70-5-104 - Payment for lands and waters Procedure upon default.
70-5-104. Payment for lands and waters Procedure upon default.
(a) In acquiring lands and waters for wildlife preserves and in executing contracts for the purchase, sale, or lease of such state wildlife preserves, as provided for in §§ 70-1-302(a) and (b), 70-5-102 and 70-5-103, the agency is authorized to acquire and pay for such lands and waters in the name of the state over a period of years, and is authorized to execute promissory notes as evidence of the deferred payments, such notes in no event to bear interest in excess of three percent (3%) per annum, but shall incur no personal liability by reason of the execution of such deferred purchase money notes.
(b) In the event the state defaults in the payment of such purchase money notes, the holder or holders of vendors' liens to secure the payment of the purchase price shall have a right to bring a proceeding in rem in a court of competent jurisdiction for the purpose of enforcing such vendors' liens and acquiring title to the property, but in no event shall the holder of such vendors' liens or deferred notes have a right to obtain a deficiency judgment against the state or any state official.
[Acts 1939, ch. 162, § 1; impl. am. Acts 1949, ch. 50, § 10; C. Supp. 1950, § 5178.13 (Williams, § 5176.6); impl. am. Acts 1974, ch. 481, §§ 5, 22; Acts 1974, ch. 481, § 21; modified; T.C.A. (orig. ed.), § 51-604.]