Tennessee § 48-58-702 - Conflicting interest transaction may be subject of equitable relief or give rise to damages award or sanctions — Circumstances when conflicting interest transaction may not be subject of equitable relief or give rise to damages award or sanctions.
Full text of Tennessee Tennessee Code Annotated § 48-58-702 — Conflicting interest transaction may be subject of equitable relief or give rise to damages award or sanctions — Circumstances when conflicting interest transaction may not be subject of equitable relief or give rise to damages award or sanctions., with citation guidance and answers to common questions.
§ 48-58-702. Conflicting interest transaction may be subject of equitable relief or give rise to damages award or sanctions — Circumstances when conflicting interest transaction may not be subject of equitable relief or give rise to damages award or sanctions.
A transaction effected or proposed to be effected by the corporation (or by an entity controlled by the corporation) may not be the subject of equitable relief, or give rise to an award of damages or other sanctions against a director or officer of the corporation, in a proceeding by a member or by or in the right of the corporation, on the ground that the director or officer has an interest respecting the transaction, if it is not a director's or officer's conflicting interest transaction. A director's or officer's conflicting interest transaction may not be the subject of equitable relief, or give rise to an award of damages or other sanctions against a director or officer of the corporation, in a proceeding by a member or by or in the right of the corporation, on the ground that the director or officer has an interest respecting the transaction, if: Directors' action respecting the transaction was taken in compliance with § 48-58-703 at any time; Member's action respecting the transaction was taken in compliance with § 48-58-704 at any time; The transaction, judged according to the circumstances at the relevant time, is established to have been fair to the corporation; or Approval of the transaction is obtained from: The attorney general and reporter; or A court of record having equity jurisdiction in an action in which the attorney general and reporter is joined as party. Acts 2014, ch. 899, § 54.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 48-58-702
What does Tennessee Code Annotated § 48-58-702 cover?
Section 48-58-702 ("Conflicting interest transaction may be subject of equitable relief or give rise to damages award or sanctions — Circumstances when conflicting interest transaction may not be subject of equitable relief or give rise to damages award or sanctions.") 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 § 48-58-702?
A common citation format is "Tennessee Code Annotated § 48-58-702" (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 § 48-58-702 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.