Amends TCA Title 35.
Tennessee HB0323 amends Title 35 of the Tennessee Code Annotated by changing the burden of proof for debtors seeking to challenge the sale price of foreclosed property. It shifts the standard from a "preponderance of the evidence" to "clear and convincing evidence" for debtors to demonstrate that the foreclosure sale price was materially less than the fair market value. This change affects debtors involved in foreclosure proceedings and alters the evidentiary standard required to rebut the presumption that the sale price reflects fair market value.
Tennessee HB0323 amends Title 35 of the Tennessee Code Annotated by changing the burden of proof for debtors seeking to challenge the sale price of foreclosed property. It shifts the standard from a "preponderance of the evidence" to "clear and convincing evidence" for debtors to demonstrate that the foreclosure sale price was materially less than the fair market value. This change affects debtors involved in foreclosure proceedings and alters the evidentiary standard required to rebut the presumption that the sale price reflects fair market value.
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