Amends TCA Title 35.
Tennessee SB0285 amends Title 35 of the Tennessee Code Annotated by changing the burden of proof for debtors challenging the sale price of property at foreclosure sales. Specifically, it shifts the requirement from a "preponderance of the evidence" to "clear and convincing evidence" for debtors to demonstrate that the sale price was materially less than the fair market value. This change affects debtors seeking to rebut the presumption that the foreclosure sale price reflects the property's fair market value at the time of sale.
Tennessee SB0285 amends Title 35 of the Tennessee Code Annotated by changing the burden of proof for debtors challenging the sale price of property at foreclosure sales. Specifically, it shifts the requirement from a "preponderance of the evidence" to "clear and convincing evidence" for debtors to demonstrate that the sale price was materially less than the fair market value. This change affects debtors seeking to rebut the presumption that the foreclosure sale price reflects the property's fair market value at the time of sale.
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