Tennessee Code 45-15-116 – Safekeeping of titled personal property or personal property certificates of title – Insurance coverage – Damaged property
Terms Used In Tennessee Code 45-15-116
- Commissioner: means the commissioner of financial institutions or the commissioner's designated representative. See Tennessee Code 45-15-103
- Pledged property: means any titled personal property or personal property certificate of title that is deposited with a title pledge lender in the course of the title pledge lender's business and is the subject of a title pledge agreement or property pledge agreement. See Tennessee Code 45-15-103
- Pledgor: means the individual or individuals obligated to repay the loan. See Tennessee Code 45-15-103
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Property pledge agreement: means any written bailment or similar agreement whereby a title pledge lender agrees to make a loan of money to a pledgor, and the pledgor agrees to the title pledge lender's taking physical possession of unencumbered titled personal property owned by the pledgor, and taking possession of the personal property certificate of title. See Tennessee Code 45-15-103
- Title pledge lender: means any person engaged in the business of making title pledge agreements or property pledge agreements with pledgors. See Tennessee Code 45-15-103
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
Every title pledge lender licensed under this chapter shall provide a safe place for the keeping of the pledged property. The title pledge lender shall have sufficient insurance coverage on the pledged property, in the event of loss or damage, for the benefit of the pledgor to pay the title pledge value of the pledged property as written on the title pledge or property pledge agreement; provided, that the personal property is in the physical possession of the title pledge lender. The insurance policy shall name the commissioner as an additional insured party for the protection and benefit of the pledgor. “Title pledge value,” for the purposes of this section, means the amount of money loaned in consideration of the pledged goods as stated on the title pledge or property pledge agreement.