Tennessee § 56-13-418 Applicability of insolvency provisions

Tennessee Statutes

§ 56-13-418 — Applicability of insolvency provisions

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

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