Terms Used In Tennessee Code 48-102-102

  • Bequest: Property gifted by will.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devise: To gift property by will.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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

The grand lodge is empowered to acquire by purchase, deed, gift, devise, bequest, or otherwise, and to hold, sell, convey, mortgage, bond or otherwise dispose of or encumber any and all property, real and personal, that it may deem necessary for any legitimate purpose of its organization; provided, that such property is, in the opinion of the grand lodge, necessary or convenient in the execution of the objects and purposes of the grand lodge.