AI-assisted research summary: County officials who collect or receive public money for the state must comply with § 9-4-301.
Every county official collecting or receiving public money from any source whatsoever belonging to or for the use of the state shall comply with § 9-4-301 . Acts 1937, ch. 33, § 28; 1937, ch. 107, § 1; C. Supp. 1950, § 255.28; impl. am. Acts 1959, ch. 9, § 3; impl. am. Acts 1961, ch. 97, § 3; T.C.A. (orig. ed.), § 9-227; Acts 1985, ch. 118, § 6. Textbooks. Tennessee Jurisprudence, 22 Tenn. Juris., Stare Decisis, § 5. NOTES TO DECISIONS 1. Retroactive Divestiture. 1. Retroactive Divestiture. Tax money paid into the treasury of the state becomes the property of the state, with title thereto vested in the state and no opinion of a court changing the construction of a statute can constitutionally operate retrospectively so as to divest the state of title to that money. Blank v. Olsen, 662 S.W.2d 324, 1983 Tenn. LEXIS 798 (Tenn. 1983). Decisions Under Prior Law 1. State's Preference. 2. Surety Paying Bank's Debt to State — Subrogation. 3. Pledge of Assets to Secure General Deposits. 4. Depository Bond — Continuing Obligation. 5. Receipt of Interest on Deposits. 1. State's Preference. The state was entitled to a preferential payment of its deposit in the event of insolvency of its depository. Maryland Casualty Co. v. McConnell, 148 Tenn. 656, 257 S.W. 410, 1923 Tenn. LEXIS 52 (1924). Under the common law, the state was entitled to priority in payment out of the effects of an insolvent debtor, and this rule has been adopted in Tennessee. State ex rel. Robertson v. Liberty Bank & Trust Co., 165 Tenn. 40, 52 S.W.2d 150, 1931 Tenn. LEXIS 167 (1932). Statute that provided for depository bond for safekeeping and paying over of state funds did not waive state's prerogative right to priority. State ex rel. Robertson v. Liberty Bank & Trust Co., 165 Tenn. 40, 52 S.W.2d 150, 1931 Tenn. LEXIS 167 (1932). 2. Surety Paying Bank's Debt to State — Subrogation. Where a surety of a bank for state deposits on the insolvency of the bank paid the entire indebtedness of the bank to the state, it was entitled to be subrogated to the rights of the state. Maryland Casualty Co. v. McConnell, 148 Tenn. 656, 257 S.W. 410, 1923 Tenn. LEXIS 52 (1924). 3. Pledge of Assets to Secure General Deposits. A state bank may pledge its assets to secure general deposits of county and state funds. Grigsby v. People's Bank of Martin, 158 Tenn. 182, 11 S.W.2d 673, 1928 Tenn. LEXIS 138 (1928). 4. Depository Bond — Continuing Obligation. A depository bond given by a bank and its officers and stockholders to a clerk and master of a chancery court, “and his successors in office,” was a continuing obligation enforceable, against the sureties for loss occurring during a subsequent term of such official, so long as the bank continues to receive deposits of such official unless the sureties took steps to terminate their liability. Holmes v. Elder, 170 Tenn. 257, 94 S.W.2d 390, 1936 Tenn. LEXIS 11, 104 A.L.R. 1282 (1936). 5. Receipt of Interest on Deposits. The identity of money raised for school purposes was not lost by a deposit thereof in a bank at interest, for the interest was but incidental. Maryland Casualty Co. v. McConnell, 148 Tenn. 656, 257 S.W. 410, 1923 Tenn. LEXIS 52 (1924).