Tennessee § 56-9-319 - Mutual debts and credits — When offset allowed.
Full text of Tennessee Tennessee Code Annotated § 56-9-319 — Mutual debts and credits — When offset allowed., with citation guidance and answers to common questions.
§ 56-9-319. Mutual debts and credits — When offset allowed.
In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, the credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection (b). No offset shall be allowed in favor of any such person where: The obligation of the insurer to the person would not, at the date of the entry of any liquidation order or otherwise, as provided in this chapter, entitle the person to share as a claimant in the assets of the insurer; The obligation of the insurer to the person was purchased by or transferred to the person with a view of its being used as an offset; or The obligation of the person is to pay an assessment levied against the subscribers of a reciprocal insurer, or is to pay a balance upon the subscription to the capital stock of a stock insurer. Acts 1991, ch. 142, § 4.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-9-319
What does Tennessee Code Annotated § 56-9-319 cover?
Section 56-9-319 ("Mutual debts and credits — When offset allowed.") 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 § 56-9-319?
A common citation format is "Tennessee Code Annotated § 56-9-319" (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 § 56-9-319 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.