Tenn. Code Ann. § 66-29-135: Effect of payment or delivery of property to treasurer

On payment or delivery of property to the treasurer under this part, the treasurer, as agent for the state, assumes custody and responsibility for the safekeeping of the property. A holder that pays or delivers property to the treasurer in good faith and who has complied with §§ 66-29-128 and 66-29-129 is relieved of liability to the extent of the value of the property so paid or delivered for any claim which then exists or which thereafter may arise with respect to the property and is indemnified against claims in accordance with this section.