Tennessee § 45-2-215 - Approval or denial of application — Action by commissioner — Limitation of bank or trust company to fiduciary purposes and powers.
Full text of Tennessee Tennessee Code Annotated § 45-2-215 — Approval or denial of application — Action by commissioner — Limitation of bank or trust company to fiduciary purposes and powers., with citation guidance and answers to common questions.
§ 45-2-215. Approval or denial of application — Action by commissioner — Limitation of bank or trust company to fiduciary purposes and powers.
If the commissioner approves the application, the commissioner shall promptly issue a certificate of authority and mail the same to the incorporators. If the commissioner denies the application, the commissioner shall promptly mail a notice of the denial to the incorporators, stating therein the reason or reasons for denying the application. A state bank or trust company, for which the commissioner has approved the filing of a charter and has issued a certificate of authority, is not illegally organized because its purposes and powers are, or have been required by the commissioner to be, limited to fiduciary purposes and powers. Acts 1969, ch. 36, § 1 (3.312); 1973, ch. 294, § 6; T.C.A., § 45-215; Acts 1980, ch. 620, § 1; 1996, ch. 768, § 14. Compiler's Notes. Section 5 of Acts 1980, ch. 620 read: “The existence and operation of any trust company formed prior to the effective date of this act shall not be impaired by the enactment of this act.” Acts 1996, ch. 768, which amended this section, is known and may be cited as the Bank Reform Act of 1996. Textbooks. Tennessee Jurisprudence, 5 Tenn. Juris., Banks and Banking, § 5.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 45-2-215
What does Tennessee Code Annotated § 45-2-215 cover?
Section 45-2-215 ("Approval or denial of application — Action by commissioner — Limitation of bank or trust company to fiduciary purposes and powers.") 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 § 45-2-215?
A common citation format is "Tennessee Code Annotated § 45-2-215" (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 § 45-2-215 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.