(a) A party holding trust funds provided for under this chapter and chapter 24 of this title may not grant to any third party any security or other interest in the trust funds.

Terms Used In Tennessee Code 55-27-106

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • 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.
  • Dealer: means every person engaged in the business of buying, selling or exchanging vehicles of a type required to be registered and who has an established place of business for that purpose in this state. See Tennessee Code 55-8-101
  • Manufacturer: means every person engaged in the business of constructing or assembling vehicles of a type required to be registered at an established place of business in this state. See Tennessee Code 55-8-101
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) Notwithstanding subsection (a), for any manufacturer which, as a result of restructuring or other means, ten percent (10%) or more of the outstanding common stock is or was at any time owned by an entity or agency of the United States government, subsection (a) shall only apply to trust funds owed by such manufacturer to a dealer on or within three hundred ninety-five (395) days prior to the filing by or against that manufacturer of a petition for relief under title 11 of the United States Code; provided, however, that nothing in this subsection (b) shall diminish any rights otherwise afforded by Tennessee common law or other applicable Tennessee authority that existed prior to the enactment of this subsection (b) or any amendment thereto.
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