Tennessee § 45-3-501 Deposit liability

Tennessee Statutes

§ 45-3-501 — Deposit liability

Tennessee § 45-3-501

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This text of Tennessee § 45-3-501 (Deposit liability) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 45-3-501 (2026).

Text

(a)The deposit liability of an association shall consist only of the aggregate amount of deposit accounts of its depositors, plus interest credited to the accounts, less redemption and withdrawal payments.

(b)Except as limited by the board of directors from time to time, a depositor may make additions to the depositor's deposit accounts in the amounts and at the times that the depositor may elect.

(c)Deposit accounts shall be open for cash.

(d)Interest shall be declared in accordance with this chapter.

(e)No preference between depositors shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of an association.

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(a) The deposit liability of an association shall consist only of the aggregate amount of deposit accounts of its depositors, plus interest credited to the accounts, less redemption and withdrawal payments. (b) Except as limited by the board of directors from time to time, a depositor may make additions to the depositor's deposit accounts in the amounts and at the times that the depositor may elect. (c) Deposit accounts shall be open for cash. (d) Interest shall be declared in accordance with this chapter. (e) No preference between depositors shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of an association.