Default

  1. Law
  2. Tennessee Code
  3. Public Finances
  4. State Funds, State Budget and Appropriations
  5. Definitions
  6. Default

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“Default” may include, but is not limited to:

  1. The failure of any state depository to return any state deposit, including earned interest, in accordance with the terms of the deposit contract;
  2. The failure of any state depository to pay any check, draft or warrant drawn by the state treasurer;
  3. The failure of any state depository to honor any request for electronic transfer of funds to the state;
  4. The failure of any state depository to account for any check, draft, warrant, order, deposit certificate or money entrusted to it by the state;
  5. The issuance of any order of any court or the taking of any formal action by any supervisory authority, which has the effect of restraining a state depository from making payments of deposit liabilities;
  6. The appointment of a receiver for a state depository; or
  7. Any other action which the state treasurer determines to place state deposits in jeopardy.


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