Tennessee § 47-25-1217 - Bond of developer.
Full text of Tennessee Tennessee Code Annotated § 47-25-1217 — Bond of developer., with citation guidance and answers to common questions.
§ 47-25-1217. Bond of developer.
Every invention developer rendering or offering to render invention development services in this state shall maintain a bond issued by a surety company admitted to do business in this state. The principal sum of the bond shall be five percent (5%) of the invention developer's gross income from the invention development business in this state during the invention developer's last fiscal year, except that the principal sum of the bond shall not be less than twenty-five thousand dollars ($25,000) in the first or any subsequent year of operations. A copy of such bond shall be filed with the secretary of state prior to the time the invention developer first commences business in this state. The invention developer shall have ninety (90) days after the end of each fiscal year within which to change the bond as may be necessary to conform to the requirements of this section. The bond required by subsection (a) shall be in favor of the state of Tennessee for the benefit of any person who, after entering into a contract for invention development services with an invention developer, is damaged by fraud or dishonesty or failure to provide the services of the invention developer in performance of the contract. Any person claiming against the bond may maintain an action at law against the invention developer and the surety. The aggregate liability of the surety to all persons for all breaches of conditions of the bond provided herein shall in no event exceed the amount of the bond. Acts 1977, ch. 436, §§ 20, 21; T.C.A., § 47-20-117 .
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 47-25-1217
What does Tennessee Code Annotated § 47-25-1217 cover?
Section 47-25-1217 ("Bond of developer.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 47-25-1217?
A common citation format is "Tennessee Code Annotated § 47-25-1217" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 47-25-1217 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.