Tennessee § 45-3-501 - Deposit liability.
Full text of Tennessee Tennessee Code Annotated § 45-3-501 — Deposit liability., with citation guidance and answers to common questions.
§ 45-3-501. Deposit liability.
The deposit liability of an association shall consist only of the aggregate amount of deposit accounts of its depositors, plus interest credited to the accounts, less redemption and withdrawal payments. Except as limited by the board of directors from time to time, a depositor may make additions to the depositor's deposit accounts in the amounts and at the times that the depositor may elect. Deposit accounts shall be open for cash. Interest shall be declared in accordance with this chapter. No preference between depositors shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of an association. Acts 1978, ch. 708, § 2.01; T.C.A., § 45-1401. Compiler's Notes. Former §§ 45-1401 — 45-1411 (Acts 1875, ch. 142, § 14; 1919, ch. 136, §§ 1, 2, 5-7, 10, 13; Shan., § 2139; Shan. Supp., §§ 2179a1, 2179a2, 2179a5-2179a7, 2179a10, 2179a12; Acts 1929, ch. 117, §§ 2, 4; Code 1932, §§ 3900-3902, 3905, 3906, 3908, 3913, 3916, 3918; Acts 1933, ch. 19, §§ 5, 7, 8; 1935, ch. 137, § 1; 1935, ch. 152, §§ 1, 2; 1937, ch. 77, § 1; C. Supp. 1950, §§ 3898.13-3898.22, 3898.30 (Williams, §§ 3898.5, 3898.7, 3898.8, 3900, 3902, 3905.1, 3905.2, 3906)), concerning loans and investments by building and loan associations, were repealed by Acts 1974, ch. 698, § 5 and replaced by Acts 1974, ch. 698, §§ 2, 6-16, codified in §§ 45-1401 — 45-1412, which in turn were repealed by Acts 1978, ch. 708, § 6.01 and the present material substituted therefor. For transfer of functions under this chapter from the department of commerce and insurance to the department of financial institutions, see Executive Order No. 38 (February 11, 1983). Cross-References. Negotiable instruments, title 47, ch. 3. Textbooks. Tennessee Jurisprudence, 22 Tenn. Juris., Savings and Loan Associations, § 11.
Frequently Asked Questions About Tennessee § 45-3-501
What does Tennessee Code Annotated § 45-3-501 cover?
Section 45-3-501 ("Deposit liability.") 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 § 45-3-501?
A common citation format is "Tennessee Code Annotated § 45-3-501" (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 § 45-3-501 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.