Tennessee § 9-4-505 - Trustee custodians.
Full text of Tennessee Tennessee Code Annotated § 9-4-505 — Trustee custodians., with citation guidance and answers to common questions.
§ 9-4-505. Trustee custodians.
Upon being designated as a qualified public depository, the qualified public depository shall select one (1) or more trustee custodians for the deposit of eligible collateral by the qualified public depository. Designation of trustee custodians shall be made in accordance with § 9-4-108. Sections 9-4-408 and 9-4-409 shall apply to trustee custodians designated under this part. Trustee custodians shall submit a report quarterly to the state treasurer providing a description of eligible collateral securities deposited by the qualified public depository and the current par value of eligible collateral, as well as other reasonable reports requested by the state treasurer. Neither the state, the state treasurer, nor the collateral pool shall be liable to either the qualified public depository or the public depositors for eligible collateral deposited with or held by any trustee custodian for any loss arising from any breach of the trust or from any other cause whatsoever. Acts 1990, ch. 1043, § 1. Compiler's Notes. Former part 5, §§ 9-4-501 — 9-4-511 (Acts 1980, ch. 449, §§ 1-10, 12; T.C.A., §§ 9-5-401 — 9-5-410 , 9-5-412 ; Acts 1985, ch. 118, § 40; 1986, ch. 551, §§ 4-7; 1988, ch. 602, §§ 2-6), concerning an alternate method of securing the deposit of state funds, was repealed effective January 1, 1991 by Acts 1990, ch. 1043, § 1, which also enacted a new title 9, ch. 4, part 5 concerning a collateral pool for public deposits, effective January 1, 1991.
Frequently Asked Questions About Tennessee § 9-4-505
What does Tennessee Code Annotated § 9-4-505 cover?
Section 9-4-505 ("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 § 9-4-505?
A common citation format is "Tennessee Code Annotated § 9-4-505" (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 § 9-4-505 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.