An action may be brought by the corporation against any member to recover all assessments that the member may neglect or refuse to pay, made upon the member under this chapter, or by the bylaws of the corporation. If the corporation is compelled to bring any such action in order to collect any such assessment, it may recover the amount so assessed, with fifty percent (50%) to be added to the amount, in addition to lawful interest, as a penalty for the neglect and refusal to pay within the time required.
Tenn. Code Ann. § 56-20-108
Actions to recover assessments — Penalty and interest
Known as the Tennessee Insurance Law
The act spans §§ 56-10-101 to 56-8-206 (1,220 sections).
Acts 1895, ch. 220, § 8; Shan., § 3361; Code 1932, § 6243; T.C.A
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.