(a) A party holding trust funds provided for under this chapter and chapter 24 of this title may not grant to any third party any security or other interest in the trust funds. (b) Notwithstanding subsection (a), for any manufacturer which, as a result of restructuring or other means, ten percent (10%) or more of the outstanding common stock is or was at any time owned by an entity or agency of the United States government, subsection (a) shall only apply to trust funds owed by such manufacturer to a dealer on or within three hundred ninety-five (395) days prior to the filing by or against that manufacturer of a petition for relief under title 11 of the United States Code; provided, however, that nothing in this subsection (b) shall diminish any rights otherwise afforded by Tennessee common law or other applicable Tennessee authority that existed prior to the enactment of this subsection (b) or any amendment thereto. Acts 2009 , ch. 322, §2; 2011 , ch. 294, § 1. (a) A party holding trust funds provided for under this chapter and chapter 24 of this title may not grant to any third party any security or other interest in the trust funds. (b) Notwithstanding subsection (a), for any manufacturer which, as a result of restructuring or other means, ten percent (10%) or more of the outstanding common stock is or was at any time owned by an entity or agency of the United States government, subsection (a) shall only apply to trust funds owed by such manufacturer to a dealer on or within three hundred ninety-five (395) days prior to the filing by or against that manufacturer of a petition for relief under title 11 of the United States Code; provided, however, that nothing in this subsection (b) shall diminish any rights otherwise afforded by Tennessee common law or other applicable Tennessee authority that existed prior to the enactment of this subsection (b) or any amendment thereto. Acts 2009 , ch. 322, §2; 2011 , ch. 294, § 1. (a) A party holding trust funds provided for under this chapter and chapter 24 of this title may not grant to any third party any security or other interest in the trust funds. (b) Notwithstanding subsection (a), for any manufacturer which, as a result of restructuring or other means, ten percent (10%) or more of the outstanding common stock is or was at any time owned by an entity or agency of the United States government, subsection (a) shall only apply to trust funds owed by such manufacturer to a dealer on or within three hundred ninety-five (395) days prior to the filing by or against that manufacturer of a petition for relief under title 11 of the United States Code; provided, however, that nothing in this subsection (b) shall diminish any rights otherwise afforded by Tennessee common law or other applicable Tennessee authority that existed prior to the enactment of this subsection (b) or any amendment thereto. Acts 2009 , ch. 322, §2; 2011 , ch. 294, § 1. (a) A party holding trust funds provided for under this chapter and chapter 24 of this title may not grant to any third party any security or other interest in the trust funds. (b) Notwithstanding subsection (a), for any manufacturer which, as a result of restructuring or other means, ten percent (10%) or more of the outstanding common stock is or was at any time owned by an entity or agency of the United States government, subsection (a) shall only apply to trust funds owed by such manufacturer to a dealer on or within three hundred ninety-five (395) days prior to the filing by or against that manufacturer of a petition for relief under title 11 of the United States Code; provided, however, that nothing in this subsection (b) shall diminish any rights otherwise afforded by Tennessee common law or other applicable Tennessee authority that existed prior to the enactment of this subsection (b) or any amendment thereto. Acts 2009 , ch. 322, §2; 2011 , ch. 294, § 1.
‹ Prev All Tennessee sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.