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Tennessee Code Title 56. Insurance § 56-3-902

Current as of January 02, 2024 | Updated by Findlaw Staff

As used in this part:

(1)(A) “Clearing corporation” means:

(i) A corporation as defined in § 8-102(a) of the Uniform Commercial Code, codified in § 47-8-102(a), as adopted by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, as amended from time to time; and

(ii) “Treasury/reserve automated debt entry securities system” and “treasury direct” book-entry securities systems established pursuant to 5 U.S.C. Part 301, 12 U.S.C. Part 391 and 31 U.S.C. § 3100 et seq.;

(B) With respect to securities issued by institutions organized or existing under the laws of any foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business therein, “clearing corporation” also means a corporation which is organized or existing under the laws of any foreign country and is legally qualified under such laws to effect transactions in securities by computerized book-entry;

(2) “Commissioner” means the commissioner of commerce and insurance;

(3) “Custodian” means a national bank, state bank, federal home loan bank, trust company or broker/dealer that participates in a clearing corporation; and

(4) “Securities” means instruments as defined in § 8-102(a) of the Uniform Commercial Code, codified in § 47-8-102(a), as adopted by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, as amended from time to time.

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Cite this article: FindLaw.com - Tennessee Code Title 56. Insurance § 56-3-902 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-56-insurance/tn-code-sect-56-3-902/

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