§ 9-22-101. Short Title

This chapter shall be known and may be cited as the “Perfection, Priority and Enforcement of Public Pledges and Liens Act.”

§ 9-22-102. Intent

It is the intent and purpose of this chapter to clarify the statutory framework governing the perfection, priority and enforcement of pledges and liens made or granted in connection with the issuance of public obligations, and to preserve the customary practices with respect to these matters that have developed in the state of Tennessee among […]

§ 9-22-103. Chapter Definitions

In this chapter: Except as provided in the following sentence, the term “collateral” means any revenues, operating income, fees, rents, tolls or other charges received or receivable by an issuer from any public works project or otherwise, rights to payment and other rights under agreements, rights to and receipts of tax collections and revenues, rights […]

§ 9-22-104. Perfection of Pledges or Liens

The grant of a pledge or the creation of a lien on collateral by an issuer, which grant or creation is otherwise authorized under Tennessee law, shall be valid and binding from the time that the pledge or lien is created or granted and shall inure to the benefit of the holder or holders of […]

§ 9-22-105. Priority of Pledges or Liens

Public obligations evidenced by multiple bonds, notes, certificates or other instruments of the same issue shall be equally and ratably secured, without priority by reason of number, date, date of sale, date of execution or date of delivery, by any pledge or lien created or granted on collateral to secure the payment thereof, unless otherwise […]

§ 9-22-106. Enforcement of Pledges or Liens

The manner in which the holder or holders of public obligations may enforce the pledge or lien created by an issuer with respect thereto shall be governed by Tennessee law authorizing the creation of such pledge or lien, and, subject to such provisions of Tennessee law, the terms of the official action authorizing such public […]

§ 9-22-107. Impairment of Contract

Nothing in this chapter shall be deemed in any way to alter the terms of any agreements made with the holders of any public obligations of an issuer or to authorize an issuer to alter the terms of any such public obligations, or to impair, or to authorize any issuer to impair, the rights and […]

§ 9-22-108. Supplementary Nature

This chapter shall be in addition to and supplemental to all other laws of Tennessee; provided, that wherever the application of this chapter conflicts with the application of such other provisions, such other provisions shall prevail.