2021 Tennessee Code
Title 47 - Commercial Instruments and Transactions

§ 47-1-107. Relation to Electronic Signatures in Global and National Commerce Act - This chapter modifies, limits, and supersedes the federal Electronic Signatures...

Part 2 - General Definitions and Principles of Interpretation

§ 47-1-204. Value - Except as otherwise provided in Chapters 3 4, and 5...

§ 47-1-206. Presumptions - Whenever Chapters 1 9 of this title create a “presumption”...

Part 3 - Territorial Applicability and General Rules

§ 47-1-304. Obligation of Good Faith - Every contract or duty within Chapters 1 9 of this...

§ 47-1-306. Waiver or Renunciation of Claim or Right After Breach - A claim or right arising out of an alleged breach...

§ 47-1-307. Prima Facie Evidence by Third-Party Documents - A document in due form purporting to be a bill...

§ 47-1-309. Option to Accelerate at Will - A term providing that one (1) party or that party's...

§ 47-1-310. Subordinated Obligations - An obligation may be issued as subordinated to performance of...

Chapter 2 - Sales

Part 1 - Short Title, General Construction and Subject Matter

§ 47-2-101. Short Title - This chapter shall be known and may be cited as...

§ 47-2-102. Scope — Certain Security and Other Transactions Excluded From This Chapter - Unless the context otherwise requires, this chapter applies to transactions...

§ 47-2-103. Definitions and Index of Definitions - Acceptance.” § 47-2-606. “Banker's credit.” § 47-2-325. “Between merchants.” §...

Part 2 - Form, Formation and Readjustment of Contract

§ 47-2-202. Final Written Expression — Parol or Extrinsic Evidence - Terms with respect to which the confirmatory memoranda of the...

§ 47-2-203. Seals Inoperative - The affixing of a seal to a writing evidencing a...

§ 47-2-205. Firm Offers - An offer by a merchant to buy or sell goods...

§ 47-2-206. Offer and Acceptance in Formation of Contract - Where the beginning of a requested performance is a reasonable...

§ 47-2-207. Additional Terms in Acceptance or Confirmation - Conduct by both parties which recognizes the existence of a...

Part 3 - General Obligation and Construction of Contract

§ 47-2-301. General Obligation of Parties - The obligation of the seller is to transfer and deliver...

§ 47-2-303. Allocation or Division of Risks - Where this chapter allocates a risk or a burden as...

§ 47-2-305. Open Price Term - A price to be fixed by the seller or by...

§ 47-2-307. Delivery in Single Lot or Several Lots - Unless otherwise agreed all goods called for by a contract...

§ 47-2-308. Absence of Specified Place for Delivery - Unless otherwise agreed:

§ 47-2-310. Open Time for Payment or Running of Credit — Authority to Ship Under Reservation - Unless otherwise agreed:

§ 47-2-312. Warranty of Title and Against Infringement — Buyer's Obligation Against Infringement - A warranty under subsection (1) will be excluded or modified...

§ 47-2-313. Express Warranties by Affirmation, Promise, Description, Sample - It is not necessary to the creation of an express...

§ 47-2-314. Implied Warranty — Merchantability — Usage of Trade - Unless excluded or modified (§ 47-2-316) other implied warranties may...

§ 47-2-315. Implied Warranty — Fitness for Particular Purpose — Exception for Certain Livestock - Where the seller at the time of contracting has reason...

§ 47-2-316. Exclusion or Modification of Warranties - Remedies for breach of warranty can be limited in accordance...

§ 47-2-317. Cumulation and Conflict of Warranties Express or Implied - Warranties whether express or implied shall be construed as consistent...

§ 47-2-318. Third Party Beneficiaries of Warranties Express or Implied - A seller's warranty whether express or implied extends to any...

§ 47-2-319. o.b. and f.a.s. Terms - Unless otherwise agreed the term F.A.S. vessel (which means “free...

§ 47-2-320. i.f. and C. & F. Terms - Unless otherwise agreed the term C. & F. or its...

§ 47-2-321. i.f. or C. & F. — “Net Landed Weights” — “Payment on Arrival” — Warranty of Condition on Arrival - Under a contract containing a term C.I.F. or C. &...

§ 47-2-323. Form of Bill of Lading Required in Overseas Shipment — “overseas.” - A shipment by water or by air or a contract...

§ 47-2-324. “No Arrival, No Sale” Term - Under a term “no arrival, no sale” or terms of...

§ 47-2-326. Sale on Approval and Sale or Return — Consignment Sales and Rights of Creditors - Goods held on approval are not subject to the claims...

§ 47-2-327. Special Incidents of Sale on Approval and Sale or Return - Under a sale or return unless otherwise agreed: the option...

Part 4 - Title, Creditors and Good Faith Purchasers

§ 47-2-401. Passing of Title — Reservation for Security — Limited Application of This Section - Each provision of this chapter with regard to the rights,...

§ 47-2-403. Power to Transfer — Good Faith Purchase of Goods — “entrusting.” - Any entrusting of possession of goods to a merchant who...

Part 5 - Performance

§ 47-2-501. Insurable Interest in Goods — Manner of Identification of Goods - The seller retains an insurable interest in goods so long...

§ 47-2-502. Buyer's Right to Goods on Seller's Insolvency - The buyer's right to recover the goods under subsection (1)(a)...

§ 47-2-504. Shipment by Seller - Where the seller is required or authorized to send the...

§ 47-2-505. Seller's Shipment Under Reservation - When shipment by the seller with reservation of a security...

§ 47-2-512. Payment by Buyer Before Inspection - Payment pursuant to subsection (1) does not constitute an acceptance...

§ 47-2-513. Buyer's Right to Inspection of Goods - A place or method of inspection fixed by the parties...

§ 47-2-514. When Documents Deliverable on Acceptance — When on Payment - Unless otherwise agreed documents against which a draft is drawn...

§ 47-2-515. Preserving Evidence of Goods in Dispute - In furtherance of the adjustment of any claim or dispute:

Part 6 - Breach, Repudiation and Excuse

§ 47-2-601. Buyer's Rights on Improper Delivery - Subject to the provisions of this chapter on breach in...

§ 47-2-602. Manner and Effect of Rightful Rejection - The seller's rights with respect to goods wrongfully rejected are...

