Tennessee § 56-3-406 - Disposition of real property.
Full text of Tennessee Tennessee Code Annotated § 56-3-406 — Disposition of real property., with citation guidance and answers to common questions.
§ 56-3-406. Disposition of real property.
All property specified in § 56-3-405(2) -(4), which is not necessary for its accommodation in the convenient transaction of its business, shall be sold and disposed of within two (2) years after the company has acquired title to the property, or within two (2) years after the property has ceased to be necessary for the accommodation of its business; and it shall not hold the property for a longer period unless it procures a certificate from the commissioner authorizing an extension of time for the sale of the property. The commissioner is authorized to issue such a certificate extending the time for the sale of such property if in the commissioner's judgment it appears that the interest of the company will suffer materially by a forced sale of the property. Acts 1979, ch. 305, § 6; T.C.A., § 56-366. Cross-References. Disposition of insurance company real property, § 56-3-306 .
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-3-406
What does Tennessee Code Annotated § 56-3-406 cover?
Section 56-3-406 ("Disposition of real property.") 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 § 56-3-406?
A common citation format is "Tennessee Code Annotated § 56-3-406" (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 § 56-3-406 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.