7-32-136 - Prepayment of installments.
7-32-136. Prepayment of installments.
(a) Any property owner who elects to pay the property owner's assessments in five (5) annual installments pursuant to § 7-32-134 shall have the right and privilege of paying the assessment in full at any installment period by paying the full amount of the installments, together with all accrued interest, and an additional sum equal to one half (½) the annual interest on the installments.
(b) Notwithstanding subsection (a), an owner of property subject to an assessment may irrevocably waive the owner's right to prepay the assessment in the contract for installment payments described in § 7-32-134 or by otherwise evidencing waiver in writing.
[Acts 1913 (1st E.S.), ch. 18, § 7; Shan., § 1991a32; Code 1932, § 3439; T.C.A. (orig. ed.), § 6-1136; Acts 2007, ch. 493, § 9.]