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Current as of January 02, 2024 | Updated by Findlaw Staff
(a)(1) The county trustee, for receiving and paying out money received from the sale of bonds and warrants issued and sold under this part, shall be entitled to a commission of one-half of one percent (0.5%) for receiving the money, and one-half of one percent (0.5%) for paying out the money.
(2) Any moneys and funds remaining with the county trustee at the expiration of the county trustee's term of office shall be paid over to the county trustee's successor when the successor has executed bond for the moneys and funds as provided in this part.
(b) It is the duty of the succeeding trustee to execute the bond, and failure to do so shall result in liability for the penalties provided for the failure.
(c) The trustee actually disbursing the funds arising from the sale of bonds or warrants shall be entitled to the commission of one-half of one percent (0.5%); provided, the successor shall not be entitled to any commissions for receiving the funds from the trustee's predecessor.
Cite this article: FindLaw.com - Tennessee Code Title 54. Highways, Bridges and Ferries § 54-12-425 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-54-highways-bridges-and-ferries/tn-code-sect-54-12-425/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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