General Powers — Right to Become Sureties — Banking Business Prohibited

  1. Law
  2. Tennessee Code
  3. Insurance
  4. Fidelity and Bonding Companies
  5. General Powers — Right to Become Sureties — Banking Business Prohibited

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Fidelity or bonding corporations have the power to execute as surety, and guarantee the performance of:

  1. 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;
  2. All bonds and obligations required to be executed in the course of judicial proceedings in any of the courts of the state; and
  3. 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.


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