Tennessee HB1915 protects superior interest holders in receivership proceedings by ensuring their rights are not impeded or limited.
Tennessee HB1915 amends Tennessee Code Annotated, Title 29, to safeguard the rights of superior interest holders in receivership proceedings. It clarifies that actions to establish or enforce priority interests do not imply consent to receivership. The bill defines "superior" interests, such as those of prior recorded deed of trust holders or Uniform Commercial Code financing statement holders. It prohibits courts from limiting or enjoining the rights of superior interest holders and mandates awarding reasonable attorney's fees and costs to intervening parties with superior interests.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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