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Legalease, Lawyer
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Experience:  15 years exp all aspects of general law
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In Tennessee, The Auction commission by-laws state that the

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In Tennessee, The Auction commission by-laws state that the commission maintain a recovery account(trust account) with a minimum balance of $150,000. They have a current balance of 26,000. In your opinion, would they fail to still be a governing body since they are not in accordance with their own laws? Thanks

Tn law 62-19-116 is where u will find this...
Submitted: 6 years ago.
Category: Legal
Expert:  Legalease replied 6 years ago.

Hello. Title 62 of the Tennessee code are statutes -- not by-laws. The governing bodies that are created under this statute (to oversee the auction profession and other professions) are given their authority to exist and operate by the state legislature -- and unless the state legislature sets out additional laws governing when these governing bodies may be terminated, then there is no termination mechanism -- unless someone files a bill in the legislature to abolish this agency (or any other agency) and the legislature votes on the bill and approves that bill to abolish the TN Auction commission, it could be the most corrupt, badly run state body in the country and continue limping along that way forever.


And, the legislature did consider what will happen if there is a shortfall in the account -- 62-19-116 (i) states that the Auction Commission cannot pay out any additional monies from the account until the account holds more than 150K again -- after a careful review of the statute and the statutes of other licensing authorities in TN (contractors, etc) there are no laws to give any guidance on what should be done if any accounts for professional license violation payouts fall below the statutory limits.


So, if you believe that something SHOULD be done about the shortfall, you should contact your local state representatives (to the TN legislature) and make them aware of this huge shortfall and you should also contact the TN Attorney General's office -- the AG's office is charged with the oversight of all state agencies and the AG's office should pick this up as an investigation to determine if the funds have simply been mismanaged or have actually been embezzled. If nothing else, because 62-19-116. 2 (m) requires the agency to sustain the fund from fines and fees to auctioneers, the TN auction commission will raise rates and fees where it can without legislative intervention and then will ask the legislature for permission to raise fees and fines in places where the current statute does not permit them to do so.


BotXXXXX XXXXXne - NO, the Auction Commission is not automatically abolished because it failed to comply with the law on the 150K account -- Only the legislature that created the commission can either abolish the commission by direct legislative act OR amend the current law stating that if the fund falls below 150K (or any other laws are violated), then the Commission is abolished. Because the legislature has done nothing and the governing laws do not go far enough, the commission is not abolished under these circumstances.




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