Tennessee Senate Bill SB0253

Tennessee 2023-2024 Regular Session

• Introduced: 1/19/23
• Engrossed: 2/13/23
• Enrolled: 2/24/23
• Passed: 3/10/23
• Chaptered: 3/23/23

Caption

AN ACT to amend Tennessee Code Annotated, Section 10-7-303 and Section 12-2-108, relative to the preservation of leases.

Impact

By establishing permanent preservation requirements for lease records, SB 253 significantly impacts how leases are managed and maintained by relevant authorities and organizations. The alteration in the preservation timeframe reflects an increasing emphasis on documentation and record-keeping standards. This change could enhance legal protections regarding lease agreements, as the perpetual availability of lease records would support enforcement and resolution of disputes in the future.

Summary

Senate Bill 253 aims to amend specific provisions in the Tennessee Code Annotated related to the preservation of leases. The bill proposes amendments to Sections 10-7-303 and 12-2-108, which pertain to the requirements for preserving lease documents. The most significant change introduced in the bill is the mandate for leases to be preserved indefinitely, ensuring these records are kept in an appropriate electronic or other storage media.

Sentiment

The sentiment surrounding SB 253 appears to be largely positive, with support arising from various stakeholders who appreciate the bill's focus on maintaining historical records. Advocates for the bill express that preserving lease agreements indefinitely could prevent potential issues arising from lost or inaccessible documents, reinforcing trust between parties involved in lease agreements. However, some concerns may exist about the practicality of maintaining such records on a permanent basis, including the costs associated with long-term digital storage.

Contention

While no major points of contention surfaced during the discussion surrounding SB 253, it is worth noting the implications of enforcing strict preservation requirements. Critics might raise concerns about the increased administrative burdens placed on institutions responsible for maintaining these records. Additionally, questions could arise regarding the appropriateness of the specified methods of storage and how they might evolve with technological advancements.