Tennessee Code 55-12-119 – Proof of financial responsibility with respect to a motor vehicle or a person not the owner of the vehicle
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Proof of financial responsibility, when required under this chapter with respect to a motor vehicle or with respect to a person who is not the owner of the motor vehicle, may be given by filing:
Terms Used In Tennessee Code 55-12-119
- Bond: means irrevocable bond executed by a corporate surety company licensed to do business as a corporate surety company in this state, with penalties of like amounts as those pertaining to an insurance policy or the amount of damages suffered, whichever is less, the bond to guarantee the payment of any final judgment which might thereafter be rendered against the bonded party resulting from the accident up to and including the total amount of the bond, except the bond may specify a limited payment to those persons who have at the time of its execution filed claims with the commissioner, and shall contain a clause therein that it shall remain in force for one (1) year from the date of the accident or until final determination of any court action brought as a result of the accident, whichever may be the longer period of time. See Tennessee Code 55-12-102
- Commissioner: means the commissioner of safety, unless otherwise indicated or unless the context otherwise requires. See Tennessee Code 55-12-102
- Motor vehicle: means every self-propelled vehicle that is designed for use upon the highway, including trailers and semitrailers designed for use with motor vehicles, and every vehicle that is propelled by electric power obtained from overhead wires but not operated upon rails, except traction engines, road rollers and farm tractors. See Tennessee Code 55-12-102
- Owner: means a person who holds the legal title of a motor vehicle, or in the event a motor vehicle is the subject of an agreement for the conditional sale or lease thereof with the right of purchase upon performance of the conditions stated in the agreement and with an immediate right of possession vested in the conditional vendee or lessee, or in the event a mortgagor of a vehicle is entitled to possession, then the conditional vendee, lessee or mortgagor shall be deemed the owner for the purpose of this part. See Tennessee Code 55-12-102
- Person: means a natural person, firm, copartnership, association, corporation, or an engaged ADS. See Tennessee Code 55-8-101
- Vehicle: means every device in, upon or by which any person or property is or may be transported or drawn upon a highway, excepting devices used exclusively upon stationary rails or tracks. See Tennessee Code 55-8-101