Tennessee Code Title 66. Property § 66-2-308

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

(a) This part does not impose liability on a person licensed under the Tennessee Real Estate Broker License Act of 1973, compiled in title 62, chapter 13; an attorney licensed in this state or licensed in another state and handling a matter governed by the law of this state; a title insurance company or an agent licensed in this state; a state or national bank, bank holding company, or its affiliates or subsidiaries; a savings and loan association or savings bank; a credit union; an industrial loan or thrift company; or a mortgage lender licensed by the department of financial institutions who is involved in a transaction in which a prohibited foreign party or prohibited foreign-party-controlled business acquired or held an interest in property in violation of this part.

(b) This part does not apply to a prohibited foreign party or prohibited foreign-party-controlled business that possesses an interest in agricultural land or non-agricultural land if such prohibited foreign party or prohibited foreign-party-controlled business:

(1) Is duly registered and in good standing with the secretary of state as of the later of:

(A) January 1, 2025;

(B) The date that the party is designated as a prohibited foreign party; or

(2) Has:

(A) Been approved by the committee on foreign investment in the United States (CFIUS); or

(B) Previously received a determination that there are no unresolved national security concerns or that pending actions under Section 721 of the Defense Production Act of 1950 (50 U.S.C. App. 2170) are concluded with respect to a covered transaction, as defined in 31 C.F.R. § 800.213; provided, that such prohibited foreign party or prohibited foreign-party-controlled business has not undergone a change in control constituting a covered control transaction, as defined in 31 C.F.R. § 800.210, since such determination.

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Cite this article: FindLaw.com - Tennessee Code Title 66. Property § 66-2-308 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-66-property/tn-code-sect-66-2-308/

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