I'm not sure which model tractor you have (TC40 or TC40D), but your post said TC40, so I'll go with that. The brake pedals and parking brake on a TC40 are on the right side of the platform. Other than that, they work similar to the "D" models which have the brakes on the left.
I guess the first question to ask is if your normal brake pedals work? The parking brake just holds the brake pedals in the depressed postion, so if the normal brakes work, you have a parking brake lock mechanism problem. If the normal brakes don't work or your pedals have excessive play, you need to adjust the rod going from the pedal to the brake assy. housing. It almost sounds to me like you don't really have good normal brakes and the actuator rod might even have come loose and your pedals are returning to normal position only because of the return spring. Look under your platform for a loose or damaged part. I'll bet you find your problem.
If all looks normal and you have no brakes at all, you probably do need to get your tractor back to your dealer for service. It should take a long time for the wet brakes on our tractors to wear so much they will not engage.
...my two cents worth.