Tennessee § 56-21-103 - Interest and dividends from guaranty capital securities to subscribers — Dividends on paid-up shares.
Full text of Tennessee Tennessee Code Annotated § 56-21-103 — Interest and dividends from guaranty capital securities to subscribers — Dividends on paid-up shares., with citation guidance and answers to common questions.
§ 56-21-103. Interest and dividends from guaranty capital securities to subscribers — Dividends on paid-up shares.
Every mutual fire insurance company organized with a guaranty capital may allow its subscribers all the interest and dividends accruing from the guaranty capital securities, according to the amount paid in or deposited by the respective guarantors, and, in addition, may pay the guarantors dividends of not exceeding six percent (6%) per annum on their respective paid-up shares; provided, that the surplus at the end of each year, over and above all liabilities, including reinsurance reserve and guaranty capital, is sufficient to pay the dividends. Acts 1907, ch. 461, § 3; Shan., § 3369a7; Acts 1921, ch. 160, § 3; Code 1932, § 6258; T.C.A. (orig. ed.), § 56-2005.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-21-103
What does Tennessee Code Annotated § 56-21-103 cover?
Section 56-21-103 ("Interest and dividends from guaranty capital securities to subscribers — Dividends on paid-up shares.") 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 § 56-21-103?
A common citation format is "Tennessee Code Annotated § 56-21-103" (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 § 56-21-103 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.