Tennessee § 8-11-103 Minimum amount of bond - Determination - Surety

Tennessee Statutes

§ 8-11-103 — Minimum amount of bond - Determination - Surety

(a)The minimum amount of the official bond executed by each county trustee for each term of office, as required by § 8-11-102 , shall be determined from the amount of revenues handled by the trustee during the last fiscal year audited by the comptroller of the treasury, or from the last audit approved by the comptroller of the treasury which was duly prepared in counties using certified public accountants.

(b)(1) If the official bond of the county trustee is executed by a surety company authorized to transact business in this state, the minimum amount of the bond shall be based on the revenues as follows:

(A)Four percent (4%) up to three million dollars ($3,000,000) of the funds collected by the office; and (B) Two percent (2%) of the excess over three million dollars ($3,000,000) shall

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(a) The minimum amount of the official bond executed by each county trustee for each term of office, as required by § 8-11-102 , shall be determined from the amount of revenues handled by the trustee during the last fiscal year audited by the comptroller of the treasury, or from the last audit approved by the comptroller of the treasury which was duly prepared in counties using certified public accountants. (b) (1) If the official bond of the county trustee is executed by a surety company authorized to transact business in this state, the minimum amount of the bond shall be based on the revenues as follows: (A) Four percent (4%) up to three million dollars ($3,000,000) of the funds collected by the office; and (B) Two percent (2%) of the excess over three million dollars ($3,000,000) shall be added. (2) The amounts indicated in subdivisions (b)(1)(A) and (B) shall be cumulative. (c) (1) If the official bond of the county trustee is executed by personal sureties, the minimum amount of the bond shall be based on revenues as follows: (A) Six percent (6%) up to three million dollars ($3,000,000) of the funds collected by the office; and (B) Four percent (4%) of the excess over three million dollars ($3,000,000) shall be added. (2) The amounts indicated in subdivisions (c)(1)(A) and (B) shall be cumulative. (d) [Deleted by 2023 amendment.] (e) [Deleted by 2023 amendment.]

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Legislative History

Amended by 2023 Tenn. Acts, ch. 207, s 9, eff. 7/1/2023. Amended by 2013 Tenn. Acts, ch. 315, Secs.s 5, s 6eff. 4/29/2013. Acts 1868-1869, ch. 41, § 1; Shan., § 522; mod. Code 1932, §774; Acts 1959, ch. 187, §§ 1-4; impl. am. Acts 1978, ch. 934, §§ 7, 36; modified; T.C.A., § 8-1103.