Tennessee § 45-3-406 - Transfers to loss reserves.
Full text of Tennessee Tennessee Code Annotated § 45-3-406 — Transfers to loss reserves., with citation guidance and answers to common questions.
§ 45-3-406. Transfers to loss reserves.
If, at the date of any closing of its books, the loss reserves of an association equal an aggregate amount of a percentage as the commissioner may prescribe, then an amount necessary to increase its loss reserves to the required amount shall be transferred from the net income of the association to its loss reserves. In the event that any credit to the loss reserves of an association is made following July 1, 1978, in excess of the minimum percentage required herein, the dollar amount of the excess may be carried over as a credit toward the minimum requirement for any subsequent accounting period. Acts 1978, ch. 708, § 2.35; T.C.A., § 45-1435.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 45-3-406
What does Tennessee Code Annotated § 45-3-406 cover?
Section 45-3-406 ("Transfers to loss reserves.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 45-3-406?
A common citation format is "Tennessee Code Annotated § 45-3-406" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 45-3-406 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.