Tennessee Code Title 45. Banks and Financial Institutions § 45-4-1211

(a) The corporation and all properties at any time owned by it, with the exception of real estate properties, and the income therefrom shall be exempt from all taxation in this state.

(b) Also, for the purposes of the Tennessee Securities Act of 1980, compiled in title 48, chapter 1, part 1, and any amendment thereto or substitution therefor, notes, bonds, debentures and other obligations issued by the corporation shall be deemed to be securities issued by a state-chartered credit union as more specifically defined in § 48-1-103(a)(5).