Tennessee § 9-4-516 - Voluntary withdrawal from collateral pool.
Full text of Tennessee Tennessee Code Annotated § 9-4-516 — Voluntary withdrawal from collateral pool., with citation guidance and answers to common questions.
§ 9-4-516. Voluntary withdrawal from collateral pool.
A qualified public depository may withdraw from the collateral pool by giving written notice to the state treasurer and to the public depositors having public deposits at the qualified public depository. Notice of withdrawal shall be mailed or delivered in sufficient time to be received by the state treasurer and by the public depositors at least one hundred eighty (180) days before the effective date of withdrawal. The state treasurer shall timely publish the withdrawal notice in the Tennessee Administrative Register which shall constitute notice to all depositors. On the effective date of withdrawal, the state treasurer is authorized to transfer eligible collateral as jointly directed by the public depository and public depositors to ensure that public depositors are adequately collateralized individually. The contingent liability for any loss prior to the effective date of withdrawal of the depository withdrawing from the collateral pool shall continue after the effective date of the withdrawal. The board may establish minimum collateral and reporting requirements sufficient to meet the needs to satisfy any potential contingent liability of a withdrawing qualified public depository. 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ch. 551, §§ 4-7; 1988, ch. 602, §§ 2-6), concerning an alternate method of securing the deposit of state funds, was repealed effective January 1, 1991 by Acts 1990, ch. 1043, § 1, which also enacted a new title 9, ch. 4, part 5 concerning a collateral pool for public deposits,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 § 9-4-516
What does Tennessee Code Annotated § 9-4-516 cover?
Section 9-4-516 ("Voluntary withdrawal from collateral pool.") 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 § 9-4-516?
A common citation format is "Tennessee Code Annotated § 9-4-516" (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 § 9-4-516 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.