Tennessee § 47-30-111 - Lender's default — Applicability.
Full text of Tennessee Tennessee Code Annotated § 47-30-111 — Lender's default — Applicability., with citation guidance and answers to common questions.
§ 47-30-111. Lender's default — Applicability.
A lender's failure to make loan advances to the borrower under the reverse mortgage loan contract shall be deemed the lender's default of the contract. Upon the lender's default, the lender shall forfeit any right to collect interest or service charges under the contract. The lender's right to recovery at loan maturity shall be limited to the outstanding balance as of the date of default, minus all interest. Lenders may also be subject to other default penalties established by the commissioner. Subsection (a) shall not apply if the lender has previously declared the borrower in default under § 47-30-112, or if the lender makes the required loan advance within the time stated in the mortgage contract or within thirty (30) days of receipt of notice from the borrower that the loan advance was not received. Acts 1993, ch. 410, § 12.
Frequently Asked Questions About Tennessee § 47-30-111
What does Tennessee Code Annotated § 47-30-111 cover?
Section 47-30-111 ("Lender's default — Applicability.") 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 § 47-30-111?
A common citation format is "Tennessee Code Annotated § 47-30-111" (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 § 47-30-111 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.