Tennessee § 45-2-611 - Pledge of assets.
Full text of Tennessee Tennessee Code Annotated § 45-2-611 — Pledge of assets., with citation guidance and answers to common questions.
§ 45-2-611. Pledge of assets.
A bank may pledge its assets only: To enable it to act as an agent for the sale of obligations of the United States; To secure borrowed funds; To secure the public funds of a governmental entity; and For other purposes that are approved by the commissioner. As used in this section, unless the context otherwise requires: “Governmental entity” means: The United States government or any agency thereof; or Any instrumentality of the United States the funds of which are required by law to be secured; and The state of Tennessee or any other state, counties, incorporated municipalities and their political subdivisions or any utility district organized under the laws of a state or an interstate compact; and “Public funds” means: Funds in which the entire beneficial interest is owned by a governmental entity; or Funds held in the name of a public official charged with the duty to receive or administer funds and acting in the person's official capacity. A financial institution authorized to secure public funds of any governmental entity shall do so in the same manner and under the same conditions as state deposits under title 9, chapter 4, or as provided in a collateral pool as provided in title 9, chapter 4, part 5. Acts 1969, ch. 36, § 1 (3.246); 1973, ch. 294, § 6; T.C.A., § 45-440; Acts 1990, ch. 1043, § 3. Textbooks. Tennessee Jurisprudence, 5 Tenn. Juris., Banks and Banking, § 32. Attorney General Opinions. Rural cooperative not a utility district, OAG 96-108, 1996 Tenn. AG LEXIS 133 (8/30/96).
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 45-2-611
What does Tennessee Code Annotated § 45-2-611 cover?
Section 45-2-611 ("Pledge of assets.") 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 § 45-2-611?
A common citation format is "Tennessee Code Annotated § 45-2-611" (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 § 45-2-611 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.