GroundRules
← Search the law
Tennessee · Snapshot open-us-law v2026.08, retrieved 2026-09-17

Tenn. Code Ann. § 56-3-108: Dividends - Unauthorized payment - Penalty

Read at publisher ↗
Where this section sits in the code
  1. TN Code
  2. Title 56
  3. Chapter 3

(a) It is not lawful for the directors, trustees, or managers of any insurance company incorporated by the laws of this state to make any dividend except from the surplus profits.

(b) Any dividend made contrary to this chapter shall subject the company making the dividend to a forfeiture of its charter, and each stockholder receiving it to a liability to the creditors of the company to the extent of double the amount of the dividend declared.

Collected 2026-09-17T21:51:56Z. Source file · JSON

Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text. Source · License

Tennessee electronic product files were republished by Public.Resource.Org under a public-domain mark. GroundRules uses enacted text from Release 76 only as a labeled supplement to the newer Open US Law rows. Source

Browse this collection