§ 56-3-902 — Part definitions

As used in this part: (1) (A) "Clearing corporation" means: (i) A corporation as defined in § 8-102(a) of the Uniform Commercial Code, codified in § 47-8-102(a) , as adopted by the Uniform Law Commission and the American Law Institute, as amended from time to time; and (ii) "Treasury/reserve automated debt entry securities system" and "treasury direct" book-entry securities systems established pursuant to 5 U.S.C. Part 301, 12 U.S.C. Part 391 and 31 U.S.C. § 3100 et seq.; (B) With respect to securities issued by institutions organized or existing under the laws of any foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business therein, "clearing corporation" also means a corporation which is organized or existing under the laws of any foreign country and is legally qualified under such laws to effect transactions in securities by computerized book-entry; (2) "Commissioner" means the commissioner of commerce and insurance; (3) "Custodian" means a national bank, state bank, federal home loan bank, trust company or broker/dealer that participates in a clearing corporation; and (4) "Securities" means instruments as defined in § 8-102(a) of the Uniform Commercial Code, codified in § 47-8-102(a) , as adopted by the Uniform Law Commission and the American Law Institute, as amended from time to time.

Legislative History

Amended by 2024 Tenn. Acts, ch. 494,s 11, eff. 2/21/2024. Acts 2012 , ch. 680, § 4.