Tennessee § 67-3-1203 - Bond.
Full text of Tennessee Tennessee Code Annotated § 67-3-1203 — Bond., with citation guidance and answers to common questions.
§ 67-3-1203. Bond.
In the event the commissioner determines that a bond is needed to protect state revenue, the application for a permit or license shall be accompanied by a bond, the form of which shall be prescribed by the department. The bond shall be at least twice the estimated average quarterly, or annually, if the user is filing annual, tax liability of the user. The required bond shall be conditioned upon quarterly, or annual, in the case of annual filers, payment on or before the due date, of the highway user fuel tax imposed per each gallon of gasoline, motor fuel or alternative fuel, used in the operation of a qualified motor vehicle on the highways of Tennessee. Instead of a personal or corporate surety on such bond, the commissioner may allow the bond to be secured by deposit of collateral, having a face value equal to the bond amount, in the form of a certificate of deposit, or equivalent to a certificate of deposit, as accepted and authorized by the banking laws of this state. Such collateral may be deposited with any authorized state depository designated by the commissioner. Acts 1997, ch. 316, § 1; 2001, ch. 166, § 3; T.C.A., § 67-3-2303 ; Acts 2007, ch. 484, § 107. Compiler's Notes. Former title 67, ch. 3, parts 12-24 were transferred to title 67, ch. 3, parts 1-13 in 2003. See the parallel reference table for former and new section locations in § 67-3-101 . Attorney General Opinions. Tax-exempt fuel provided by metropolitan airport authority to independent contractor operating local transit service, OAG 03-094(7/28/03).
Frequently Asked Questions About Tennessee § 67-3-1203
What does Tennessee Code Annotated § 67-3-1203 cover?
Section 67-3-1203 ("Bond.") 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 § 67-3-1203?
A common citation format is "Tennessee Code Annotated § 67-3-1203" (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 § 67-3-1203 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.