Transfer of money; transfer of funds from deposit account
Known as the Uniform Commercial Code
The act spans §§ 47-1-101 to 47-9-809 (578 sections).
Applied in 2 court decisions — leading case Limor v. First National Bank (In Re Cumberland Molded Products, LLC) (2010)
Most recently applied in 903 F. Supp. 2d 568 - American Bank, FSB v. Cornerstone Community Bank (October 2012)
Acts 2000, ch. 846, § 1.
(1) Transferee of money. A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
(2) Transferee of funds from deposit account. A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.