Tennessee Code 56-16-118 – Judgment against reciprocal – Effect
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Terms Used In Tennessee Code 56-16-118
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Reciprocal: means the aggregation of subscribers under a common name. See Tennessee Code 56-16-102
Any judgment against a reciprocal based upon legal process duly served as provided in this chapter shall be binding upon the reciprocal and upon each of the reciprocal’s subscribers as their respective interests may appear, in an amount not exceeding their respective contingent assessment liabilities.