Tennessee § 56-3-902 - Part definitions.

§ 56-3-902. Part definitions.

As used in this part: “Clearing corporation” means: A corporation as defined in § 8-102(a) of the Uniform Commercial Code, codified in § 47-8-102(a), as adopted by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, as amended from time to time; and “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.; 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; “Commissioner” means the commissioner of commerce and insurance; “Custodian” means a national bank, state bank, federal home loan bank, trust company or broker/dealer that participates in a clearing corporation; and “Securities” means instruments as defined in § 8-102(a) of the Uniform Commercial Code, codified in § 47-8-102(a), as adopted by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, as amended from time to time. Acts 2012, ch. 680, § 4. Compiler's Notes. Acts 2012, ch. 680, § 5 provided that the commissioner of commerce and insurance is authorized to promulgate emergency rules to implement the act.