Tennessee § 48-102-402 - Debts for purchase or improvement of realty.

§ 48-102-402. Debts for purchase or improvement of realty.

Posts of the American Legion, Veterans of Foreign Wars, Disabled American Veterans, American Veterans of World War II, Veterans of World War I of the U.S.A., Inc., or any other veterans' organization operating in this state and chartered by the congress of the United States have the authority and power to issue evidence of indebtedness, bearing legal interest, secured by a mortgage or deed of trust on the real estate, for the purpose of purchasing a suitable building or buildings for hall purposes or of erecting a building or hall upon their lots or for the purpose of converting a building or buildings into a suitable hall, or for the purpose of improving or repairing the same, or furnishing the same, or for purchasing and paying for grounds for burial purposes, or otherwise. All the posts which shall issue evidence of indebtedness under this part are empowered to execute a mortgage or deed of trust upon the real estate to secure and make certain the payment of the indebtedness thereby secured. Such posts are further empowered, through their proper officials, to execute a mortgage or deed of trust upon any property or real estate owned by them, for the purpose of borrowing money to purchase ground for such burial place, or ground for erecting or remodeling, improving, or repairing a building suitable for hall purposes, or for repairing, or improving the same, whenever it may become necessary, or to secure the payment of any indebtedness. Acts 1925, ch. 152, § 2; Shan. Supp. § 2577a15; Code 1932, § 4429; Acts 1945, ch. 90, § 1; C. Supp. 1950, § 4429; Acts 1967, ch. 298, § 3; T.C.A. (orig. ed.), §§ 48-1520, 48-4-202.