Tenn. Code Ann. § 65-29-131: Securities act exemption

Title 48, chapter 16 shall not apply to any note, bond, or other evidence of indebtedness issued by any cooperative or foreign corporation transacting business in this state pursuant to this chapter to the United States or any agency or instrumentality thereof, or to any mortgage or deed of trust executed to secure the same. Title 48, chapter 16, as amended, shall not apply to the issuance of membership certificates or equity certificates by any cooperative or any such foreign corporation.