Tennessee § 45-15-116 - Safekeeping of titled personal property or personal property certificates of title — Insurance coverage — Damaged property.
Full text of Tennessee Tennessee Code Annotated § 45-15-116 — Safekeeping of titled personal property or personal property certificates of title — Insurance coverage — Damaged property., with citation guidance and answers to common questions.
§ 45-15-116. Safekeeping of titled personal property or personal property certificates of title — Insurance coverage — Damaged property.
Every title pledge lender licensed under this chapter shall provide a safe place for the keeping of the pledged property. The title pledge lender shall have sufficient insurance coverage on the pledged property, in the event of loss or damage, for the benefit of the pledgor to pay the title pledge value of the pledged property as written on the title pledge or property pledge agreement; provided, that the personal property is in the physical possession of the title pledge lender. The insurance policy shall name the commissioner as an additional insured party for the protection and benefit of the pledgor. “Title pledge value,” for the purposes of this section, means the amount of money loaned in consideration of the pledged goods as stated on the title pledge or property pledge agreement. Acts 1995, ch. 186, § 13; 2005, ch. 440, § 15.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 45-15-116
What does Tennessee Code Annotated § 45-15-116 cover?
Section 45-15-116 ("Safekeeping of titled personal property or personal property certificates of title — Insurance coverage — Damaged property.") 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 § 45-15-116?
A common citation format is "Tennessee Code Annotated § 45-15-116" (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 § 45-15-116 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.