Bass, Berry & Sims attorney Riney Green co-authored the article describing and espousing the benefits of the recent statutory changes to the Tennessee Business Corporation Act (TBCA). Riney chaired the Tennessee Bar Association committee that drafted this and certain other amendments to the TBCA during the last few years. The 2015 amendment, which includes a new provision at Section 48-24-109, was passed overwhelmingly by the Tennessee Legislature in March 2015. As stated in the article, "... directors of active Tennessee corporations, just like directors of companies incorporated in other states, will continue to have the benefit of the fundamental shield from personal liability for corporate debts that is established by other Tennessee corporate code provisions and settled case law as they make financial decisions outside of an official dissolution."
The full article "Rebuttal: New Corporate Law Does Not Make Directors Personally Liable for Company Debts," was published by the Nashville Business Journal on June 4, 2015 and is available online.