§ 56-20-108 — Actions to recover assessments - Penalty and interest

An action may be brought by the corporation against any member to recover all assessments that the member may neglect or refuse to pay, made upon the member under this chapter, or by the bylaws of the corporation. If the corporation is compelled to bring any such action in order to collect any such assessment, it may recover the amount so assessed, with fifty percent (50%) to be added to the amount, in addition to lawful interest, as a penalty for the neglect and refusal to pay within the time required.

Legislative History

Acts 1895, ch. 220, § 8; Shan., § 3361; Code 1932, § 6243; T.C.A. (orig. ed.), § 56-1908.