Tennessee Code Title 49. Education § 49-13-110

(b)(1) A charter agreement expires ten (10) academic years after the first day of instruction.  A public charter school may delay, for a period not to exceed one (1) academic year, the school's initial opening.  If the public charter school requires a delay in the school's initial opening of more than one (1) academic year, then the school must obtain approval of the delay from the school's authorizer.

(2) A charter agreement for a public school that is converted to a public charter school as an intervention option for a priority school in the progressive tiered intervention system established in § 49-1-602(b)(2) expires five (5) academic years after the first day of instruction.  A public school that is converted to a public charter school as an intervention option for a priority school in the progressive tiered intervention system may open the academic year immediately following its conversion.

(f)(1) Upon the termination of a charter agreement and upon the closure of a public charter school for any reason, any unencumbered public funds from the public charter school automatically revert back to the authorizer.  If a charter agreement is terminated and the public charter school is closed, all property and improvements, furnishings, and equipment purchased with public funds automatically revert back to the LEA, subject to complete satisfaction of any lawful liens or encumbrances.

(2) If a public charter school is closed for any reason, then the public charter school is responsible for all debts of the public charter school.  The authorizer shall not assume the debt from any contract for goods or services made between the governing body of the public charter school and a third party, except for a debt that is previously detailed and agreed upon in writing by the authorizer and the governing body of the public charter school, and that may not reasonably be assumed to have been satisfied by the authorizer.