Allan F. Ramsaur, TBA Executive Director
(800) 899-6993 or (615) 277-3200
aramsaur@tnbar.org
January 20, 2005
TBA package includes major rewrites of LLC, Lien laws
Several pieces of the TBA’s legislative package fell in place this past week, when the TBA House of Delegates and Board of Governors gave their support to proposals that would revise limited liability law and lien law. The board also gave its support to proposed legislation regarding spousal support and probate law.
The proposed Limited Liability Company Act is a complete rewrite and simplification of Tennessee’s 10-year-old statute. One part of the proposed legislation, for example, takes advantage of changes in federal tax law that makes it simpler for an entity to be considered a LLC for tax purposes.
The bill was prepared by the TBA Business Law Section.
The TBA’s Special Committee on Mechanics and Materialman’s Lien Law’s proposal is also a major revision. This Tennessee Construction Lien Act would revamp mechanics and materialsman’s liens to reduce overly technical and antiquated procedures. A major thrust of the revision is a move to a system similar to that adopted in Ohio, where people can put each other on notice early in the process to permit the owner to take effective self-help remedies to assure that the subcontractors and suppliers of materials actually get the money they are owed.
On the issue of spousal support, the TBA’s proposal would divorce the statutory provisions of child support from those of parental support (aka alimony), without changing any substantive rights.
The TBA Board also endorsed the annual efforts by the Tennessee Probate Study Group to modernize and update various sections of estate and probate law.
Keep up to date on legislation of interest
The TBA bill tracking service lets you read abstracts of bills, check their status in both houses, find out who is sponsoring them and link to full versions of the legislation.
TBA Watch List Monitor close to 300 bills and resolutions of interest to the Tennessee legal community.
TBA Action List Monitor legislation in which the TBA has an interest of record — bills the TBA initiated, bills on which the TBA has taken a position or bills on which the TBA has policy.
Questions, comments? Contact TBA Legislative Counsel Steve Cobb at SAC@wallerlaw.com or TBA Executive Director Allan F. Ramsaur at aramsaur@tnbar.org
