(a) Except as otherwise provided in this section, chapter 9 of this title shall apply in full to an SPFC.

Terms Used In Tennessee Code 56-13-418

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(b) Upon any order of supervision, rehabilitation, or liquidation of an SPFC, the receiver shall manage the assets and liabilities of the SPFC pursuant to this part.
(c) Notwithstanding chapter 9 of this title:

(1) No asset of a protected cell shall be used to pay any expenses or claims other than those attributable to such protected cell; and
(2) An SPFC’s capital and surplus shall, at all times, be available to pay any expenses of or claims against the SPFC.
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