9-4-102 - Default. - Tennessee Statutes

9-4-102. Default.

“Default” may include, but is not limited to:

     (1)  The failure of any state depository to return any state deposit, including earned interest, in accordance with the terms of the deposit contract;

     (2)  The failure of any state depository to pay any check, draft or warrant drawn by the state treasurer;

     (3)  The failure of any state depository to honor any request for electronic transfer of funds to the state;

     (4)  The failure of any state depository to account for any check, draft, warrant, order, deposit certificate or money entrusted to it by the state;

     (5)  The issuance of any order of any court or the taking of any formal action by any supervisory authority, which has the effect of restraining a state depository from making payments of deposit liabilities;

     (6)  The appointment of a receiver for a state depository; or

     (7)  Any other action which the state treasurer determines to place state deposits in jeopardy.

[Acts 1985, ch. 118, § 14.]