Sale or Transfer

  1. Law
  2. Tennessee Code
  3. Cemeteries
  4. Regulation of Cemeteries
  5. General Provisions
  6. Sale or Transfer

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  1. No later than thirty (30) days prior to the sale or transfer of any cemetery required to be registered by this chapter, or the sale or transfer of a controlling interest in the cemetery company that owns the cemetery, the transferor shall notify the commissioner in writing, and:
    1. Submit any documentation or records the commissioner may require in order to determine the amount of any indebtedness of the transferor to the pre-need merchandise and services trust account or the improvement care trust fund; and
    2. Disclose any agreements between the transferor and transferee regarding:
      1. Any existing cemetery trust accounts established pursuant to this chapter; and
      2. Assumption or disclaimer of liabilities of the transferor.
  2. Except as provided in subsection (c), the transferee shall not be entitled to a certificate of registration for the cemetery until:
    1. Subsection (a) has been complied with; and
    2. Any indebtedness of the transferor to the pre-need merchandise and services trust account or the improvement care trust fund has been liquidated.
  3. Notwithstanding indebtedness of the transferor to the pre-need merchandise and services trust account or the improvement care trust fund, the commissioner may issue a certificate of registration to the transferee, if the commissioner determines that:
    1. The sale or transfer is in the best interests of the maintenance and continued operation of the cemetery;
    2. The sale or transfer is not designed to circumvent this chapter; and
    3. The transferee has satisfactorily agreed to liquidate the indebtedness to the maximum feasible extent.
  4. The state may, for the benefit of the pre-need merchandise and services trust account or the improvement care trust fund:
    1. Recover from the transferor all sums that the transferor has not properly accounted for and paid into the fund; and
    2. Recover from the transferee all sums that the transferee has not properly accounted for and paid into the fund.
  5. The issuance of a certificate of registration under this section shall not operate to release any person, firm or corporation from any obligations to the pre-need merchandise and services trust account or the improvement care trust fund.


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