§ 47-2-604. Buyer's Options as to Salvage of Rightfully Rejected Goods - Subject to the provisions of the immediately preceding section on...

§ 47-2-605. Waiver of Buyer's Objections by Failure to Particularize - Payment against documents made without reservation of rights precludes recovery...

§ 47-2-606. What Constitutes Acceptance of Goods - Acceptance of a part of any commercial unit is acceptance...

§ 47-2-607. Effect of Acceptance — Notice of Breach — Burden of Establishing Breach After Acceptance — Notice of Claim or Litigation to Person Answerable Over - The burden is on the buyer to establish any breach...

§ 47-2-608. Revocation of Acceptance in Whole or in Part - Revocation of acceptance must occur within a reasonable time after...

§ 47-2-610. Anticipatory Repudiation - When either party repudiates the contract with respect to a...

§ 47-2-613. Casualty to Identified Goods - Where the contract requires for its performance goods identified when...

§ 47-2-615. Excuse by Failure of Presupposed Conditions - Except so far as a seller may have assumed a...

§ 47-2-616. Procedure on Notice Claiming Excuse - If after receipt of such notification from the seller the...

Part 7 - Remedies

§ 47-2-701. Remedies for Breach of Collateral Contracts Not Impaired - Remedies for breach of any obligation or promise collateral or...

§ 47-2-703. Seller's Remedies in General - Where the buyer wrongfully rejects or revokes acceptance of goods...

§ 47-2-704. Seller's Right to Identify Goods to the Contract Notwithstanding Breach or to Salvage Unfinished Goods - Where the goods are unfinished an aggrieved seller may in...

§ 47-2-705. Seller's Stoppage of Delivery in Transit or Otherwise - (a) To stop delivery the seller must so notify as...

§ 47-2-706. Seller's Resale Including Contract for Resale - A purchaser who buys in good faith at a resale...

§ 47-2-709. Action for the Price - Where the seller sues for the price he must hold...

§ 47-2-710. Seller's Incidental Damages - Incidental damages to an aggrieved seller include any commercially reasonable...

§ 47-2-711. Buyer's Remedies in General — Buyer's Security Interest in Rejected Goods - Where the seller fails to deliver or repudiates the buyer...

§ 47-2-717. Deduction of Damages From the Price - The buyer on notifying the seller of his intention to...

§ 47-2-718. Liquidation or Limitation of Damages — Deposits - The buyer's right to restitution under subsection (2) is subject...

§ 47-2-719. Contractual Modification or Limitation of Remedy - Where circumstances cause an exclusive or limited remedy to fail...

§ 47-2-720. Effect of “Cancellation” or “Rescission” on Claims for Antecedent Breach - Unless the contrary intention clearly appears, expressions of “cancellation” or...

§ 47-2-721. Remedies for Fraud - Remedies for material misrepresentation or fraud include all remedies available...

§ 47-2-722. Who Can Sue Third Parties for Injury to Goods - Where a third party so deals with goods which have...

§ 47-2-724. Admissibility of Market Quotations - Whenever the prevailing price or value of any goods regularly...

Chapter 2A - Leases

Part 1 - General Provisions

§ 47-2A-101. Short Title - This chapter shall be known and may be cited as...

§ 47-2A-102. Scope - This chapter applies to any transaction, regardless of form, that...

§ 47-2A-103. Definitions and Index of Definitions - Accessions.” § 47-2A-310(1); “Construction mortgage.” § 47-2A-309(1)(d); “Encumbrance.” § 47-2A-309(1)(e);...

§ 47-2A-104. Leases Subject to Other Law - the certificate of title statutes in title 55; certificate of...

§ 47-2A-105. Territorial Application of Chapter to Goods Covered by Certificate of Title - Subject to the provisions of §§ 47-2A-304(3) and 47-2A-305(3), with...

§ 47-2A-107. Waiver or Renunciation of Claim or Right After Default - Any claim or right arising out of an alleged default...

§ 47-2A-109. Option to Accelerate at Will - A term providing that one party or his or her...

§ 47-2A-110. Transactions Allowing Adjustment of Rental Price Upon Sale or Disposition - In the case of motor vehicles, semitrailers, or trailers, as...

Part 2 - Formation and Construction of Lease Contract

§ 47-2A-201. Statute of Frauds - Any description of leased goods or of the lease term...

§ 47-2A-202. Final Written Expression: Parol or Extrinsic Evidence - Terms with respect to which the confirmatory memoranda of the...

§ 47-2A-203. Seals Inoperative - The affixing of a seal to a writing evidencing a...

§ 47-2A-205. Firm Offers - An offer by a merchant to lease goods to or...

§ 47-2A-210. Express Warranties - It is not necessary to the creation of an express...

§ 47-2A-212. Implied Warranty of Merchantability - Other implied warranties may arise from course of dealing or...

§ 47-2A-213. Implied Warranty of Fitness for Particular Purpose - Except in a finance lease, if the lessor at the...

§ 47-2A-214. Exclusion or Modification of Warranties - To exclude or modify a warranty against interference or against...

§ 47-2A-215. Cumulation and Conflict of Warranties Express or Implied - Warranties, whether express or implied, must be construed as consistent...

§ 47-2A-216. Third-Party Beneficiaries of Express and Implied Warranties - A warranty to or for the benefit of a lessee...

§ 47-2A-217. Identification - Identification of goods as goods to which a lease contract...

§ 47-2A-219. Risk of Loss - and it does not require delivery at a particular destination,...

§ 47-2A-220. Effect of Default on Risk of Loss - Whether or not risk of loss is to pass to...

§ 47-2A-221. Casualty to Identified Goods - If a lease contract requires goods identified when the lease...

Part 3 - Effect of Lease Contract

§ 47-2A-301. Enforceability of Lease Contract - Except as otherwise provided in this chapter, a lease contract...

§ 47-2A-302. Title to and Possession of Goods - Except as otherwise provided in this chapter, each provision of...

§ 47-2A-303. Alienability of Party's Interest Under Lease Contract or of Lessor's Residual Interest in Goods — Delegation of Performance — Transfer of Rights - A transfer of “the lease” or of “all my rights...

