Tennessee § 8-19-503 - Unauthorized settlement with bonding company.
Full text of Tennessee Tennessee Code Annotated § 8-19-503 — Unauthorized settlement with bonding company., with citation guidance and answers to common questions.
§ 8-19-503. Unauthorized settlement with bonding company.
If any agency of the state or any official or employee of the state makes such demand and settlement, without the prior approval of the comptroller of the treasury, for the loss of moneys of the state or the unauthorized removal of state property, and at a later time it is determined through audit or other investigation that settlement of the loss was made and had on an improper or incomplete basis, then the bonding company which guaranteed faithful performance by the employee responsible for such shortage in state moneys or property shall be liable to the state for any additional moneys or property found to be due the state up to the limit of such bond. If there still are moneys or property due to be reimbursed to the state, on account of such shortage in state moneys or property, then the bonding company of the employee making such unauthorized settlement shall be liable for any remaining amount still due the state up to the limit of such bond. Any moneys collected hereunder shall be paid into the state treasury. Acts 1963, ch. 88, § 3; T.C.A., § 8-1956.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 8-19-503
What does Tennessee Code Annotated § 8-19-503 cover?
Section 8-19-503 ("Unauthorized settlement with bonding company.") 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 § 8-19-503?
A common citation format is "Tennessee Code Annotated § 8-19-503" (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 § 8-19-503 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.