Notwithstanding any provisions of the existing laws of this state that may require security for the deposit of the public funds of the state or of any political subdivision of the state or of any municipality created under the laws of the state, in the form of a surety bond, deposit of collateral or otherwise, hereafter no bank receiving the deposits shall be required to furnish any security for the deposits, to the extent that the deposits are now insured under § 8 of the Banking Act of 1933 (12 U.S.C. §§ 1811 et seq.).
Tenn. Code Ann. § 45-2-806
Depositories of public funds exempt from security requirements to extent of deposit insurance
Acts 1969, ch. 36, § 1 (3.322); T.C.A., § 45-506.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.