Tenn. Comp. R. & Regs. 1320-08-09-.02
Whenever an applicant for a new "certificate of title" is unable to satisfy the Department that he is entitled thereto as provided in Chapter 3 of the Motor Vehicle Title and Registration Law, the applicant may nevertheless obtain issuance of such certificate of ownership by filing a bond with the Department as a condition to the issuance thereof: Such bond may be executed by a Corporate Surety Company duly licensed to transact business in the State of Tennessee, or a personal bond with two solvent personal sureties thereon. The bond shall be in an amount equal to one and one-half times the value of the vehicle as determined by the Department. The Surety Bond shall be executed on a form prescribed by the Department. (See Exhibits (a) and (b) which are also a part of this regulation.)
Tenn. Comp. R. & Regs. 1320-08-09-.02
Authority: T.C.A. §§ 55-4-103, 4-2-1903, 67-1-102, 67-1-103, 67-1-105, 67-1-703, 67-1-802, and 67-1-803, Executive Order Number 37 (2000), and Executive Order 36 (2006).
Surety bond must be executed by a surety company authorized to do business in the State of Tennessee; must be executed by an attorney-in-fact and a copy of the power of attorney must be attached. If the attorney-in-fact is not licensed in Tennessee the bond must be countersigned by resident Tennessee Agent.