§ 47-2A-304. Subsequent Lease of Goods by Lessor - A subsequent lessee in the ordinary course of business from...

§ 47-2A-305. Sale or Sublease of Goods by Lessee - A buyer in the ordinary course of business or a...

§ 47-2A-306. Priority of Certain Liens Arising by Operation of Law - If a person in the ordinary course of his or...

§ 47-2A-309. Lessor's and Lessee's Rights When Goods Become Fixtures - Under this chapter a lease may be of goods that...

§ 47-2A-310. Lessor's and Lessee's Rights When Goods Become Accessions - When under subsections (2) or (3) and (4) a lessor...

§ 47-2A-311. Priority Subject to Subordination - Nothing in this chapter prevents subordination by agreement by any...

Part 4 - Performance of Lease Contract: Repudiated, Substituted and Excused

§ 47-2A-402. Anticipatory Repudiation - If either party repudiates a lease contract with respect to...

§ 47-2A-405. Excused Performance - Subject to § 47-2A-404 on substituted performance, the following rules...

§ 47-2A-406. Procedure on Excused Performance - If, after receipt of a notification from the lessor under...

§ 47-2A-407. Irrevocable Promises — Finance Leases - This section does not affect the validity under any other...

Part 5 - Default

§ 47-2A-502. Notice After Default - Except as otherwise provided in this chapter or the lease...

§ 47-2A-504. Liquidation of Damages - A lessee's right to restitution under subsection (3) is subject...

§ 47-2A-508. Lessee's Remedies - If a lessor fails to deliver the goods in conformity...

§ 47-2A-512. Lessee's Duties as to Rightfully Rejected Goods - Action by the lessee pursuant to subsection (1) is not...

§ 47-2A-514. Waiver of Lessee's Objections - A lessee's failure to reserve rights when paying rent or...

§ 47-2A-515. Acceptance of Goods - Acceptance of a part of any commercial unit is acceptance...

§ 47-2A-516. Effect of Acceptance of Goods — Notice of Default — Burden of Establishing Default After Acceptance — Notice of Claim or Litigation to Person Answerable Over - If a lessee is sued for breach of a warranty...

§ 47-2A-517. Revocation of Acceptance of Goods - Except in the case of a finance lease that is...

§ 47-2A-523. Lessor's Remedies - If a lessor does not fully exercise a right or...

§ 47-2A-524. Lessor's Right to Identify Goods to Lease Contract - If the goods are unfinished, in the exercise of reasonable...

§ 47-2A-526. Lessor's Stoppage of Delivery in Transit or Otherwise - (a) To stop delivery, a lessor shall so notify as...

§ 47-2A-529. Lessor's Action for the Rent - Except as provided in subsection (3), the lessor shall hold...

§ 47-2A-530. Lessor's Incidental Damages - Incidental damages to an aggrieved lessor include any commercially reasonable...

§ 47-2A-531. Standing to Sue Third Parties for Injury to Goods - has a security interest in the goods; has an insurable...

§ 47-2A-532. Lessor's Rights to Residual Interest - In addition to any other recovery permitted by this chapter...

Chapter 3 - Negotiable Instruments

Part 1 - General Provisions and Definitions

§ 47-3-101. Short Title - This chapter may be cited as Uniform Commercial Code —...

§ 47-3-103. Definitions - Acceptance.” § 47-3-409. “Accommodated party.” § 47-3-419. “Accommodation party.” §...

§ 47-3-104. Negotiable Instrument - A payee-initiated demand draft shall not include a check purportedly...

§ 47-3-107. Instrument Payable in Foreign Money - Unless the instrument otherwise provides, an instrument that states the...

§ 47-3-110. Identification of Person to Whom Instrument Is Payable - a trust, an estate, or a person described as trustee...

§ 47-3-111. Place of Payment - Except as otherwise provided for items in chapter 4 of...

§ 47-3-114. Contradictory Terms of Instrument - If an instrument contains contradictory terms, typewritten terms prevail over...

§ 47-3-117. Other Agreements Affecting Instrument - Subject to applicable law regarding exclusion of proof of contemporaneous...

§ 47-3-119. Notice of Right to Defend Action - In an action for breach of an obligation for which...

Part 2 - Negotiation, Transfer and Endorsement

§ 47-3-207. Reacquisition - Reacquisition of an instrument occurs if it is transferred to...

Part 3 - Enforcement of Instruments

§ 47-3-301. Person Entitled to Enforce Instrument - Person entitled to enforce” an instrument means (i) the holder...

§ 47-3-306. Claims to an Instrument - A person taking an instrument, other than a person having...

Part 4 - Liability of Parties

§ 47-3-408. Drawee Not Liable on Unaccepted Draft - A check or other draft does not of itself operate...

§ 47-3-412. Obligation of Issuer of Note or Cashier's Check - The issuer of a note or cashier's check or other...

Part 5 - Dishonor

§ 47-3-504. Excused Presentment and Notice of Dishonor - the person entitled to present the instrument cannot with reasonable...

Part 6 - Discharge and Payment -

Chapter 4 - Bank Deposits and Collections

Part 1 - General Provisions and Definitions

§ 47-4-101. Short Title - This chapter may be cited as “Uniform Commercial Code —...

§ 47-4-104. Definitions and Index of Definitions - Agreement for electronic presentment.” § 47-4-110; “Bank.” § 47-4-105; “Collecting...

§ 47-4-105. “Bank” — “Depositary Bank”— “Payor Bank” — “Intermediary Bank” — “Collecting Bank”— “Presenting bank.” - In this chapter:

§ 47-4-107. Separate Office of Bank - A branch or separate office of a bank is a...

§ 47-4-111. Statute of Limitations - An action to enforce an obligation, duty, or right arising...

Part 2 - Collection of Items — Depositary and Collecting Banks

§ 47-4-203. Effect of Instructions - Subject to chapter 3 of this title concerning conversion of...

§ 47-4-205. Depositary Bank Holder of Unendorsed Item - If a customer delivers an item to a depositary bank...

§ 47-4-206. Transfer Between Banks - Any agreed method that identifies the transferor bank is sufficient...

§ 47-4-211. When Bank Gives Value for Purposes of Holder in Due Course - For purposes of determining its status as a holder in...

