Part 1 General Provisions 26-1-101 – 26-1-111
Part 2 Time for Issuance 26-1-201 – 26-1-207
Part 3 Endorsement and Docketing 26-1-301 – 26-1-304
Part 4 Return 26-1-401 – 26-1-402

Terms Used In Tennessee Code > Title 26 > Chapter 1 - Issuance and Return in General

  • Adjusted for inflation: means increased in accordance with the formula for inflation adjustment set forth in exhibit C to the master settlement agreement. See Tennessee Code 47-31-102
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affiliate: means a person who directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or control with, another person. See Tennessee Code 47-31-102
  • Agricultural land: means land used for agriculture, as defined in §. See Tennessee Code 47-32-102
  • Agriculture: means :
    1. The land, buildings and machinery used in the commercial production of farm products and nursery stock. See Tennessee Code 1-3-105
    2. Allocable share: means allocable share as defined in the master settlement agreement. See Tennessee Code 47-31-102
    3. Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
    4. Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
    5. Arrest: Taking physical custody of a person by lawful authority.
    6. Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
    7. Borrower: means a natural person who occupies and owns in fee simple individually, or with another borrower as tenants by the entireties or as joint tenants with right of survivorship, an interest in residential real property securing a reverse mortgage loan, and who borrows money under a reverse mortgage loan. See Tennessee Code 47-30-102
    8. Cigarette: includes "roll-your-own" (i. See Tennessee Code 47-31-102
    9. Commissioner: means the commissioner of financial institutions. See Tennessee Code 47-30-102
    10. Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
    11. Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
    12. Conviction: A judgement of guilt against a criminal defendant.
    13. Counselor: means either:

      1. An individual who has completed a training curriculum on reverse mortgage counseling provided or approved by HUD and whose name is maintained on HUD's list of approved reverse mortgage counselors. See Tennessee Code 47-30-102
      2. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
      3. Deed: The legal instrument used to transfer title in real property from one person to another.
      4. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
      5. Disbursement of loan funds: means the delivery of the loan funds by the mortgage lender to the settlement agent in one (1) or more of the following forms:

        1. Cash. See Tennessee Code 47-32-102
        2. Docket: A log containing brief entries of court proceedings.
        3. Equity share: means any compensation, in addition to interest that has accrued on the outstanding balance, that the borrower has paid or agrees to pay to the lender at maturity of a reverse mortgage loan, which is equal to a percentage of the value of the property securing a reverse mortgage loan at maturity. See Tennessee Code 47-30-102
        4. Escrow: Money given to a third party to be held for payment until certain conditions are met.
        5. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
        6. Fannie Mae: means The Federal National Mortgage Association, a corporation organized and existing under the laws of the United States. See Tennessee Code 47-30-102
        7. Fannie Mae Reverse Mortgage Loan: means any reverse mortgage loan which complies with Fannie Mae guidelines and is purchased or securitized by Fannie Mae including a Home Keeper Mortgage Loan. See Tennessee Code 47-30-102
        8. Financial institution: means a bank, savings and loan association, or credit union, the accounts of which are insured by the federal deposit insurance corporation or the national credit union administration. See Tennessee Code 47-32-102
        9. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
        10. HUD: means the United States department of housing and urban development. See Tennessee Code 47-30-102
        11. Lands: includes lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
        12. 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
        13. lender: means :

