The assets of the receivership shall be distributed for the following purposes, preference being given to the purposes in the order named:

(1) Court costs and all necessary or desirable expenses of the receivership, including the cost of maintenance, repair and improvement of receivership property;

Terms Used In Tennessee Code 67-5-2209

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Property: means any and all real property and all improvements thereon or used in connection therewith. See Tennessee Code 67-5-2201
  • Tax: means any obligation due a governmental body, which obligation is secured by a lien on real property. See Tennessee Code 67-5-2201
(2) Taxes due parties to the tax suit in which the receiver is appointed, the same preference being given on such distribution that would be given in the distribution of funds resulting from a tax sale of the receivership property; and
(3) Any residue remaining after the termination of the receivership shall be paid to the owner of the receivership property.
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