§ 47-4-213. Medium and Time of Settlement by Bank - with respect to tender of settlement by cash, a cashier's...

Part 3 - Collection of Items — Payor Banks -

Part 4 - Relationship Between Payor Bank and Its Customer

§ 47-4-404. Bank Not Obliged to Pay Check More Than Six Months Old - A bank is under no obligation to a customer having...

§ 47-4-407. Payor Bank's Right to Subrogation on Improper Payment - If a payor bank has paid an item over the...

Part 5 - Collection of Documentary Drafts

§ 47-4-501. Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor - A bank that takes a documentary draft for collection shall...

§ 47-4-502. Presentment of “On Arrival” Drafts - If a draft or the relevant instructions require presentment “on...

§ 47-4-503. Responsibility of Presenting Bank for Documents and Goods — Report of Reasons for Dishonor — Referee in Case of Need - Unless otherwise instructed and except as provided in chapter 5...

Chapter 4A - Funds Transfers

Part 1 - General Provisions and Definitions

§ 47-4A-101. Short Title - This chapter may be cited as Uniform Commercial Code —...

§ 47-4A-102. Subject Matter - Except as otherwise provided in § 47-4A-108, this chapter applies...

§ 47-4A-103. Payment Order — Definitions - The instruction does not state a condition to payment to...

§ 47-4A-104. Funds Transfer — Definitions - In this chapter: The receiving bank to which the payment...

§ 47-4A-105. Other Definitions - Acceptance” § 47-4A-209 “Beneficiary” § 47-4A-103 “Beneficiary's bank” § 47-4A-103...

§ 47-4A-107. Federal Reserve Regulations and Operating Circulars - Regulations of the board of governors of the federal reserve...

Part 2 - Issue and Acceptance of Payment Order

§ 47-4A-201. Security Procedure - Security procedure” means a procedure established by agreement of a...

§ 47-4A-202. Authorized and Verified Payment Orders - The security procedure is a commercially reasonable method of providing...

§ 47-4A-203. Unenforceability of Certain Verified Payment Orders - Entrusted with duties to act for the receiving bank with...

§ 47-4A-204. Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Payment Order - the bank shall refund any payment of the payment order...

§ 47-4A-205. Erroneous Payment Orders - The following rules apply: The sender has a duty to...

§ 47-4A-207. Misdescription of Beneficiary - The following rules apply: A payment order described in subsection...

§ 47-4A-209. Acceptance of Payment Order - If notice of rejection is received by the sender after...

§ 47-4A-210. Rejection of Payment Order - Any means complying with the agreement is reasonable; and Any...

§ 47-4A-211. Cancellation and Amendment of Payment Order - If the payment order is cancelled or amended, the beneficiary's...

§ 47-4A-212. Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order - If a receiving bank fails to accept a payment order...

Part 3 - Execution of Sender's Payment Order by Receiving Bank

§ 47-4A-302. Obligations of Receiving Bank in Execution of Payment Order - If the originator's bank issues a payment order to an...

§ 47-4A-303. Erroneous Execution of Payment Order - is entitled to payment of the amount of the sender's...

§ 47-4A-304. Duty of Sender to Report Erroneously Executed Payment Order - If the sender of a payment order that is erroneously...

§ 47-4A-305. Liability for Late or Improper Execution or Failure to Execute Payment Order - the bank is liable to the originator for its expenses...

Part 4 - Payment

§ 47-4A-401. Payment Date - Payment date” of a payment order means the day on...

§ 47-4A-403. Payment by Sender to Receiving Bank - Payment occurs when the credit is withdrawn or, if not...

§ 47-4A-405. Payment by Beneficiary's Bank to Beneficiary - If the beneficiary is obliged to refund payment to the...

§ 47-4A-406. Payment by Originator to Beneficiary — Discharge of Underlying Obligation - If payment by the originator does not result in discharge...

Part 5 - Miscellaneous Provisions

§ 47-4A-501. Variation by Agreement and Effect of Funds-Transfer System Rule - Except as otherwise provided in this chapter, a funds-transfer system...

§ 47-4A-503. Injunction or Restraining Order With Respect to Funds Transfer - For proper cause and in compliance with applicable law, a...

§ 47-4A-505. Preclusion of Objection to Debit of Customer's Account - If a receiving bank has received payment from its customer...

§ 47-4A-506. Rate of Interest - By agreement of the sender and receiving bank; or By...

§ 47-4A-507. Choice of Law - A choice of law made pursuant to subdivision (c)(i) is...

Chapter 5 - Letters of Credit

§ 47-5-101. Short Title - This article may be cited as Uniform Commercial Code —...

§ 47-5-102. Definitions - A document may not be oral; “Accept” or “Acceptance” Section...

§ 47-5-104. Formal Requirements - A letter of credit, confirmation, advice, transfer, amendment, or cancellation...

§ 47-5-105. Consideration - Consideration is not required to issue, amend, transfer, or cancel...

§ 47-5-109. Fraud and Forgery - a nominated person who has given value in good faith...

§ 47-5-115. Statute of Limitations - An action to enforce a right or obligation arising under...

§ 47-5-116. Choice of Law and Forum - this chapter would govern the liability of an issuer, nominated...

Chapter 7 - Uniform Commercial Code — Documents of Title

Part 1 - General Provisions

§ 47-7-101. Short Title - This chapter shall be known and may be cited as...

Part 2 - Warehouse Receipts: Special Provisions

§ 47-7-203. Liability for Nonreceipt or Misdescription - A party to or purchaser for value in good faith...

§ 47-7-205. Title Under Warehouse Receipt Defeated in Certain Cases - A buyer in ordinary course of business of fungible goods...

§ 47-7-208. Altered Warehouse Receipts - If a blank in a negotiable tangible warehouse receipt has...

Part 3 - Bills of Lading: Special Provisions

§ 47-7-306. Altered Bills of Lading - An unauthorized alteration or filling in of a blank in...

Part 4 - Warehouse Receipts and Bills of Lading: General Obligations

§ 47-7-401. Irregularities in Issue of Receipt or Bill or Conduct of Issuer - The obligations imposed by this chapter on an issuer apply...

§ 47-7-402. Duplicate Document of Title — Overissue - A duplicate or any other document of title purporting to...

