Tennessee § 59-13-123 - Conditions of issuing stock.
Full text of Tennessee Tennessee Code Annotated § 59-13-123 — Conditions of issuing stock., with citation guidance and answers to common questions.
§ 59-13-123. Conditions of issuing stock.
No association shall issue stock to a member until it has been fully paid for. The promissory notes of the members may be accepted by the association as full or partial payment. The association shall hold the stock as security for the payment of the note, but such retention as security shall not affect the member's right to vote. Acts 1984, ch. 864, § 23. Cross-References. Purchase of common stock by association, § 59-13-128 .
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 59-13-123
What does Tennessee Code Annotated § 59-13-123 cover?
Section 59-13-123 ("Conditions of issuing stock.") 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 § 59-13-123?
A common citation format is "Tennessee Code Annotated § 59-13-123" (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 § 59-13-123 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.