Deposit in lieu of bond

In lieu of furnishing the bond required by § 47-25-1217 , the invention developer may deposit with the secretary of state a cash deposit in the like amount. This cash deposit may be satisfied by any of the following: (1) Certificates of deposit payable to the secretary of state issued by banks doing business in this state and insured by the federal deposit insurance corporation; (2) Investment certificates of share accounts assigned to the secretary of state and issued by a savings and loan association doing business in this state and insured by the federal deposit insurance corporation; (3) Bearer bonds issued by the United States government or by this state; or (4) Cash deposited with the secretary of state. Acts 1977, ch. 436, § 22; T.C.A., § 47-20-118. In lieu of furnishing the bond required by § 47-25-1217 , the invention developer may deposit with the secretary of state a cash deposit in the like amount. This cash deposit may be satisfied by any of the following: (1) Certificates of deposit payable to the secretary of state issued by banks doing business in this state and insured by the federal deposit insurance corporation; (2) Investment certificates of share accounts assigned to the secretary of state and issued by a savings and loan association doing business in this state and insured by the federal deposit insurance corporation; (3) Bearer bonds issued by the United States government or by this state; or (4) Cash deposited with the secretary of state. Acts 1977, ch. 436, § 22; T.C.A., § 47-20-118.