Tennessee § 56-7-314 - Purchase or assignment of life insurance by charitable organization — Date of insurable interest.
Full text of Tennessee Tennessee Code Annotated § 56-7-314 — Purchase or assignment of life insurance by charitable organization — Date of insurable interest., with citation guidance and answers to common questions.
§ 56-7-314. Purchase or assignment of life insurance by charitable organization — Date of insurable interest.
If an organization described in either § 170(c) or § 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. §§ 170(c) and 501(c)(3)), respectively, purchases or receives by assignment, before or after April 23, 1992, life insurance on an insured who consents in writing to the purchase or assignment, the organization is deemed to have or to have had an insurable interest in the insured person's life on the date of purchase or assignment. This section does not limit or abridge any insurable interest on April 23, 1992, at common law or by statute. Acts 1992, ch. 755, § 1; 2004, ch. 658, § 1; 2006, ch. 593, § 1. Law Reviews. Where There's a Will: Free Money: How Insurance + annuity = Big Profit (Dan W. Holbrook), 40 No. 12 Tenn. B.J. 22 (2004).
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-7-314
What does Tennessee Code Annotated § 56-7-314 cover?
Section 56-7-314 ("Purchase or assignment of life insurance by charitable organization — Date of insurable interest.") 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 § 56-7-314?
A common citation format is "Tennessee Code Annotated § 56-7-314" (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 § 56-7-314 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.