(a) Upon receipt of such coupons or bonds, or both, it is the duty of the county trustee to cancel them as now provided by law and to provide a record of such cancellation. If bonds tendered for payment contain interest coupons falling due beyond the date of maturity of the assessments that it is proposed to pay, then and in that event the county trustee shall not be required to receive such interest coupons in payment of these taxes. This does not apply, however, where both the assessment and coupons are past due; in this case, any past due coupons can be used to pay any or all assessments regardless of their due date.
Terms Used In Tennessee Code 69-5-913
Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
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.
Trustee: A person or institution holding and administering property in trust.
(b) Sections 69-5-911 – 69-5-914 do not apply where suits have been brought to collect taxes that are delinquent unless and until the costs and attorney’s fees, if any, are paid into court or any other office where the case or cases are pending; such collection made with coupons or bonds, or both, must in turn be accepted by the county trustee in full settlement of the tax paid.
