§ 13-20-608 — Limitations on remedies of obligee

Tennessee § 13-20-608

• Jurisdiction: Tennessee
• Title: 13

Text

(a) No interest of the authority in any property, real or personal, shall be subject to sale by the foreclosure of a mortgage thereon, either through judicial proceedings or the exercise of a power of sale contained in such mortgage, except in the case of the mortgages provided for in § 13-20-604 . (b) All property of the authority shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against same. (c) No judgment against the authority shall be a charge or lien upon its property, real or personal. (d) This section shall not apply to or limit the right of an obligee to foreclose any mortgage of the authority provided for in § 13-20-604 , and, in case of a foreclosure sale thereunder, to obtain a judgment or decree for any deficiency due on the indebtedness secured thereby and issued on the credit of the authority. Such deficiency judgment or decree shall be a lien and charge upon the property of the authority which may be levied on and sold by virtue of an execution or other judicial process for the purpose of satisfying such deficiency judgment or decree.

Legislative History

Acts 1935 (Ex. Sess.), ch. 20, § 21; C. Supp. 1950, § 3647.20 (Williams, § 3647.21); T.C.A. (orig. ed.), § 13-1108.