§ 47-7-404. No Liability for Good-Faith Delivery Pursuant to Document of Title - A bailee that in good faith has received goods and...

Part 5 - Warehouse Receipts and Bills of Lading: Negotiation and Transfer

§ 47-7-505. Indorser Not Guarantor for Other Parties - The indorsement of a tangible document of title issued by...

§ 47-7-506. Delivery Without Indorsement — Right to Compel Indorsement - The transferee of a negotiable tangible document of title has...

§ 47-7-507. Warranties on Negotiation or Delivery of Document of Title - If a person negotiates or delivers a document of title...

§ 47-7-508. Warranties of Collecting Bank as to Documents of Title - A collecting bank or other intermediary known to be entrusted...

§ 47-7-509. Adequate Compliance With Commercial Contract - Whether a document of title is adequate to fulfill the...

Part 6 - Warehouse Receipts and Bills of Lading: Miscellaneous Provisions

§ 47-7-602. Judicial Process Against Goods Covered by Negotiable Document of Title - Unless a document of title was originally issued upon delivery...

§ 47-7-603. Conflicting Claims — Interpleader - If more than one (1) person claims title to or...

Part 7 - Miscellaneous Provisions

§ 47-7-701. Effective Date - This chapter takes effect on July 1, 2008.

§ 47-7-702. Repeals - Existing chapter 7 and § 47-10-104 of the Uniform Commercial...

§ 47-7-703. Applicability - This chapter applies to a document of title that is...

§ 47-7-704. Savings Clause - A document of title issued or a bailment that arises...

Chapter 8 - Investment Securities

Part 1 - Short Title and General Matters

§ 47-8-101. Short Title - This chapter may be cited as Uniform Commercial Code —...

§ 47-8-102. Definitions - As context requires, the term means either the interest itself...

§ 47-8-108. Warranties in Direct Holding - the purchaser will be entitled to the registration of transfer;...

§ 47-8-111. Clearing Corporation Rules - A rule adopted by a clearing corporation governing rights and...

§ 47-8-113. Statute of Frauds Inapplicable - Notwithstanding the provisions of § 29-2-101, a contract or modification...

§ 47-8-114. Evidentiary Rules Concerning Certificated Securities - The following rules apply in an action on a certificated...

§ 47-8-115. Securities Intermediary and Others Not Liable to Adverse Claimant - A securities intermediary that has transferred a financial asset pursuant...

§ 47-8-116. Securities Intermediary as Purchaser for Value - A securities intermediary that receives a financial asset and establishes...

Part 2 - Issue and Issuer

§ 47-8-203. Staleness as Notice of Defect or Defense - After an act or event, other than a call that...

§ 47-8-204. Effect of Issuer's Restriction on Transfer - A restriction on transfer of a security imposed by the...

§ 47-8-205. Effect of Unauthorized Signature on Security Certificate - An unauthorized signature placed on a security certificate before or...

§ 47-8-209. Issuer's Lien - A lien in favor of an issuer upon a certificated...

Part 3 - Transfer of Certificated and Uncertificated Securities

§ 47-8-307. Purchaser's Right to Requisites for Registration of Transfer - Unless otherwise agreed, the transferor of a security on due...

Part 4 - Registration

§ 47-8-402. Assurance That Endorsement or Instruction Is Effective - in the case of a fiduciary appointed or qualified by...

§ 47-8-406. Obligation to Issuer of Destroyed, or Wrongfully Taken Security Certificate - If a security certificate has been lost, apparently destroyed, or...

§ 47-8-407. Authenticating Trustee, Transfer Agent, and Registrar - A person acting as authenticating trustee, transfer agent, registrar, or...

Part 5 - Security Entitlements

§ 47-8-502. Assertion of Adverse Claim Against Entitlement Holder - An action based on an adverse claim to a financial...

§ 47-8-503. Property Interest of Entitlement Holder in Financial Asset Held by Securities Intermediary - The trustee or other liquidator, acting on behalf of all...

§ 47-8-506. Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder - A securities intermediary shall exercise rights with respect to a...

§ 47-8-508. Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Form of Security Holding - A securities intermediary shall act at the direction of an...

Part 6 - Transition Provisions for Revised Article 8 -

Chapter 9 - Secured Transactions

Part 1 - General Provisions

§ 47-9-101. Short Title - This chapter may be cited as “Uniform Commercial Code —...

§ 47-9-102. Definitions and Index of Definitions - Agricultural lien” does not include interests or liens created or...

§ 47-9-107. Control of Letter-of-Credit Right - A secured party has control of a letter-of-credit right to...

§ 47-9-110. Security Interests Arising Under Chapter 2 or 2a - A security interest arising under § 47-2-401, § 47-2-505, §...

Part 2 - Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement

§ 47-9-202. Title to Collateral Immaterial - Except as otherwise provided with respect to consignments or sales...

Part 3 - Perfection and Priority

§ 47-9-301. Law Governing Perfection and Priority of Security Interests - Except as otherwise provided in §§ 47-9-303 through 47-9-306, the...

§ 47-9-302. Law Governing Perfection and Priority of Agricultural Liens - While farm products are located in a jurisdiction, the local...

§ 47-9-309. Security Interest Perfected Upon Attachment - The following security interests are perfected when they attach:

§ 47-9-327. Priority of Security Interests in Deposit Account - The following rules govern priority among conflicting security interests in...

§ 47-9-328. Priority of Security Interests in Investment Property - The following rules govern priority among conflicting security interests in...

§ 47-9-329. Priority of Security Interests in Letter-of-Credit Right - The following rules govern priority among conflicting security interests in...

§ 47-9-337. Priority of Security Interests in Goods Covered by Certificate of Title - If, while a security interest in goods is perfected by...

§ 47-9-338. Priority of Security Interest or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information - If a security interest or agricultural lien is perfected by...

§ 47-9-339. Priority Subject to Subordination - This chapter does not preclude subordination by agreement by a...

§ 47-9-341. Bank's Rights and Duties With Respect to Deposit Account - Except as otherwise provided in § 47-9-340(c), and unless the...

§ 47-9-342. Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement - This chapter does not require a bank to enter into...

