§ 56-15-101 — General powers - Right to become sureties - Banking business prohibited

Fidelity or bonding corporations have the power to execute as surety, and guarantee the performance of: (1) All bonds, stipulations, or undertakings conditioned for the faithful performance of any duty, public or private, including the bonds and obligations of such a character, as well of private individuals as of public officers, whether state, county, or municipal; (2) All bonds and obligations required to be executed in the course of judicial proceedings in any of the courts of the state; and (3) All bonds of administrators, executors, guardians and trustees, and of all persons acting in a fiduciary capacity, whether acting under the authority of any court of this state, or by virtue of a deed, will or other instrument executed by a private individual or corporation, or by virtue of any appointment to any position of trust or confidence by any private individual or corporation; provided, that no fidelity or bonding company shall receive deposits subject to check, or do a general banking business. A fidelity or bonding company that receives deposits subject to check, or does a general banking business commits a Class C misdemeanor.

Legislative History

Acts 1895, ch. 113, § 2; Shan., § 2213; mod. Code 1932, § 3945; modified; T.C.A. (orig. ed.), § 56-1401; Acts 1989, ch. 591, § 113.