9-4-812 - Liability Actions under contracts. - Tennessee Statutes

9-4-812. Liability Actions under contracts.

(a)  Notwithstanding any other statute to the contrary, the state trust and the state of Tennessee are liable in accordance with the provisions of contracts between the state trust and the federal reserve bank of Atlanta or any other federal reserve bank, which contracts have been duly authorized by its board of directors and further its statutory purposes. In addition, the state trust and the state of Tennessee are liable under such contracts in accordance with the terms therein, which terms may incorporate obligations imposed under state law and federal regulations. Such contracts may contain agreements to indemnify for costs and attorneys' fees.

(b)  To the extent of its contracts with the federal reserve bank of Atlanta or any other federal reserve bank, the state trust and the state of Tennessee may sue and be sued in federal district court or any other court of competent jurisdiction, for all remedies provided in such contracts, state law and federal regulations. Any action brought under such contract is subject to the statute of limitations prevailing in such jurisdiction. This provision does not alter or affect the immunity accorded to state officials and employees under state law.

[Acts 1989, ch. 115, § 1.]