Terms Used In Tennessee Code 45-2-1908

  • Bank: means a credit card state bank established and operated in accordance with §. See Tennessee Code 45-2-1903
  • Cardholder: includes borrowers and other primary obligors on loans. See Tennessee Code 45-2-1903
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105

A bank may take security of any type, including, but not limited to, a mortgage or deed of trust on residential property or a deposit account or certificate of deposit, for a cardholder‘s obligations under a credit card account.