Chapter Definitions in Addition to the Definitions in § 68-215-103

  1. Law
  2. Tennessee Code
  3. Health, Safety and Environmental Protection
  4. Tennessee Petroleum Underground Storage Tank Act
  5. Indicia of Ownership
  6. Chapter Definitions in Addition to the Definitions in § 68-215-103

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As used in this chapter, unless the context otherwise requires:

  1. “Borrower”, “debtor”, or “obligor” means a person whose petroleum underground storage tank or UST system is encumbered by a security interest. These terms are used interchangeably;
  2. “Foreclosure” or “foreclosure and its equivalent” means purchase at a foreclosure sale, acquisition or assignment of title in lieu of foreclosure, termination of a lease or other repossession, acquisition of right to title or possession, an agreement in satisfaction of the obligation, or any other formal or informal manner (whether pursuant to law under warranties, covenants, conditions, representations or promise from the borrower) by which the holder acquires title to or possession of secured property;
  3. “Holder” means a person who maintains indicia of ownership primarily to protect a security interest in a petroleum underground storage tank (UST) system. “Holder” includes the initial holder or purchaser (such as a loan originator), any subsequent holder (such as a successor-in-interest or subsequent purchaser of the security interest on the secondary market), any subsequent assignee, transferee or purchaser from a holder, guarantor of an obligation, surety or any other person who holds ownership who acts on behalf of or for the benefit of a holder;
  4. “Indicia of ownership” means evidence of a security interest, evidence of an interest in a security interest, or evidence of an interest in real or personal property securing a loan or other obligations, including any legal or equitable title to real or personal property acquired incident to foreclosure and its equivalents. Evidence of such interests includes, but is not limited to, mortgages, deeds of trust, liens, surety bonds and guarantees of obligations, title held pursuant to a lease financing transaction in which the lessor does not select initially the leased property (herein “lease financing transaction”), and legal or equitable title obtained pursuant to foreclosure, and its equivalents. Evidence of such interests also includes assignments, pledges or other rights to or other forms of encumbrances against property that are held primarily to protect a security interest. A person is not required to hold title or a security interest in order to maintain indicia of ownership;
  5. “Operation” means the use, storage, filling or dispensing of petroleum contained in a petroleum underground storage tank or a UST system;
  6. “Primarily to protect a security interest” means that the holder's indicia of ownership are held primarily for the purpose of securing payment or performance of an obligation, but does not include indicia of ownership held primarily for investment purposes, nor ownership indicia held primarily for purposes other than as a protection of a security interest. A holder may have other, secondary reasons for maintaining indicia of ownership, but the primary reason why ownership indicia are held shall be for protection of a security interest;
  7. “Security interest” means an interest in a petroleum underground storage tank or UST system or petroleum site which is created or established for the purpose of securing a loan or other obligation. “Security interest” includes, but is not limited to, mortgages, deeds of trust, liens and title pursuant to lease financing transaction. A “security interest” may also arise from transactions such as sale and leasebacks, conditional sales, installment sales, trust receipt transactions, certain assignments, factoring agreements, accounts receivable financing arrangements, inventory and/or other personal property financing arrangements and consignments, if the transaction creates or establishes an interest in a petroleum underground storage tank or UST system or petroleum site for the purpose of securing a loan or other obligation; and
  8. “UST system” means an underground storage tank, connected underground piping, underground ancillary equipment and containment system, if any.


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