(a) Recognizing the uncertainty of the existence of a person or corporation in perpetuity and further recognizing the obligation of the state to protect the public health, safety and welfare, all lands, buildings, and assets acquired by the state under this part shall be held in fee simple absolute by the state and dedicated in perpetuity to the maintenance of the public health, safety or welfare.

Terms Used In Tennessee Code 68-202-410

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • 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.
  • Person: means an individual, trust, firm, joint stock company, corporation (including a government corporation), partnership, association, state, municipality, commission, political subdivision of a state, any interstate body, any governmental agency of this state and any department, agency or instrumentality of the federal government. See Tennessee Code 68-202-401
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
(b) All radioactive sources stored, possessed, or located on the facility at the time of acquisition of ownership by the state shall become the property of the state.
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