“Default” may include, but is not limited to:

(1) The failure of any state depository to return any state deposit, including earned interest, in accordance with the terms of the deposit contract;

Terms Used In Tennessee Code 9-4-102

  • Contract: A legal written agreement that becomes binding when signed.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(2) The failure of any state depository to pay any check, draft or warrant drawn by the state treasurer;
(3) The failure of any state depository to honor any request for electronic transfer of funds to the state;
(4) The failure of any state depository to account for any check, draft, warrant, order, deposit certificate or money entrusted to it by the state;
(5) The issuance of any order of any court or the taking of any formal action by any supervisory authority, which has the effect of restraining a state depository from making payments of deposit liabilities;
(6) The appointment of a receiver for a state depository; or
(7) Any other action which the state treasurer determines to place state deposits in jeopardy.
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