represented by the receipts. In case the warehouse is licensed or licensed and bonded under the laws of this or any other state or the United States, its warehouse receipt delivered to the association on commodities of the association or its members, or delivered by the association or its members, shall not be challenged or discriminated against because of ownership or control, wholly or in part, by the association.