This chapter shall not prevent any person from making a mortgage, deed of trust, or security agreement under the Uniform Commercial Code to secure the payment for property bought or money lent, or for necessary advancements of supplies, stock, or farming implements to be made, to enable the owner of crops to make and save the same; provided, that the mortgage, deed of trust, or security agreement is executed at the time of buying the property, or borrowing the money, or making the contract for the advancements to be made, if the mortgage, deed of trust, or security agreement fixes the amount of advancement to be made under the contract.

Terms Used In Tennessee Code 47-13-119

  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC