Tennessee Code 68-9-108 – Acquisition and divestiture of property
Terms Used In Tennessee Code 68-9-108
- Bequest: Property gifted by will.
- Department: means the department of health. See Tennessee Code 68-9-103
- 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.
- Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes both personal and real property. See Tennessee Code 1-3-105
For the execution of the powers, duties and obligations vested in the department, the department has the right to acquire by purchase, gift, bequest, lease, devise or otherwise, all necessary or proper personalty, lands and tenements, or any interest in personalty, lands and tenements as the department may determine to acquire or accept, and the department has the right to sell, give, lease or otherwise dispose of the personalty, lands and tenements, or any interest in the personalty, land and tenements, as, to the best interests of the state and for the execution of the powers and duties vested, may to the department appear necessary or proper; provided, that all property acquired by the department shall be held by the department as trustees for the state of Tennessee, for only the purposes and uses necessary or proper to the execution of the powers and duties.