Tennessee § 9-4-409 - Trustee custodians.
Full text of Tennessee Tennessee Code Annotated § 9-4-409 — Trustee custodians., with citation guidance and answers to common questions.
§ 9-4-409. Trustee custodians.
When any trustee custodian holds collateral for a state depository which is related to the custodian through shared ownership or control, such collateral shall be held in a restricted account at a federal reserve bank or branch thereof or at a federal home loan bank or branch thereof. The state treasurer is expressly authorized either in person or by agent to examine and check the collateral held by the trustee custodian and to require reasonable reports from the trustee custodian. Neither the state nor the state treasurer is liable to the state depository for eligible collateral deposited with or held by any trustee custodian, for any loss arising from any breach of the trust or agreement or from any other cause while such eligible collateral is in the possession or custody of such trustee custodian pursuant to a trust receipt. Acts 1985, ch. 118, § 39; 1990, ch. 702, § 7. Cross-References. Applicability to trustee custodians, § 9-4-505 .
Frequently Asked Questions About Tennessee § 9-4-409
What does Tennessee Code Annotated § 9-4-409 cover?
Section 9-4-409 ("Trustee custodians.") 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 § 9-4-409?
A common citation format is "Tennessee Code Annotated § 9-4-409" (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 § 9-4-409 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.