Tennessee § 45-3-405 - Reserves — Liquid assets.
Full text of Tennessee Tennessee Code Annotated § 45-3-405 — Reserves — Liquid assets., with citation guidance and answers to common questions.
§ 45-3-405. Reserves — Liquid assets.
Every association shall set up and maintain reserves for the purpose of absorbing losses and shall maintain such portion of its assets in cash and other liquid assets as required by the commissioner. If an association has obtained insurance of accounts by the federal savings and loan insurance corporation, or by any other insurer approved by the commissioner, any portion of the loss reserves of the association may be considered as constituting a portion of the insurance reserves required by the insurer and may be set up as an insurance reserve account on the books of the association. Acts 1978, ch. 708, § 2.34; T.C.A., § 45-1434. Compiler's Notes. The federal savings and loan insurance corporation, referred to in this section, was abolished, effective February 1, 1992. See the Historical and Statutory Notes under 12 U.S.C. § 1437 .
Frequently Asked Questions About Tennessee § 45-3-405
What does Tennessee Code Annotated § 45-3-405 cover?
Section 45-3-405 ("Reserves — Liquid 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 § 45-3-405?
A common citation format is "Tennessee Code Annotated § 45-3-405" (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 § 45-3-405 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.