Tennessee § 56-19-117 - Advancements.
Full text of Tennessee Tennessee Code Annotated § 56-19-117 — Advancements., with citation guidance and answers to common questions.
§ 56-19-117. Advancements.
Any director, officer or member of any such company, or any other person, may advance to the company any sum or sums of money necessary for the purpose of its business or to enable it to comply with any of the requirements of the law, and the money and the interest thereon as may have been agreed upon, not exceeding the legal rate of interest, shall be payable only out of the surplus remaining after providing for all reserves and other liabilities and shall not otherwise be a liability or claim against the company or any of its assets. No commission or promotion expenses shall be paid in connection with the advance of any such money to the company and the amount of the advance shall be reported in each annual statement. Acts 1919, ch. 108, § 14; Shan. Supp., § 3369a58b20; Code 1932, § 6332; T.C.A. (orig. ed.), § 56-1717.
Frequently Asked Questions About Tennessee § 56-19-117
What does Tennessee Code Annotated § 56-19-117 cover?
Section 56-19-117 ("Advancements.") 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 § 56-19-117?
A common citation format is "Tennessee Code Annotated § 56-19-117" (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 § 56-19-117 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.