TN HB1915

Receivership proceedings in Tennessee cannot interfere with or limit the rights of holders whose property interests are superior to the party initiating the receivership, unless the superior interest holder expressly consents

"Superior" interest is defined as priority under state law, including prior-recorded deeds of trust, earlier-filed UCC financing statements, and secured creditors' interests over the interests of grantors or debtors

Exclusive jurisdiction in receivership does not override enforceable venue, jurisdiction, or choice of law agreements held by superior interest holders

Superior interest holders who intervene in receivership proceedings to establish their priority are entitled to reasonable attorney's fees and costs if the court confirms their superior status

Takes effect upon becoming law and applies to proceedings initiated on or after the effective date