Tennessee § 48-58-303 - Loans to or guarantees for directors and officers.
Full text of Tennessee Tennessee Code Annotated § 48-58-303 — Loans to or guarantees for directors and officers., with citation guidance and answers to common questions.
§ 48-58-303. Loans to or guarantees for directors and officers.
A corporation may not lend money to or guarantee the obligation of a director or officer of the corporation. This section does not apply to loans and guarantees authorized or permitted by any other statute that regulates any special class of corporation. This section does not apply to: Advances to pay reimbursable expenses reasonably expected to be incurred by a director or officer; Advances to pay premiums on life insurance if the advance is secured by the cash value of the policy; Advances pursuant to part 5 of this chapter; Loans or advances pursuant to employee benefit plans; or Loans to pay relocation expenses. Neither a sale on credit in the ordinary course of business nor a life insurance policy loan shall be subject to the restrictions of this section. The fact that a loan or guarantee is made in violation of this section does not affect the borrower's liability on the loan. Acts 1987, ch. 242, § 8.32; 2014, ch. 899, § 40. Cross-References. Qualified applicability of Tennessee Nonprofit Corporation Act to certain rural electric and community services cooperatives, § 65-25-125 .
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 48-58-303
What does Tennessee Code Annotated § 48-58-303 cover?
Section 48-58-303 ("Loans to or guarantees for directors and officers.") 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 § 48-58-303?
A common citation format is "Tennessee Code Annotated § 48-58-303" (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 § 48-58-303 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.