(a) If, at any time after the execution of any surety bond, the surety or sureties on the bond become insolvent, the commissioner may require the execution of a new bond with good and solvent surety in the same manner and with the same penalty as the bond being replaced. The bond shall be subject to the approval of the commissioner.

Terms Used In Tennessee Code 67-3-613

  • Commissioner: means the commissioner of revenue or the commissioner's designated subordinate official. See Tennessee Code 67-3-103
  • Person: means a natural person, partnership, firm, association, corporation, limited liability company, court appointed representative, state, political subdivision or any other entity, group, or syndicate. See Tennessee Code 67-3-103
(b) Any person executing a bond under this part may, at any time prior to default under any existing bond, apply to the commissioner for leave to cancel the existing bond and file a new bond with a new surety.
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