Part 4 - Rights of Third Parties

§ 47-9-402. Secured Party Not Obligated on Contract of Debtor or in Tort - The existence of a security interest, agricultural lien, or authority...

Part 5 - Filing

§ 47-9-503. Name of Debtor and Secured Party - In this section, the “name of the settlor or testator”...

§ 47-9-504. Indication of Collateral - A financing statement sufficiently indicates the collateral that it covers...

§ 47-9-517. Effect of Indexing Errors - The failure of the filing office to index a record...

§ 47-9-521. Uniform Form of Written Financing Statement and Amendment - Click to view Click to view Click to view Click...

§ 47-9-524. Delay by Filing Office - Delay by the filing office beyond a time limit prescribed...

§ 47-9-527. Duty to Report - The secretary of state shall report annually on or before...

Part 6 - Default

§ 47-9-602. Waiver and Variance of Rights and Duties - Except as otherwise provided in § 47-9-624, to the extent...

§ 47-9-605. Unknown Debtor or Secondary Obligor - A secured party does not owe a duty based on...

§ 47-9-606. Time of Default for Agricultural Lien - For purposes of this part, a default occurs in connection...

§ 47-9-613. Contents and Form of Notification Before Disposition of Collateral — General - Except in a consumer-goods transaction, the following rules apply: NOTIFICATION...

§ 47-9-614. Contents and Form of Notification Before Disposition of Collateral: Consumer-Goods Transaction - In a consumer-goods transaction, the following rules apply: [Name and...

§ 47-9-626. Action in Which Deficiency or Surplus Is in Issue - In an action arising from a transaction in which the...

Part 7 - Transition

§ 47-9-701. Effective Date - This act takes effect on July 1, 2001. References in...

§ 47-9-704. Security Interest Unperfected Before Effective Date - A security interest that is enforceable immediately before this act...

§ 47-9-708. Persons Entitled to File Initial Financing Statement or Continuation Statement - A person may file an initial financing statement or a...

Part 8 - Transition Provisions for 2010 Ucc Amendments

§ 47-9-801. Effective Date - This act takes effect on July 1, 2013. References in...

§ 47-9-804. Security Interest Unperfected Before Effective Date - A security interest that is an unperfected security interest immediately...

§ 47-9-808. Persons Entitled to File Initial Financing Statement or Continuation Statement - A person may file an initial financing statement or a...

§ 47-9-809. Priority - This act determines the priority of conflicting claims to collateral....

Chapter 10 - Uniform Electronic Transactions

Part 1 - Uniform Electronic Transactions Act

§ 47-10-101. Short Title - This chapter may be cited as the “Uniform Electronic Transactions...

§ 47-10-102. Chapter Definitions - In this chapter:

§ 47-10-106. Construction and Application - This chapter must be construed and applied to:

§ 47-10-107. Legal Recognition of Electronic Records, Electronic Signatures, and Electronic Contracts - A record or signature may not be denied legal effect...

§ 47-10-110. Effect of Change or Error - If a change or error in an electronic record occurs...

§ 47-10-111. Notarization and Acknowledgment - If a law requires a signature or record to be...

§ 47-10-113. Admissibility in Evidence - In a proceeding, evidence of a record or signature may...

§ 47-10-114. Automated Transaction - In an automated transaction, the following rules apply:

§ 47-10-120. Interoperability - The information systems council may encourage and promote consistency and...

§ 47-10-121. Severability Clause - If any provision of this chapter or its application to...

§ 47-10-123. Relevancy and Construction of Official Commentary - In any dispute as to the proper construction of one...

Part 2 - Distributed Ledger Technology

§ 47-10-201. Part Definitions - As used in this part:

Chapter 11 - Retail Installment Sales

§ 47-11-101. Short Title - This chapter may be cited as the “Retail Installment Sales...

§ 47-11-102. Chapter Definitions - As used in this chapter, unless the context otherwise requires:

§ 47-11-106. Transfer of Contracts - Any retail seller may assign, pledge, hypothecate, or otherwise transfer...

§ 47-11-108. Waiver of Provisions Unenforceable - Any waiver by the retail buyer of any provisions of...

Chapter 12 - Discharge of Sureties

§ 47-12-101. Notice Requiring Creditor to Sue — Creditor's Inaction - Code 1858, § 1968 (deriv. Acts 1801, ch. 18, §§...

§ 47-12-102. Proof of Notice - The surety shall prove by two (2) witnesses the service...

§ 47-12-103. Death of Parties - Sections 47-12-101 and 47-12-102 shall extend to the representatives of...

§ 47-12-104. Assignor or Endorser - The assignor or endorser of any such bond, bill, or...

§ 47-12-105. Creditor's Rights Against Debtor Preserved - The rights and remedies of the creditor against the principal...

§ 47-12-106. Stay of Execution - When the principal and surety, or endorser, are sued, and...

Chapter 13 - Assignments for Benefit of Creditors

§ 47-13-101. Trustees or Assignees for Creditors, Etc. — Bond — Oath - Every trustee or assignee to whom property exceeding the value...

§ 47-13-102. Filing of Bond and Oath - The bond and affidavit shall be filed and preserved by...

§ 47-13-103. Settlement by Trustee or Assignee - Any trustee or assignee to whom property has been conveyed...

§ 47-13-104. Failure to Settle — Citation Upon Application of Interested Party - Should any such trustee or assignee fail or refuse to...

§ 47-13-105. Failure to Settle — Citation Without Application - The person performing the duties of the county clerk, after...

§ 47-13-106. Failure to Settle — Penalty - Any such trustee or assignee, who fails or refuses to...

§ 47-13-108. Applicability of §§ 47-13-103 — 47-13-109 - Nothing in §§ 47-13-103 — 47-13-109 shall be construed to...

§ 47-13-109. Fees for Services Under §§ 47-13-103 — 47-13-108 - The person performing the duties of the county clerk, and...

§ 47-13-110. Compensation of Trustees - The court having the jurisdiction of the monthly county court,...

§ 47-13-111. Noncompliance by Trustee — Appointment of Receiver - If any trustee or assignee fails or refuses to comply...

§ 47-13-112. Death, Resignation, or Removal of Trustee - The chancery court or the court having the jurisdiction of...

§ 47-13-113. Powers of Successor Trustee - Any trustee so appointed and qualified shall be vested with...

