56-2-411 - Citizens procuring insurance with foreign fire or marine companies Liability for taxes. - Tennessee Statutes

56-2-411. Citizens procuring insurance with foreign fire or marine companies Liability for taxes.

Under §§ 56-2-409, 56-2-410 and this section are also included citizens of this state procuring and holding insurance contracts or policies in fire, fire marine, or marine insurance companies or associations upon property situated or located in this state in companies not authorized to transact business in this state; and the procuring or accepting policies or contracts of the insurance in the unauthorized companies or associations makes every citizen holding the contracts or policies liable for taxes, the same as if each company or association was duly authorized to transact business in this state.

[Acts 1899, ch. 430, § 5; Shan., § 3369a63; Code 1932, § 6345; T.C.A. (orig. ed.), §§ 56-318, 56-240.]