Tennessee § 55-27-102 Funds held in trust by a dealer

Tennessee Statutes

§ 55-27-102 — Funds held in trust by a dealer

Tennessee § 55-27-102

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This text of Tennessee § 55-27-102 (Funds held in trust by a dealer) 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. § 55-27-102 (2026).

Text

All funds received by a dealer in a transaction involving the purchase or trade-in, or both, of a motor vehicle intended by the parties to the transaction to be used to:

(1)Satisfy obligations secured by a lien or other security interest in a motor vehicle or other tangible personal property taken by the dealer as a trade-in in partial or complete consideration for the purchase of a motor vehicle;

(2)Pay to the taxing authorities the sales or use tax collected by the dealer on the sale of a motor vehicle; or (3) Pay the fees imposed for the transfer of title, registration and licensing of the vehicle; are trust funds held in trust by the dealer for the benefit of the purchaser and/or the holder of the obligations secured by the lien or other security interest and/or the taxing authoritie

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All funds received by a dealer in a transaction involving the purchase or trade-in, or both, of a motor vehicle intended by the parties to the transaction to be used to: (1) Satisfy obligations secured by a lien or other security interest in a motor vehicle or other tangible personal property taken by the dealer as a trade-in in partial or complete consideration for the purchase of a motor vehicle; (2) Pay to the taxing authorities the sales or use tax collected by the dealer on the sale of a motor vehicle; or (3) Pay the fees imposed for the transfer of title, registration and licensing of the vehicle; are trust funds held in trust by the dealer for the benefit of the purchaser and/or the holder of the obligations secured by the lien or other security interest and/or the taxing authorities and registration officials, as their respective interests may appear.