§ 47-13-114. Release of Sureties - The sureties of a trustee or assignee for the benefit...

§ 47-13-116. General Assignments — Prior Conveyance for Benefit of Particular Creditor - Any mortgage, deed of trust, security interest under the Uniform...

§ 47-13-117. General Assignments — Prior Judgment by Confession or Default - Any confession of judgment by a debtor, or permitting judgment...

§ 47-13-118. General Assignments — Inventory — Trustee's Rights to Property - The debtor making a general assignment shall annex thereto a...

§ 47-13-119. Mortgages, Deeds of Trust or Security Agreements - This chapter shall not prevent any person from making a...

Chapter 14 - Interest Rates Generally

§ 47-14-101. Judgments Rendered in Dollars and Cents - All verdicts and judgments shall be rendered in dollars and...

§ 47-14-102. Definitions - The following terms have the following meanings, subject to additional...

§ 47-14-103. Maximum Effective Rates Generally - Except as otherwise expressly provided by this chapter or by...

§ 47-14-106. Contracts for Applicable Formula Rates of Interest - Contracts to which the applicable formula rate provided in §...

§ 47-14-108. Prepayment of Loans — Contracts Restricting Prepayment of Loans - shall state on its face in at least ten (10)...

§ 47-14-111. Actions to Recover Usury - If usury has been paid, it may be recovered by...

§ 47-14-112. Usury a Misdemeanor — Penalty - The willful collection of usury is a Class A misdemeanor.

§ 47-14-114. Actions to Recover Excess Loan Charges, Commitment Fees, or Brokerage Commissions - If loan charges, commitment fees, or brokerage commissions in excess...

§ 47-14-116. Usury or Excessive Charges — Reliance on Statute, Rule, or Order - A claim or defense based on usury or excessive loan...

§ 47-14-119. Choice of Laws - In any transaction otherwise subject to this chapter which is...

§ 47-14-122. Interest on Judgments — Computation - Interest shall be computed on every judgment from the day...

§ 47-14-123. Prejudgment Interest - Prejudgment interest, i.e., interest as an element of, or in...

§ 47-14-124. Rates Fixed by Other Statutes - Where any existing statute of this state fixes a rate...

Chapter 15 - Interest on Home Loans

§ 47-15-101. Chapter Definitions - As used in this chapter, unless the context otherwise requires:

Chapter 16 - Tennessee Litigation Financing Consumer Protection Act

§ 47-16-101. Short Title - This chapter shall be known and may be cited as...

§ 47-16-102. Chapter Definitions - As used in this chapter:

§ 47-16-104. Requirements for Litigation Financing Transactions - A litigation financier shall fulfill each of the following requirements...

§ 47-16-105. Prohibited Activities - A litigation financier shall not:

§ 47-16-106. Required Disclosures in Litigation Financing Contract - Consumer's Right to Cancellation: You may cancel this contract without...

§ 47-16-107. Violation of Chapter Renders Contract Uneforceable - Any violation of this chapter shall make the litigation financing...

Chapter 18 - Consumer Protection

Part 1 - Consumer Protection Act of 1977

§ 47-18-101. Short Title - This part shall be known and may be cited as...

§ 47-18-102. Purposes - This part shall be liberally construed to promote the following...

§ 47-18-103. Part Definitions - As used in this part, unless the context otherwise requires:

§ 47-18-109. Private Right of Action — Damages — Notice to Attorney General - If the consumer or other person was not represented by...

§ 47-18-110. Limitations of Actions - Any action commenced pursuant to § 47-18-109 shall be brought...

§ 47-18-112. Supplementary Law - The powers and remedies provided in this part shall be...

§ 47-18-114. Powers of Attorney General - The attorney general may bring any appropriate action or proceeding...

§ 47-18-115. Construction - This part, being deemed remedial legislation necessary for the protection...

§ 47-18-116. Costs - No costs shall be taxed against the attorney general in...

§ 47-18-117. Out-of-State Liquor Advertisers — Warning - WARNING: The importation or transportation of alcoholic beverages into the...

§ 47-18-118. Failure to Respond to Request for Information - Upon receipt of a written request from the attorney general,...

§ 47-18-119. New Passenger Motor Vehicle - For the purposes of § 47-18-104(b)(6), any passenger motor vehicle...

§ 47-18-120. Definitions — Prizes Offered as Inducements — Unfair or Deceptive Practices - The burden of proving these exemptions is upon the person...

§ 47-18-122. Applicability to Violations of Part 2 - For the purpose of application of this part, any violation...

§ 47-18-124. Prizes — Unfair or Deceptive Practices - (number of prizes) out of notices distributed”.

§ 47-18-131. Government Imposter and Deceptive Advertisements Act - IMPORTANT NOTICE: The documents offered by this advertisement are available...

Part 3 - Health Clubs

§ 47-18-301. Part Definitions - As used in this part, unless the context otherwise requires:

§ 47-18-303. Unenforceable Health Club Agreements - A health club agreement shall be unenforceable against the buyer,...

§ 47-18-305. Requirements for Valid Agreements - BUYER'S RIGHT TO CANCEL YOU (THE BUYER) MAY CANCEL THIS...

§ 47-18-307. Provisions Contrary to Public Policy - Any provision in a health club agreement, or in any...

§ 47-18-308. Applicability of Provisions - Chapter 460 of the Public Acts of 1989 does not...

§ 47-18-312. Penalty for Violations - In addition to any other penalty prescribed by this part,...

§ 47-18-313. Responsibility for Compliance - Any individual, firm, corporation, association, or other legal entity that...

Part 4 - True Origin of Goods Act

§ 47-18-401. Short Title - This part shall be known and may be cited as...

§ 47-18-402. Part Definitions - As used in this part, unless the context otherwise requires:

§ 47-18-403. Applicability of Part - This part applies to any person who owns or operates...

§ 47-18-405. Action by Attorney General and Reporter or District Attorney General to Enforce Part - In addition to any other remedies, the attorney general and...

Part 5 - Buyers' Clubs

§ 47-18-501. Part Definitions - As used in this part, unless the context otherwise requires:

§ 47-18-503. Contracts — Notice of Right to Cancel - MEMBER'S RIGHT TO CANCELIf you wish to cancel this contract,...

