When guaranty capital is being retired or liquidated, if the guarantors have made their contributions in cash, a like amount of cash shall be repaid them; but if the same has been made in securities, the securities if not disposed of, or their cash value at the time of their sale if disposed of, shall be returned to the guarantor contributing them, or the return of the guaranty capital shall be made on such other terms as are agreed upon when the securities are deposited by the guarantor.
Tenn. Code Ann. § 56-21-107
Return to guarantors upon retirement or liquidation of guaranty capital
Known as the Tennessee Insurance Law
The act spans §§ 56-10-101 to 56-8-206 (1,220 sections).
Acts 1907, ch. 461, § 4; Shan., § 3369a12; Acts 1921, ch. 160, § 4; Code 1932, § 6263; 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.