56-21-107 - Return to guarantors upon retirement or liquidation of guaranty capital. - Tennessee Statutes

56-21-107. Return to guarantors upon retirement or liquidation of guaranty capital.

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.

[Acts 1907, ch. 461, § 4; Shan., § 3369a12; Acts 1921, ch. 160, § 4; Code 1932, § 6263; T.C.A. (orig. ed.), § 56-2009.]