§ 113.36. Partner acting as surety on behalf of a partner or on behalf of a partnership.
97 words·~1 min read·
/us/cfr/t19/s§ 113.36·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A member of a partnership will not be accepted as an individual surety on a bond executed by the partnership as principal. A partner may be an individual surety for a fellow partner on a bond if
(a)the transaction is in an individual capacity and unrelated to the partnership,
(b)sufficient unencumbered nonpartnership property is available as security, and
(c)the individual qualifies as an individual surety under the provisions of § 113.35 of this part. \[T.D. 84-213, 49 FR 41171, Oct. 19, 1984, as amended by CBP Dec. 15-15, 80 FR 70165, Nov. 13, 2015\]