Tennessee Code 45-3-403 – Right to act to avoid loss
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 45-3-403
- Association: means a capital stock or mutual savings and loan association. See Tennessee Code 45-3-104
- Good faith: means honesty in fact in the conduct or transaction concerned. See Tennessee Code 45-1-103
- 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.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- 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
Nothing in this chapter or in the laws of this state shall be construed as denying to an association the right to invest its funds, operate its business, manage or deal in property, or take any other action over whatever period of time as may reasonably be necessary to avoid loss on a loan or investment theretofore made or an obligation created in good faith.