          1. A bank, savings and loan association, savings bank, savings institution, or credit union chartered under the laws of the United States or of Tennessee. See Tennessee Code 47-30-102
          2. Lien: A claim against real or personal property in satisfaction of a debt.
          3. Loan closing: means that time agreed upon by the borrower and lender, when the execution of the loan documents by the borrower occurs. See Tennessee Code 47-32-102
          4. Loan documents: means the note evidencing the debt due the lender, the deed of trust, or mortgage securing the debt due to the lender, and any other documents required by the lender to be executed by the borrower as a part of the transaction. See Tennessee Code 47-32-102
          5. Loan funds: means the gross or net proceeds of the loan to be disbursed by the lender, in one (1) of the forms identified in subdivision (3), at loan closing. See Tennessee Code 47-32-102
          6. Master settlement agreement: means the settlement agreement, and related documents, entered into in the fall of 1998 by the state and leading United States tobacco product manufacturers. See Tennessee Code 47-31-102
          7. Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
          8. Mortgage: means a "mortgage" or "deed of trust" as defined in and allowed pursuant to §. See Tennessee Code 47-32-102
          9. Mortgage lender: includes a "mortgage loan broker" and "mortgage loan servicer". See Tennessee Code 47-32-102
          10. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
          11. Mortgage loan: means any loan secured by a mortgage, intended for any purpose. See Tennessee Code 47-32-102
          12. Mortgage loan servicer: means any person who, in the regular course of business, assumes responsibility for servicing and accepting payments for a mortgage loan. See Tennessee Code 47-32-102
          13. National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
          14. Oath: includes affirmation. See Tennessee Code 1-3-105
          15. Oath: A promise to tell the truth.
          16. 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.
          17. Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
          18. Outstanding balance: means the current net amount of money owed by the borrower to the lender, calculated in accordance with §. See Tennessee Code 47-30-102
          19. person: means an individual, partnership, committee, association, corporation or any other organization or group of persons. See Tennessee Code 47-31-102
          20. Plaintiff: The person who files the complaint in a civil lawsuit.
          21. Probable cause: A reasonable ground for belief that the offender violated a specific law.
          22. Property: includes both personal and real property. See Tennessee Code 1-3-105
          23. Released claims: means released claims as defined in the master settlement agreement. See Tennessee Code 47-31-102
          24. Releasing parties: means releasing parties as defined in the master settlement agreement. See Tennessee Code 47-31-102
          25. Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
          26. Reverse mortgage: means a mortgage or deed of trust securing a home equity conversion loan or reverse mortgage loan. See Tennessee Code 47-30-102
          27. Reverse mortgage loan: means a home equity conversion mortgage loan issued under the terms of this chapter. See Tennessee Code 47-30-102
          28. Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
          29. Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the federal savings and loan insurance corporation (FSLIC) or any successor of such corporation. See Tennessee Code 1-3-105
          30. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
          31. Settlement: means the time when the settlement agent has received the duly executed deed, loan funds, loan documents, and other documents and funds required to carry out the terms of the contract between the parties, and the settlement agent reasonably determines that prerecordation conditions of such contracts have been satisfied. See Tennessee Code 47-32-102
          32. Settlement agent: means the person, other than a mortgage lender, responsible for conducting the settlement and disbursement of the settlement proceeds, and includes any individual, corporation, partnership, or other entity conducting the settlement, collection and disbursement of loan proceeds. See Tennessee Code 47-32-102
          33. Shared appreciation: means an agreement by the lender and the borrower that, in addition to any interest accruing on the outstanding balance of a reverse mortgage loan, the lender may collect an additional amount equal to a percentage of any net appreciated value of the property during the term of the reverse mortgage loan. See Tennessee Code 47-30-102
          34. State: means the state of Tennessee. See Tennessee Code 8-34-101
          35. Tobacco product manufacturer: means an entity that after May 26, 1999, directly and not exclusively through any affiliate:
            1. Manufactures cigarettes anywhere that such manufacturer intends to be sold in the United States, including cigarettes intended to be sold in the United States through an importer (except where such importer is an original participating manufacturer (as defined in the master settlement agreement), that will be responsible for the payments under the master settlement agreement with respect to such cigarettes as a result of subsection II(mm) of the master settlement agreement and that pays the taxes specified in subsection II(z) of the master settlement agreement, and provided that the manufacturer of such cigarettes does not market or advertise such cigarettes in the United States). See Tennessee Code 47-31-102
            2. Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
            3. Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
            4. Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
            5. Units sold: means the number of individual cigarettes sold to a consumer in the state by the applicable tobacco product manufacturer, whether directly or through a distributor, retailer, or similar intermediary or intermediaries, during the year in question regardless of whether the state excise tax was due or collected. See Tennessee Code 47-31-102
            6. Writ: A formal written command, issued from the court, requiring the performance of a specific act.