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

§ 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: 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; All bonds and obligations required to be executed in the course of judicial proceedings in any of the courts of the state; and 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. Acts 1895, ch. 113, § 2; Shan., § 2213; mod. Code 1932, § 3945; modified; T.C.A. (orig. ed.), § 56-1401; Acts 1989, ch. 591, § 113. Cross-References. Penalty for Class C misdemeanor, § 40-35-111 . Premium tax, § 56-4-205 . Professional bondsmen law, § 40-11-302 . Textbooks. Tennessee Jurisprudence, 4 Tenn. Juris., Bail and Recognizance, § 1; 15 Tenn. Juris., Insurance, § 121. Attorney General Opinions. Approval of sufficient sureties for child support security bonds, OAG 99-184, 1999 Tenn. AG LEXIS 214 (9/17/99).