§ 54-12-425 — Compensation of trustee for receiving and paying out money derived from sale of bonds and warrants - Bond and compensation of successor

Tennessee § 54-12-425

• Jurisdiction: Tennessee
• Title: 54

Text

(a) (1) The county trustee, for receiving and paying out money received from the sale of bonds and warrants issued and sold under this part, shall be entitled to a commission of one-half of one percent (0.5%) for receiving the money, and one-half of one percent (0.5%) for paying out the money. (2) Any moneys and funds remaining with the county trustee at the expiration of the county trustee's term of office shall be paid over to the county trustee's successor when the successor has executed bond for the moneys and funds as provided in this part. (b) It is the duty of the succeeding trustee to execute the bond, and failure to do so shall result in liability for the penalties provided for the failure. (c) The trustee actually disbursing the funds arising from the sale of bonds or warrants shall be entitled to the commission of one-half of one percent (0.5%); provided, the successor shall not be entitled to any commissions for receiving the funds from the trustee's predecessor.

Legislative History

Acts 1919, ch. 193, § 109; Shan. Supp., § 1682a123; Code 1932, § 2938; T.C.A. (orig. ed.), § 54-1625.