Tennessee § 55-27-102 - Funds held in trust by a dealer.
Full text of Tennessee Tennessee Code Annotated § 55-27-102 — Funds held in trust by a dealer., with citation guidance and answers to common questions.
§ 55-27-102. Funds held in trust by a dealer.
All funds received by a dealer in a transaction involving the purchase or trade-in, or both, of a motor vehicle intended by the parties to the transaction to be used to: Satisfy obligations secured by a lien or other security interest in a motor vehicle or other tangible personal property taken by the dealer as a trade-in in partial or complete consideration for the purchase of a motor vehicle; Pay to the taxing authorities the sales or use tax collected by the dealer on the sale of a motor vehicle; or Pay the fees imposed for the transfer of title, registration and licensing of the vehicle; are trust funds held in trust by the dealer for the benefit of the purchaser and/or the holder of the obligations secured by the lien or other security interest and/or the taxing authorities and registration officials, as their respective interests may appear. Acts 2009, ch. 322, § 2.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 55-27-102
What does Tennessee Code Annotated § 55-27-102 cover?
Section 55-27-102 ("Funds held in trust by a dealer.") 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 § 55-27-102?
A common citation format is "Tennessee Code Annotated § 55-27-102" (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 § 55-27-102 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.