(a) Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.

Terms Used In Tennessee Code 61-1-104

  • 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.
  • 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.
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) If an obligation to pay interest arises under this chapter and the rate is not specified, the rate is the applicable federal rate as determined from time to time by the United States treasury pursuant to 26 U.S.C. § 1274(d) or any successor law.
(c) The rule that statutes in derogation of the common law are to be strictly construed shall have no application to this chapter.
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