§ 47-18-505. Contracts — Duration - No contract shall be valid for a term longer than...

§ 47-18-506. Exemptions - This part shall not apply to:

§ 47-18-508. Requirements Nonwaivable - Any waiver by the member of this part shall be...

§ 47-18-509. Violations of Part — Penalties - A violation of this part shall constitute a violation of...

Part 6 - Rental-Purchase Agreements

§ 47-18-601. Short Title - This part shall be known and may be cited as...

§ 47-18-602. Legislative Findings and Purpose - The general assembly finds that a significant number of consumers...

§ 47-18-603. Part Definitions - As used in this part, unless the context otherwise requires:

§ 47-18-606. Prohibited Terms of Agreement - A rental-purchase agreement may not contain a provision:

§ 47-18-608. Receipts for Payments - A lessor shall provide the consumer with a written receipt...

§ 47-18-612. Limitation of Actions - An action under this part may be brought in any...

§ 47-18-614. Criminal Liability - A willful and intentional violation of this part is a...

Part 7 - Home Solicitation Sales

§ 47-18-701. Short Title - This part shall be known and may be cited as...

§ 47-18-702. Part Definitions - As used in this part, unless the context otherwise requires:

§ 47-18-703. Cancellation — Buyer's Rights — Exceptions - Notwithstanding any other law to the contrary:

§ 47-18-707. Misrepresentation of Seller's Identity - Notwithstanding any other law, if at the time of a...

Part 8 - Equal Consumer Credit

§ 47-18-801. Short Title - This part shall be known and may be cited as...

§ 47-18-803. Damages and Attorney's Fees - Any creditor or credit card issuer who discriminates against any...

§ 47-18-804. Jurisdiction and Limitation of Actions - Any action brought under this part may be brought in...

§ 47-18-805. Liability of Spouse - Where the applicant for credit is married, the spouse of...

Part 9 - Unsolicited Merchandise

§ 47-18-901. Rights of Recipient - Unless otherwise agreed, where unsolicited goods, wares, or merchandise of...

§ 47-18-902. Defense Against Action for Value or Return of Goods - In any action for the monetary value or for the...

Part 10 - Credit Services Businesses

§ 47-18-1001. Short Title - This part shall be known and may be cited as...

§ 47-18-1002. Part Definitions - As used in this part, unless the context otherwise requires:...

§ 47-18-1003. Prohibited Practices - A credit services business, and its salespersons, agents and representatives,...

§ 47-18-1005. Contents of Information Statement - The information statement required under § 47-18-1004 shall include all...

§ 47-18-1006. Contract — Cancellation Notice - You, the buyer, may cancel this contract at any time...

§ 47-18-1009. Limitation of Actions - A private action to enforce any liability created under this...

Part 11 - Pyramid Promotional Schemes

§ 47-18-1101. Part Definitions - For purposes of this part: Nothing in this part may...

§ 47-18-1103. Authority to Proceed Against Pyramid Promotional Schemes for Any Other Violations of State Law Not Limited - Nothing in this part shall limit the authority of any...

§ 47-18-1105. Violation of Part Is Misdemeanor - A violation of this part is a Class A misdemeanor.

§ 47-18-1106. Participants in Scheme Not Subject to Prosecution Under Part - A person who only participates in a pyramid promotional scheme...

Part 12 - Water Treatment Devices

§ 47-18-1201. Part Definitions - As used in this part, unless the context otherwise requires:

§ 47-18-1202. Prohibited Acts - It is unlawful for any person to do any of...

§ 47-18-1203. Prohibited Practices Under Consumer Protection Act - Any violation of this part is a prohibited practice under...

Part 13 - Kerosene and Motor Fuels Quality Inspection

§ 47-18-1301. Short Title - This part shall be known and may be cited as...

§ 47-18-1302. Legislative Intent - It is the intent of the general assembly, through this...

§ 47-18-1303. Part Definitions - As used in this part, unless the context otherwise requires:

§ 47-18-1310. Report to Governor and General Assembly - Each year, on or before September 15, the commissioner shall...

§ 47-18-1311. Funding - Implementation and administration of this part shall be subject to...

Part 14 - Consumer Protection Warranty Extension

§ 47-18-1401. Short Title - This part shall be known and may be cited as...

§ 47-18-1402. Warranty Extension Period - Any written warranty or service contract purchased in this state...

§ 47-18-1403. Working Days — Definition - For the purposes of this part, working days shall not...

§ 47-18-1404. Applicability - This part shall not apply to a written warranty or...

Part 15 - Consumer Telemarketing Protection

§ 47-18-1505. Unlawful Use of Telephone Access Line - It is unlawful for any person making use of a...

§ 47-18-1506. Telephone Companies and Cooperatives — Withdrawal of Access to a Telephone Access Line - No telephone company or cooperative shall provide access to a...

§ 47-18-1507. Permissible Use of Adad Equipment - Nothing in this part shall prohibit the use of ADAD...

§ 47-18-1508. Penalty — Criminal - Any person who violates any provision of §§ 47-18-1502 —...

Part 16 - Fantasy Sports Act

§ 47-18-1601. Short Title - This part shall be known and may be cited as...

§ 47-18-1602. Part Definitions - For purposes of this part:

§ 47-18-1609. Cumulative and Supplemental Powers and Remedies - The powers and remedies provided in this part shall be...

§ 47-18-1610. Inapplicable Provisions - Nothing contained in title 39, chapter 17, part 5 or...

Part 17 - Employment Agencies

§ 47-18-1701. Short Title - This part shall be known as and may be cited...

§ 47-18-1702. Part Definitions - As used in this part, unless the context otherwise requires:

§ 47-18-1703. Prohibited Acts - No employment agency, or employer thereof, shall:

§ 47-18-1704. Refund of Fees Paid in Event of Termination - If a candidate accepts candidate-paid fee employment and is terminated...

§ 47-18-1705. Exemptions - This part does not apply to: provided, that no recruiting...

§ 47-18-1706. Investigators - Whenever the attorney general has reason to believe that a...

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2021 Tennessee Code Title 47 - Commercial Instruments and Transactions

2021 Tennessee Code
Title 47 - Commercial Instruments and Transactions