Statutes > Tennessee Statutes > Title 56 - Insurance > Chapter 20 - Mutual or Assessment Fire Insurance Companies > 56-20-111 - Liability for assessments made before exclusion Penalty Limitation of actions.

56-20-111 - Liability for assessments made before exclusion Penalty Limitation of actions.

56-20-111. Liability for assessments made before exclusion Penalty Limitation of actions.

A member liable under § 56-20-110 shall remain liable for the payment of any assessment made prior to the member's exclusion, and for the penalty provided in § 56-20-108, in case action has been or shall be brought against the member therefor, within twelve (12) months after the time it was due.

[Acts 1895, ch. 220, § 8; Shan., § 3363; Code 1932, § 6245; T.C.A. (orig. ed.), § 56-1911.]